According to CryptoPotato, Ripple (XRP) has experienced significant price fluctuations since the beginning of the year, causing uncertainty among its holders and the XRP community. The cryptocurrency has dropped 8% and 12% weekly and monthly, respectively, and is currently trading below $0.60, a key level marked by a period of sideways consolidation.
Despite the recent downturn, renowned analyst Dark Defender remains optimistic about the future of XRP. He believes that the cryptocurrency can still reach above $1 USD. This bullish analysis is based on key technical indicators such as the Relative Strength Index (RSI) and Elliot Waves, as well as historical data. Dark Defender has divided multiple prices into different batches and predicts prices of $0.97 and $1.50. He further breaks these targets down into smaller chunks, with Wave 3 at $0.9772 & $1.5048 and Wave 5 at $2.3172. However, these predictions do not change the target of $1.88 or $5.85 but they do provide insight into different wave structures.
Another analyst, EGRAG CRYPTO, outlined two possible scenarios for XRP in the coming months: a spike above $0.75 or a drop below $0.44. However, Dark Defender does not foresee a situation where the asset drops below $0.50.
Two important events that could affect the price and future of XRP are the Bitcoin halving event, scheduled to take place at the end of April, and the outcome of the lawsuit between Ripple and the SEC. If Ripple loses the case, this could lead to a redefinition of the entire cryptocurrency industry with the introduction of stricter regulations.
Disclaimer: Including third party views. This is not financial advice. See Terms & Conditions.
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