š These catalysts could propel XRP past the $1 mark
XRP (XRP) has been on a dramatic ride in recent months, influenced by a mix of internal dynamics and external pressures. Starting from the second week of July, the cryptocurrency experienced a significant recovery, driven by mounting expectations of a settlement in the SEC v. Ripple case.
This optimism was initially sparked by news of a closed meeting at the United States Securities and Exchange Commission (SEC), which led to a sharp recovery. Consequently, XRP surged from $0.40 to a high of $0.6387.
However, the price retreated to a low of $0.54 after the SEC announced the cancellation of its closed meeting. Over the past two weeks, XRP has surged more than 35%, with traders eagerly anticipating a significant move.
Based on its recent trajectory, crypto analystĀ Dark DefenderĀ has suggested that the tokenās technical indicators signal a potential breakout.
šø Technical analysis and price targets
According to technical analysis, the 4-hour time frame chart for XRP/USD reveals a structured correction in progress, starting from $0.60 with targets at $0.5409 and possibly $0.499.
The Elliott Wave count indicates this correction is part of a broader bullish trend following a 5-wave impulse sequence. Additionally, significant Fibonacci retracement levels at 23.60% and 161.80% provide potential support zones at $0.5233 and $0.4965, respectively.
