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At the head of XRP, Ripple has won another small victory in its case with the Securities and Exchange Commission (SEC), turning everyone’s attention to a potential rise. Following this development, there is an opinion that a new rally in the token’s valuation could occur. In the legal process that has been ongoing for approximately 3.5 years, one of the judges decided that Ripple should pay a $125 million civil penalty. On the other hand, the decision also indicates that XRP will not be classified as a security.
How Much Will XRP Be?
XRP continues to experience developments, and analysts have drawn attention by presenting several chart patterns indicating a possible rise for XRP. Dark Defender, known for his optimistic comments about XRP, stated in an X post on August 9 that XRP is close to an explosive price movement and said, “XRP’s run is very close.”
One of the most notable events related to the analysis is the nearing end of a long-term descending channel. The mentioned technical formation is generally accepted as a sign that the downtrend is over, and the breakout from the upper line of this channel becomes more critical for XRP.
While investors are monitoring the market, their attention seems to have turned to the 100% Fibonacci retracement level at $0.9327, which is also defined as a critical resistance level. If XRP surpasses this level, it is possible to talk about the potential for a larger upward momentum.
Dark Defender also highlighted the price action region where XRP’s price could rise rapidly. If XRP surpasses the $0.9327 resistance, he pointed to the 161.80% Fibonacci extension level at $1.88 as the next main target.
If this level, which currently seems distant, is reached, it is thought that this region could serve as a psychological and technical resistance. On the other hand, the 70.20% Fibonacci level at $0.6649 also stands as a resistance for investors, while the 23.60% Fibonacci level at $0.3917 serves as a vital support.
XRP Price Outlook
Yesterday, XRP rose above $0.60 but experienced a pullback today. In the last 24 hours, XRP has fallen by 4.66% and is finding buyers at $0.58. On the other hand, in the weekly chart review, it is seen that it has an increase of over 3% due to the rise and remains in the positive zone, which represents a movement contrary to the market.
Amid the current correction in the market, it is also seen that the general market sentiment for XRP investors targets $0.65 as the next possible price target for the token.
