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At the helm of XRP, Ripple has achieved another mini victory in its case with the Securities and Exchange Commission (SEC), drawing attention to a potential price surge. Following this development, there is a view that a new rally in the token’s valuation could occur. In the nearly 3.5-year-long legal process, 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.
What Will Be the Price of XRP?
XRP continues to see developments, with analysts highlighting several chart patterns indicating a potential rise. Dark Defender, known for his optimistic comments about XRP, stated in an August 9th X post that XRP is close to an explosive price movement, saying, “XRP’s run is very close.”
One of the most notable aspects of the analysis is that it is reaching the end of a long-term descending channel. This technical formation is generally considered a sign that the downtrend is over, and a breakout from the upper line of this channel becomes more critical for XRP.
While investors are monitoring the market, their attention seems to be focused on the 0.9327 dollar level, defined as a critical resistance level and the 100% Fibonacci retracement level. If XRP surpasses this level, it is possible to talk about the potential for a larger upward momentum.
Dark Defender also pointed out the price movement area where XRP’s price could rise rapidly. If XRP surpasses the 0.9327 dollar resistance, the next main target is the 1.88 dollar level, the 161.80% Fibonacci extension level.
Reaching this level, which currently seems distant, is thought to serve as both a psychological and technical resistance. On the other hand, the 70.20% Fibonacci level at 0.6649 dollars also stands as a resistance, while the 23.60% Fibonacci level at 0.3917 dollars serves as a vital support.
XRP Price Outlook
Yesterday, XRP rose above 0.60 dollars but experienced a pullback today. In the last 24 hours, XRP has fallen by 4.66% and is trading at 0.58 dollars. On the other hand, a weekly chart review shows a rise of over 3%, remaining in the positive zone, which represents a movement contrary to the market.
Amid the current market correction, the general market sentiment for XRP investors seems to be targeting 0.65 dollars as the next possible price target.
