XRP Price Analysis: Analyst Predicts ATH of $18
Crypto analyst Dark Defender has conducted a detailed analysis of XRP’s price and believes that the asset could reach an all-time high (ATH) of $18. The trader used various indicators and chart patterns to determine XRP’s next price target, ultimately identifying three potential levels.
ABC Correction Pattern Indicates Potential Continuation
One of the patterns identified by Dark Defender is the ABC Correction, which helps traders identify temporary reversals or pullbacks within a broader trend. When applied to XRP’s chart, the trader determined that wave 1 ended at $0.93, wave 2 at $0.43, and wave 3 is expected to close between $1.88 and $18.22.
Potential Decline if Conditions Aren’t Met
While the completion of the regular ABC corrective wave supports the possibility of upward movement, Dark Defender warned that XRP could decline to $0.3917 if certain conditions aren’t met. However, the chances of this decline are reduced if XRP stays above $0.52.
Ripple Vs. SEC: SEC Scores a Small Win
The legal battle between Ripple and the SEC can significantly impact XRP’s market performance. The first wave discussed by Dark Defender coincided with a ruling in July 2023 affirming XRP’s non-security status, leading to a surge in value. Wave 2 saw a retracement of those gains as XRP declined to as low as $0.39.
In the latest development, a US judge ruled in favor of the SEC and instructed Ripple Labs to disclose its financial records for 2022-2023. Ripple must also provide information about institutional sales of XRP. Ripple’s price has remained stable around $0.50, leading to speculation about potential price swings in the future.
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