Looking for an XRP price analysis? Despite a favorable court ruling, XRP’s price didn’t reach expected levels, but a pro-XRP lawyer remains hopeful.
The recent court ruling stating that XRP is not considered a security in certain circumstances caused a surge in the cryptocurrency price within the Web3 ecosystem. However, it fell short of the ambitious expectations of reaching a new all-time high. The pro-XRP lawyer, John Deaton, had anticipated the price to surpass the $1 resistance level, but it didn’t unfold as expected. Despite this, Deaton remains optimistic about the future of XRP and its potential to reach $1, although it is linked to Bitcoin’s price performance.
Ripple’s Corrective Phase and the $1 Breakout
The analysis of XRP’s price movements indicates a potential breakout from its corrective phase, with the possibility of reaching $1. XRP experienced a breakout from a 700-day resistance line, leading to a yearly high of $0.94. However, the price has declined since then, confirming the importance of the $0.90 resistance area. Despite this, the long-term trend remains bullish, and the short-term trend suggests a potential bottom soon. The recent historic win against the SEC, confirming XRP as not a security, has positively impacted its adoption.
XRP’s Price Prediction and Potential Support Levels
Technical analysis supports a bullish outlook for XRP’s price, with a potential target of $1.10 after the corrective phase. Using the Elliott Wave theory, technical analysts predict that XRP is currently in wave four of a five-wave uptrend, indicating an expected acceleration towards $1.10. If the bottom hasn’t been reached yet, it could be around $0.64, supported by various confluence levels. However, if the price drops below $0.56, it might signal a bearish trend leading to a decline to the channel’s support line at $0.50.
Conclusion:
XRP’s Journey Towards $1 Continues Despite facing resistance, XRP remains on its journey toward $1, driven by positive developments and predictions.
While XRP’s price didn’t meet the ambitious expectations after the court ruling, the positive outlook remains intact. The cryptocurrency’s performance in the coming weeks will depend on various factors. Also, including Bitcoin’s price movements and its own adoption and utility in the market. Investors and enthusiasts are eagerly watching to see if XRP can break the $1 barrier in the near future.
