According to CryptoPotato, crypto analyst Dark Defender has conducted an in-depth XRP price analysis and believes the asset could hit an all-time high (ATH) of $18. The trader used several indicators and chart patterns to gauge XRP's next price target, concluding with three potential ones. One of those patterns is the ABC Correction, which can help traders signal temporary reversals or pullbacks in an asset's price within a broader trend.
Applied to XRP's chart, Dark Defender laid out the three waves as follows: wave 1 ending at $0.93; wave 2 at $0.43; and wave 3 expected to close at $1.88, $5.85, possibly towards $18.22. The completion of the regular ABC corrective wave supports the possibility of upward movement, but the trader warned followers of a potential decline to $0.3917 if certain conditions aren't met. However, the analyst believes the chances are reduced if XRP stays above $0.52.
The legal battle between Ripple and the SEC can considerably affect XRP's market performance. In the latest development between Ripple vs. the SEC, a US judge ruled in favor of the agency and instructed Ripple Labs to disclose its financial records for the years 2022-2023. Ripple must also provide information concerning the proceeds from institutional sales of XRP as part of the process to assess the necessity and fairness of a potential injunction. Ripple's price has remained relatively stable at around $0.50 over the past week, prompting market observers to speculate about potential price swings in the near future.
