In Less than two months have passed since the historic SEC vs. Ripple ruling, which predominantly classified XRP as a non-security. The price of XRP has now returned to the same level it was before the breakout. The SEC’s decision to appeal Judge Analisa’s ruling has unquestionably dampened the enthusiasm among XRP traders and investors. However, today’s US Senate Committee hearing with SEC Chair Gary Gensler is expected to provide insight into the agency’s next steps following several setbacks in court.
According to Dark Defender, a Netherlands-based XRP influencer and analyst with over 93k followers on the X platform, the sixth-largest digital asset could soon experience its third-wave breakout. Dark Defender notably argues that the current XRP price is following a symmetrical five-wave pattern based on the Elliott principle.
With the digital asset currently undergoing a 53 percent correction from its recent breakout in July, Dark Defender anticipates that the XRP price will establish a significant support zone ranging from 39 cents to 47 cents in the coming weeks. Given that the daily RSI is already in oversold territory, the crypto analyst predicts an imminent bullish breakout towards an all-time high (ATH) through the third wave.
In terms of price targets, the analyst expects the XRP price to reach levels ranging from $1.88 to $5.85. However, it is important to note that XRP’s price has not completely decoupled from Bitcoin and its four-year cycle, which is triggered by the halving event. Consequently, the breakout of XRP’s price towards an ATH is likely to occur after the first quarter of 2024 and the first half of 2025.