The post XRP Price Prediction: XRP Price Might Hit ATH By End of 2023 If This Happens appeared first on Coinpedia Fintech News
The XRP market has been in a rising trend YTD with anticipation of the conclusion of the SEC vs Ripple case. However, the XRP price has experienced significant resistance around 50 cents as depicted by diminishing returns compared to earlier this year.
Trading around 47 cents on Thursday, the XRP price has dropped approximately 5 percent in the past five weeks. Nevertheless, the XRP market has held crucial support levels that have seen most analysts remain bullish on its long-term growth prospects.
XRP Price Analysis
According to a popular crypto influencer based in Netherlands Dark Defender, XRP price is well positioned to rally to a new ATH before the end of this year. The analyst based the XRP bullish argument on the fact that it has broken out of a falling logarithmic trend, which previously yielded a major rally.
If history repeats itself, the analyst expected the XRP price to first hit $3.39 through an Elliot wave principle. After the second wave correction, Dark Defender expects the XRP price to rally toward $22 in wave three.
While replying in the Twitter comment section, Dark Defender noted that XRP will then correct between $13-15 in the subsequent weeks.
As a Ripple-backed digital asset, XRP has significantly benefited from the adoption of ODL and RippleNet products. However, it is undeniable that the ongoing SEV vs Ripple case will continue to be a major source of resistance to XRP’s bullish outlook until the case is concluded.