XRP is in the spotlight of the cryptocurrency market due to its attempts to breach key resistance levels and predictions of significant price growth. Experts share their insights on the current situation and the prospects of the cryptocurrency.
Chances for Successful Resistance Breakout
XRP continues to test important resistance levels, trying to pave the way for a breakout. This current attempt is the fifth in line, and analysts expect that a breakout may happen soon. The chart indicates that the 0.5 Fibonacci level has served as a significant barrier in previous cycles. Analyst EGRAG CRYPTO emphasizes that repeated tests of resistance levels increase the likelihood of a successful breakout.
Technical Analysis and Wave Theory
Analysis based on Elliott Wave theory suggests that XRP is in the third wave stage of a five-wave model similar to those seen during past bull markets in 2017 and 2020. The current trend indicates that XRP could make a sharp move exceeding $40 by 2025. A bullish flag pattern is also noted, confirming positive sentiment in the market.
Possible Conclusion of Ripple's Legal Disputes with SEC
Ripple and the U.S. Securities and Exchange Commission may be at the concluding stages of a long legal battle. Recently, the parties filed a joint request to Judge Analisa Torres to release $125 million held in escrow. The proposed settlement could resolve conflicts and put an end to the high-profile case.
The situation with XRP continues to evolve, and the observed technical patterns underscore the potential for growth. The conclusion of legal disputes may also significantly impact the token's price, opening new prospects in the market.
