Ripple Labs has decided to drop its appeal in the long-standing securities case with the US Securities and Exchange Commission, signaling a shift in the XRP market dynamics. Market analyst CasiTrades has pointed out that XRP’s price structure has completed its corrective phase and is now entering into wave 3.
The recent slide in XRP price to $2.07 triggered a significant response as it hit multiple Fibonacci confluence markers. This bounce has propelled XRP to $2.19, marking a 4% increase from Friday’s close and an 8.5% rise from a week ago. The next major test for XRP is the $2.25 zone, which, if breached decisively, could signal the start of a powerful third wave.
CasiTrades outlined two potential scenarios for XRP’s price action in the near term. The first scenario involves a move to $2.30 followed by a back-test of $2.25 as support, while the second scenario envisions a more explosive rally towards $2.45–2.69 before a pullback. In both cases, flipping the $2.25 level from resistance to support is crucial for a sustained breakout.
The recent announcement by Ripple CEO Brad Garlinghouse regarding the withdrawal of the cross-appeal adds a positive fundamental backdrop to XRP’s price action. With the technical outlook aligning with the fundamental developments, XRP is poised to test key resistance levels in the coming days.
However, analysts caution that Elliott Wave targets are probabilistic and subject to change based on macro-regulatory factors. The market’s focus is now on whether XRP can sustain its momentum and breach the $2.25 level convincingly.
In conclusion, the XRP market is at a critical juncture, with technical and fundamental factors aligning for a potential breakout. As traders await further developments, the path to $2.25 and beyond remains the focal point for XRP’s price action.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Trading in cryptocurrencies carries inherent risks, and readers should conduct their own research before making any investment decisions.