Ripple Lawsuit Victory Sparks Optimism for XRP Price Surge
The US Securities and Exchange Commission has discontinued its proceedings against Ripple in the XRP lawsuit, as confirmed by CEO Brad Garlinghouse. This decision generated optimism among XRP supporters.
Key points include:
- Ripple's potential actions post-announcement remain varied, according to attorney Jeremy Hogan.
- Four possibilities exist for Ripple:
- Continue the appeal for a ruling on investment contracts.
- Drop the appeal and seek an amended judgment.
- Drop the appeal and enter an agreement without amending the judgment.
- Pay the $125 million settlement and proceed forward.
XRP Price Analysis
Crypto analyst Dark Defender reported that XRP broke above a descending trend line after the announcement, indicating a potential positive shift in market sentiment. The breakout near $2.47 marks a new phase of trading:
- Wave (1) started from $1.79 and peaked at $2.55.
- Correction Wave (2) retraced into Fibonacci support zones, respecting levels at $2.3073 and $2.2249.
- Wave (3) is projected to target $3.94, with a potential rise towards $4.50.
- The final impulsive Wave (5) could peak near $4.9274, with a possibility of surpassing $6.
Currently, XRP is trading at $2.55.
