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More than four years later, the Securities and Exchange Commission has ceased its lawsuit against Ripple in the XRP lawsuit. An announcement by CEO Brad Garlinghouse at X said, “This is the moment we’ve been waiting for. The SEC is devastating – Ripple, a big victory for Crypto, you can see it in every way. The future is bright.
Attorney Jeremy Hogan pointed out that Ripple can still take a variety of actions, but the consensus among market participants is that this development will dispel a major victory for Ripple. Hogan said it is still unclear whether Ripple has agreed to withdraw the appeal. He added that there are four possibilities remaining.
a. Ripple will continue its appeal and will receive a judgment from the appeal court on whether the investment agreement requires a contract or something.
b. Ripple agrees to withdraw the appeal, and jurisdiction returns to the court of law, with the parties attempting to amend the judgment.
c. Ripple agrees to withdraw its appeal, and the parties enter into an agreement between them without attempting to amend the judgment.
d. Ripple pays $105.5 million and moves.
How much is XRP?
Against this background, Crypto analyst Dark Defender (@DefendDark) shared an updated daily XRP/USD chart. According to it, XRP surpassed the descending trend line that spanned trading activities for weeks after its announcement.
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The breakthrough near the $2.47 area is surrounded by greenery and labelled “clear breakouts” by dark defenders, suggesting that market participants are no longer confined to the downward trajectory that characterizes many of the previous price action.
The chart also outlines Elliott’s wave counts that are accurately aligned with Fibonacci’s retracement and expansion levels. The chart shows the early development of new impulse wave structures supported by the completed revision stage and the critical breakouts from long-standing trends.
According to the analysis, the wave (1) started at a local minimum of $1.79 and peaked at around $2.55, marking the first bullish impulse. This was followed by waves (2), going back to the Fibonacci Support Zone.
This retracement honors the 61.80% level at $2.3073 and approaches the 70.20% level at $2.2249, indicating a technically sound correction wave within the Elliot framework. These levels provided a strong foundation for buyers, preventing further downsides and indicating the potential completion of the waves (2).
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Following the revision stage, the chart projects the beginning of the strongest wave (3) traditionally in Elliott’s wave theory. Fibonacci’s expansion levels are plotted to define potential targets for this wave. The 161.80% extension is $3.94 and serves as a key target zone for the waves (3). Additionally, the 261.80% extension, nearly $3.78, further supports this zone as a potential area where bullish momentum could face resistance or temporary integration.
However, Dark Defender predicts that XRP could be even higher for the $4.50 region. Once waves (3) are complete, the chart suggests a corrected wave (4). This is expected to fall into the $3.78-$3.94 region, honoring the wider upward trend.
The final impulse wave (5) is then predicted to be extended to a Fibonacci level of 361.80% at $4.9274. This is a potential high within current Elliott wave cycles by analysts, and could be a surge above $6, where the wave structure could peak.
At the time of press, the XRP traded for $2.55.
Featured images created with dall.e, charts on tradingview.com
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