The price of Ripple (XRP) has been on a rollercoaster since the beginning of the year, leaving its holders and the XRP community with lots of questions regarding its future.
XRP fell 8% and 12% on the weekly and monthly scale, respectively. The coin is now below $0.60 at press time, a critical level that’s marked by a phase of sideways consolidation.
Despite the recent price downturn, popular analyst Dark Defender remains bullish on XRP and is convinced that levels above $1 remain possible targets for the primary asset. However, the coin could retest levels below $0.54, as signaled by the last Fibonacci point.
Dark Defender stated that his bullish analysis is based on key technical indicators like RSI and Elliot Waves, as well as historical data. He then divided several price levels in different Waves and forecasted prices of $0.97 and $1.5.
When we divide them into smaller chunks, the targets appear as $0.9772 & $1.5048 with Wave 3 & $2.3172 with Wave 5. None of the above changes the $1.88 or $5.85 targets, but it does give an understanding of different wave structures.
Echoing a similar sentiment, popular analyst EGRAG CRYPTO outlined two possible scenarios for XRP in the following months: either a surge above $0.75 or a dip under $0.44. However, Dark Defender does not see a scenario in which the asset falls below $0.50.
Two important events that can shape XRP’s price and its future are the Bitcoin halving — scheduled for the end of April— and the outcome in the Ripple vs. SEC case in which, in case of losing, it could redefine the entire crypto industry with stringent regulations to come.