$XRP Price Could Surge Over 800% by Year End, Crypto Analyst Says

16 May 2023

in XRP

Reading Time: 2 mins read

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A popular cryptocurrency analyst has recently predicted that the price of $XRP, the native token of the XRP Ledger, could soon see a significant surge that should start in the near future. His projects show the cryptocurrency could trade at $3.82 by the end of the year, a near 880% rise.

Pseudonymous cryptocurrency analyst Dark Defender made his prediction on the microblogging platform Twitter, where they shared that there’s seemingly a current lull in XRP activity, which to him suggests it could be a precursor to an impending breakout.

The analysis included a detailed inspection of XRP’s weekly chart, with particular focus on historical patterns. According to the interpretation, a breakout is likely to transpire after a 13-week bar period, which, from the current date, lands us in the later part of August. However, the analyst also acknowledged the possibility of this event taking place in any preceding week.

Upon the breakout, Dark Defender anticipates XRP to conquer the pivotal resistance line, setting the stage for an initial target of $1.33. The follow-up target, they suggest, sits comfortably at $3.82.

Interestingly, the timeline could match Ripple CEO Brad Garlinghouse’s anticipation for the conclusion of the company’s legal battle with the U.S. Securities and Exchange Commission (SEC), that started in December 2020 when the regulator announced it filed a lawsuit over the alleged sale of $1.3 billion through “unregistered, ongoing digital asset securities offering.”

Garlinghouse made it clear he is unhappy about the long legal fight that Ripple has with the SEC, but revealed he believes the judge will make a decision in the next two to six months. “The judge knows everything she needs to know. She has to decide what to do. She can take as much time as she wants, but I hope we will know what she decides, I think, before Q3 is over,” he said.