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After more than four years, the US Securities and Stock Exchange Committee stops its actions against Ripple in the XRP suit. CEO Brad Garlinghyus announced X –male “This is the moment we are waiting for. The Supreme Education Council will drop its attractiveness – a resounding victory for Ripple, for encryption, every way you looked.
Although lawyer Jeremy Hogan indicated that Ripple could still take a set of measures, the consensus among market participants is that this development is a great victory over Ripple. Hogan noted that it is still unclear whether Ripple agrees to drop the appeal. he Add There are 4 remaining possibilities:
A. Ripple continues to appeal, and we are obtaining a ruling from an appeal court on whether investment contracts require contracts, etc.
for. Ripple agreed to drop its appeal, and the return of the judicial state to the court of trial, and the two parties are trying to amend the ruling.
C. Ripple agrees to drop its appeal, and the parties interfere with an agreement between them without trying to amend the ruling.
D. Ripple pays only $ 125 million and moves.
How high XRP?
On this background, there is Dark Defender (Defenddark) subscriber XRP/USD diagram daily. Accordingly, the XRP broke the descending trend line that runs within several weeks of trading activity after the announcement.
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The penetration was moved near the $ 2.47 region, in green, describing it as a “clear fracture” by Dark Defender, indicating that the market participants are no longer confined to the declining path that distinguishes a lot of the previous price procedure.
The chart also shows a number of Elliott wave specifically align with extension levels and extension levels. The graph shows the complete corrective stage and the early development of the new impulsive wave structure, with the support of the decisive collapse of the long -term descending line.
According to the analysis, the wave (1) began at the lowest local level of $ 1.79 and reached about $ 2.55, which represents the first bullish motivation. This was followed by the wave (2), which drew to the Fibonacci support area.
The decline respects the level of 61.80 % at $ 2.3073 and approached the level of 70.20 % at 2.2249 dollars, indicating the presence of a technically sound corrective wave within the Elliott frame. These levels have provided a strong basis for buyers, preventing more from the negative side and indicating the completion of the potential wave (2).
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After the corrective phase, the scheme displays the beginning of the wave (3), which is traditionally stronger in the theory of Elliot wave. Fibonacci extension levels are drawn to determine the potential goals of this wave. The extension of 161.80 % corresponds to $ 3.94, and it is a critical targeted area of the wave (3). In addition, the 261.80 % extension supports near 3.78 dollars this region as a potential area where the bullish momentum may face temporary resistance or unification.
However, Dark Defender expects that XRP may rise up to $ 4.50. Upon completion of the wave (3), the scheme suggests a corrective wave (4), which is expected to respect the broader upward trend and decrease in the $ 3.78 region to $ 3.94.
After that, the final impulsive wave (5) is expected to stretch at the level of 361.80 % Fibonacci at $ 4.9274. This represents a possible rise within the current Elliot wave cycle by the analyst, with the possibility of an increase in $ 6, where the structure of the wave can be crowned.
At the time of the press, XRP was traded at $ 2.55.
Distinctive image created with Dall.e, Chart from TradingView.com
