On Wednesday, Ripple CEO Brad Garlinghouse announced that the SEC is dropping its appeal against the company, ending a four-year legal battle over XRP classification.

This victory solidifies XRP’s status and establishes an important precedent for cryptocurrency regulation in the United States. Following the announcement, XRP experienced a 10% price surge.

Crypto analyst Dark Defender shared his technical analysis on X. He noted ighlighting what he believes could be the beginning of a major XRP price rally. His post began with the enthusiastic statement “Follow the White Rabbit! $XRP on the Daily Chart. We knew the news would follow. Some believed some did not. It doesn’t matter, in the end. Roads are Clear, Skies are Blue. Cheers!”

Dark Defender’s analysis focuses on XRP daily chart, which shows a significant breakout from a long-term descending trendline. This technical development, marked by what he calls “A Clear Break-Out,” suggests a potential shift from bearish to bullish momentum.

The analyst has identified several key Fibonacci retracement levels that could serve as support zones for XRP. These include the 61.80% retracement at $2.0973, 70.20% retracement at $2.2284, 38.20% retracement at $1.1065, and 25.00% retracement at $0.9262. According to Dark Defender, recent price action indicates strong buying interest as XRP appears to have bounced off these retracement zones.

Using Elliott Wave theory, Dark Defender projects a five-wave impulse move upwards for XRP. The initial wave follows the breakout, with a corrective pullback expected in wave 2. Wave 3, typically the strongest in Elliott Wave analysis, could target the 161.8% Fibonacci extension at approximately $3.84. After another small corrective phase in wave 4, the final impulsive move could push XRP toward the 361.8% extension, somewhere between $5.49 and $6.00.

Read Also: Kaspa Price Prediction for Today (March 20)

Dark Defender’s bullish outlook is reflected in the metaphorical language of his tweet. Phrases like “Roads are Clear, Skies are Blue” suggest that the market is now trending upward, with previous uncertainty resolved. His comment that “We knew the news would follow” implies that he anticipated positive fundamental developments would eventually support this technical breakout.

The analysis concludes that XRP may be entering a strong bullish phase, contingent on the breakout holding and price action following the projected wave structure. With the SEC legal battle now behind Ripple, many traders are watching closely to see if these ambitious price targets will materialize.

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The post This Trader Updates His XRP Price Prediction Following SEC vs Ripple News appeared first on CaptainAltcoin.

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