After rallying more than 48 percent last month, Ripple-backed XRP price consolidated during the first two weeks of April and is now trapped in a bearish outlook. The price correction has sent XRP price trading below the 200 weekly moving average (MA) for the first time since scaling towards $0.58. According to the latest market data from Coingecko and TradingView, XRP price is down about 8.8 percent this week to trade around $0.467 on Friday.
XRP Price Pathway to $3.47
According to a technical strategy formulated by a popular pseudonymous XRP influencer on Twitter, @DefendDark, the sixth largest digital asset by market capitalization has been following an Elliott Wave formation on the higher time frame. Basically, the Elliott Wave principle argues market structure follows three bullish moves separated by two price corrections. In this regard, the analyst highlighted that XRP price finished the first bullish wave after rallying toward $0.59 last month.
As the XRP price shows signs of more bearish sentiment, the analyst has set the following price targets as the expected support zone during the ongoing correction. The analyst insisted that $0.45544 is the first target if XRP price losses touch to the $0.49 support level. From there, should the bearish sentiment persist, DarkDefender forecast $0.42044, and $0.38813 as the next support level.
Focus on the Final Lawsuit Results
Irrespective of the Elliott Wave market structure, Dark Defender argued the finality of the SEC vs Ripple case will have a huge impact on the XRP price. Moreover, it will determine if XRP is traded as a commodity – like Oil and Gold – or security. With the final lawsuit result expected by next month, the XRP market will have a clear future outlook similar to LBRY and Kin tokens.
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