XRP price recent dip does not deter experts from forecasting positive growth directions for the cryptocurrency’s future.

They estimate XRP will undergo a substantial market surge that might push its value up to $8.

XRP experienced notable price declines exceeding 5% yet market indications show these short-term drops point to a long-term upward price movement.

Key Support Levels and Resistance Points

Analysts monitor short-term movements because the $3 resistance level stands as a vital price threshold.

Analyst Dark Defender along with other market experts recognizes that XRP maintains a pattern of consolidation below $3 as a preparation for an upcoming price movement if it sustains performance above multiple essential support points.

Additionally, Dark Defender’s technical analysis points to XRP completing a five-wave design that indicates the price will rise to approximately $5.85 during the third wave.

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It must first breach this significant threshold before it can head toward the next resistance point at $8 or higher.

The projection relies on the Elliott Wave theory that technical analysts commonly employ for price forecasting.

Elliott Wave analysis interprets market sentiment through waves that predict upcoming price shifts.

Hence, if the XRP price maintains its current support levels, particularly the $2.36 to $2.55 range, the asset could be primed for a breakout, bringing the $5-$8 price range into play.

Maintaining stability in these levels is crucial for confirming the bullish outlook.

SEC Lawsuit and ETF Approval Could Propel XRP Price

One of the most significant factors influencing XRP price is the ongoing legal battle with the U.S. SEC.

The lawsuit has weighed heavily on investor sentiment, contributing to price volatility over the last few years.

However, recent developments in the case have sparked hope among investors.

A notable shift came when the SEC reassigned its top crypto litigator, Jorge Tenreiro, to a different department, a move that some see as an indication of potential changes in the regulatory environment.

If the Ripple vs. SEC case is resolved soon, it could alleviate some of the uncertainty surrounding XRP and help push its price higher.

Moreover, speculation about the outcome of the lawsuit has prompted some analysts to predict a more favorable environment for Ripple and its digital asset.

The possibility of a settlement or a dismissal of the case, alongside positive legal developments, could trigger a sharp rally for XRP, potentially pushing the price toward the $8 target.

In addition to the legal case, the potential approval of a XRP exchange-traded fund (ETF) could also significantly impact the XRP price.

An XRP ETF would allow traditional investors to gain exposure to XRP through a regulated financial product, which could increase demand and liquidity for the asset.

Further supporting the bullish, recent analysis highlights XRP’s weekly hammer candlestick pattern as a strong indicator of potential price surges.

Historically, similar patterns have triggered substantial rallies, such as a 2,000% rise in 2013 and over 110,000% in 2017-2018.