Top Analyst Predicts XRP Bull Run to $1
In an exciting turn of events, a top crypto market analyst who goes by the name Dark Defender recently declared that XRP, a ripple-backed cryptocurrency, will potentially gain upward momentum and reach $1 in the future, leading to great optimism in the crypto space. Following the nearly 20% rally that XRP witnessed in February last month, the analyst’s comments seem to have garnered considerable attention among crypto market enthusiasts.
Meanwhile, the token was trading in the red as of press time, fueling speculation regarding the analyst’s remarks. Derivative data has triggered a parallel downward vortex for the token as of the time of writing.
Dark Defender’s Post Contrasts XRP’s Market Dynamics
According to the post shared by the XRP analyst on X, the target to scale today was $0.6462. However, the Ripple-backed token only reached $0.6256, which fell short. This statement was consistent with XRP’s downward movement today. However, the analyst shared more vital information regarding the market dynamics of XRP.
The analyst declared that the MACD is in an uptrend and continues its movement towards the Ichimoku clouds. According to the analyst, this paves the way for the target of $ 1.88 after the initial target of $ 1 as the Fibonacci level.
Although the analyst highlighted XRP’s mediocre performance, bets of a potential bull run for the upcoming token attracted global attention as $1 is a crucial price point for XRP.
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XRP Price Slips
As of writing, the XRP price has dropped 1.16% in the last 24 hours and is currently trading at $0.5926. However, the analyst’s words aroused curiosity in parallel with his remarkable performance last month, when the weekly and monthly charts showed an increase of 10.57% and 19.88% respectively.
However, data from Coinglass showed a bearish trend for the token as its price dropped along with the decline in volume and open interest. Open positions decreased by 6.57% to $790.12 million, while volume decreased by 24.85% to $3.22 billion. This has led to mixed implications for the Ripple-backed token moving forward.
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