The cryptocurrency universe recently witnessed a bustle following a leading crypto market analyst’s remarks on XRP’s imminent run to $0.91, as per a post shared on X. Shared by one of the most renowned crypto analysts, Dark Defender, this post gained noteworthy traction as soon as it surfaced within the market as XRP’s price illustrated a substantial bearish movement today, dropping below the $0.55 mark as of press time.

The Ripple-backed token traded primarily in the red today, with the analyst’s statement coming in contrast to its recent price action. The derivatives data further signaled a downtrend for the token, although a consolidatory phase might be imminent.

Dark Defender Retains Bullishness On XRP

Intriguingly, Dark Defender shared a series of posts on X over the past few days, showcasing bullishness on the Ripple-backed token. Notably, the analyst even proclaimed XRP to hit $1.88 recently, as a part of the token’s wave three targets.

Aligning with this, the analyst spotlights XRP’s hitting the orange resistance in the daily chart as of February 17, eyeing supports in the short term. Meanwhile, with XRP’s wave two’s positioning as a correction wave, the last point ends between the range of $0.5198 to $0.5066.

Simultaneously, the analyst proclaimed that XRP should tear the daily Ichimoku Clouds, a technical indicator of support and resistance, painting a bullish climate within the broader crypto market. A potential break above this cloud indicates a significant uptrend, thereby making the token’s run to targets $0.6649, $0.7707, and $0.9191 imminent. Conversely, a close below the Ichimoku Clouds could mean a downtrend for XRP.

In the interim, derivatives data offered by Coinglass showcased a substantial 6.61% drop in XRP’s open interest, hinting at a downtrend when aligned with today’s price slump. However, a rise in volume stirred speculations over a consolidatory phase ahead.

Also Read: Bitcoin ETF: BlackRock’s IBIT & Grayscale’s GBTC Plunge Pre-market After Weak Inflow

XRP Price Plunges

As of writing, the XRP price noted a substantial drop of 4.77% over the past 24 hours and is currently trading at $0.5432. After a waning bullish movement over the past week, the Ripple-backed token noted a massive drop today, despite the buzz curated with Brad Garlinghouse’s positive stance on a potential XRP ETF.

XRP’s price action even contradicts the analyst’s bullish stance on the Ripple-backed token. Nonetheless, the substantial drop also comes as a result of massive liquidation witnessed recently within the broader crypto market. A staggering $300 million was liquidated in the past 24 hours, and altcoins like XRP took a bearish turn.

Also Read: Ether (ETH) to outperform Bitcoin (BTC) in Coming Months: Bloomberg

The post XRP News: Top Analyst Predicts XRP Price Rally To $0.91, Here’s Why appeared first on CoinGape.

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Filed under: News - @ February 21, 2024 1:16 pm