Amid the recent price dip witnessed by altcoins due to market corrections and BTC’s slip to $62K, a prominent analyst’s anticipation of XRP’s imminent run to $1 echoed a sense of frenzy across the crypto horizon today, March 20. Dark Defender, a well-known crypto market analyst, recently took to a post on X, showcasing retained bullishness on the Ripple-backed token’s capability to scale $1 in April, giving rise to a colossal torrent of speculations. This torrent of speculations birthed as XRP slipped below the crucial $0.6 mark yesterday, coming in contrast to the analyst’s predictions.

XRP Hits $1 In April: Here’s Why

According to the analyst’s post on X, a critical examination of XRP’s market dynamics showcased Dark Defender’s previous predictions fell in line with the upcoming potential $1 prediction. Further, aligning with the analyst’s today’s statement, XRP traded at $0.58 on February 28, while the predicted targets for March were $0.6462 on March 1 and $0.77-$0.92 on March 13.

Notably, XRP successfully achieved the $0.6462 target on the specified date, whereas it scaled $0.75, nipping at the heels of the second target. This anchored the analyst’s prediction’s foothold, sparking investors’ enthusiasm orbiting the token’s potential to showcase a phenomenally rising price action ahead.

Meanwhile, based on XRP’s new high of $0.75, the analyst ruled out the next Fibonacci levels as $0.9772-$1.5048 and $2.3172 in the short term. “Long story short, XRP is standing on the SpringBoard,” the analyst added. This promptly piqued the interest of crypto market traders and investors globally, as XRP regained an upward momentum, nearing the $0.6 mark again.

Hi there, here is your 1 Day Time Frame Update. #XRP was $0.58 on 28 Feb.

We expected XRP to hit:

1. $0.6462 on 1-Mar
2. $0.77-$0.92 on 13-Mar ($0.75)
3. $1 in April, in progress

Based on the new high of $0.75, the targets are updated as follows:

Fibonacci Levels:… pic.twitter.com/35ks68rLFq

— Dark Defender (@DefendDark) March 20, 2024

Intriguingly, CoinGape Media earlier reported the same analyst to initially curate market optimism orbiting XRP’s potential to hit $1 ahead. However, an additional layer of complications birthed with Ripple vs. SEC’s recent legal developments weighing in, as both entities filed a joint motion to seal vital details from the public regarding remedies-related briefing.

Nonetheless, XRP showcased an upward momentum as of press time.

Also Read: Coinbase Doubles Down On USDC Stablecoin Payments And Ads

XRP Price Jumps

As of writing, the XRP token’s price jotted a 1.15% upswing over the past 24 hours and is currently trading at $0.5976. Following its recent dip below the crucial $0.6 level, a regained upward momentum promptly nabbed significant attention toward the sixth-largest cryptocurrency by global market cap, falling in line with the analyst’s predictions.

Intriguingly, Coinglass spotlighted a marginal jump in the token’s open interest and OI-weighted funding rate, whereas volume continued to plunge. Coupled with the RSI at around 47, a mixed market sentiment currently prevails, with the asset neither overbought nor oversold.

However, with some bullish strength, as seen by the rise in price and open interest, the Ripple-backed token continues to stir speculations over a pump ahead. If bulls further take control of the market, XRP could see a significant uptrend, followed by the potential broader uptrend induced by the upcoming BTC halving, paving the way for the token to scale $1 in the near furture.

Also Read: FOMC: BTC Price To Dip Below $60K, Analyst Predicts

The post XRP Price: Analyst Bullish On XRP To Hit $1 In April As Price Nears $0.6 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am