Following a substantial price rally witnessed by XRP today, February 28, a leading crypto market analyst, Dark Defender, proclaimed the Ripple-backed cryptocurrency to be nearing its wave three targets, garnering significant attention among crypto market enthusiasts globally. According to a post shared by the analyst on the social media platform X, XRP potentially showcases the movement toward expected targets of $0.6462, $0.7707, and $0.9191 ahead.

Buongiorno. #XRP visited our support levels and started to form the 3rd Wave by hitting mid-level Orange Resistance.

3rd Wave targets $0.9191.

Expected targets:

$0.6462 on 1-Mar

$0.7707-$0.9191 around 10-13-Mar.

Arrivederci!#ripple pic.twitter.com/t6NTORn5Ar

— Dark Defender (@DefendDark) February 28, 2024

This birthed a tidal wave of optimism among crypto market traders and investors promptly as XRP’s price showcased notable gains today, per CoinMarketCap’s data. Meanwhile, with derivatives data further showcasing new money entering the market, additional bullish thoughts are propelling in tandem with the analyst’s remarks.

Concurrently, the U.S. SEC’s appeal to Judge Torres regarding extending pending deadlines for remedies-related briefings curated additional speculations orbiting Ripple’s legal disputes with the SEC and its potential impact on XRP’s price action. This comes after Ripple successfully submitted financial requirements related to remedies-related discovery.

SEC’s Deadline Extension Appeal Impacts XRP?

While speculations over settlement negotiations persist, the SEC’s call to extend deadlines potentially hints at noteworthy announcements looming. However, amidst the SEC’s current stance in the legal battle, XRP illustrated a substantial upward movement.

According to the post shared by the analyst, as mentioned above, XRP visited the support levels, commencing the formation of the third wave and hitting mid-level Orange Resistance. This potentially paves the way for wave three targets, $0.6462 on March 1 and $0.7707-$0.9191 around March 10-13, per the post.

However, speculations over a hyped-up response by the analyst regarding minimal jumps compared to XRP’s price corrections surfaced in response to the analyst’s post. To this, the analyst replied, “XRP had an astonishing 140,999% jump in 2017. This outstanding rise must have had an immense correction, which we did in 6 years,” fueling optimism for further price action shifts ahead.

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XRP Price Pumps

As of writing, the XRP price noted a significant uptick of 5% over the past 24 hours and is currently trading at $0.5878. The token’s market cap and 24-hour trading volume also surged phenomenally, with a 4.88% and 60.52% jump, respectively.

Derivatives data unveiled by Coinglass further hinted at an uptrend, mirroring XRP’s pump. The open interest rose 7.76%, whereas the volume jotted a significant 69.65% upswing. This showcased new money coming into the market and burgeoning market activity for XRP, stirring a whirlpool of bullishness on the token.

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The post Top Analyst Predicts XRP To $0.91 Amid SEC’s Remedies Deadline Extension Buzz appeared first on CoinGape.

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