In an exciting turn of events witnessed recently, a leading crypto market analyst, Dark Defender, retained a bullish stance on XRP, a Ripple-backed token, proclaiming it to hit $1 ahead. This statement, shared in a post on X, promptly gained significant traction among crypto market enthusiasts globally as XRP showcased a substantial upward momentum today.

Meanwhile, the Ripple-backed token’s recent topping of the $0.6 mark further sparked curiosity in alignment with the analyst’s remarks. The derivatives data birthed additional speculations over a price action shift ahead.

Analyst’s Remarks Mirrors Optimism

According to the analyst’s post on X, the target set for March 1 was $0.6462. Although XRP failed to reach the previously mentioned mark on March 1, it hit $0.6400 on March 2, showcasing a delayed yet significant run. Concerning this, the analyst stated the next target for XRP to be imminent, at $0.7707, while $1 follows. This sparked immense optimism among crypto market traders and investors globally as XRP showcased phenomenal gains in recent times.

おはよう. We target $0.6462 to happen on 1 Mar,#XRP hit $0.6400 on 2 Mar (1 Mar in the US) & bounced back from our Fibonacci Level.

Target $0.7707 in a couple of days.

$1 will follow.

Have a wonderful weekend. pic.twitter.com/nP9FIePkQr

— Dark Defender (@DefendDark) March 2, 2024

Meanwhile, in another post shared earlier on X, the analyst initially ruled out the much-optimistic $1 target for XRP. In this post, Dark Defender claimed MACD to be bullish, continuing its movement toward Ichimoku clouds, potentially paving XRP’s road to $1.

The aforementioned data collectively curated a tidal wave of optimism orbiting XRP, mirroring its surge and price action, topping the $0.6 mark as of press time.

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XRP Price Jumps

As of writing, the XRP price jotted an upswing of 7.96% over the past 24 hours and is currently trading at $0.6395. The phenomenal surge witnessed by the token comes from numerous factors, with Ripple’s 800 million XRP escrow lock substantially weighing in.

Derivatives data by Coinglass reveals a surge in open interest, whereas volume dropped 16.66%. This hinted at substantial new money entering the market, whereas market activity plunged, signaling a potential consolidatory phase ahead.

However, the pump in OI-weighted funding rate, reaching 0.1026%, painted a bullish outlook for the Ripple-backed token as traders portrayed readiness to invest more in long positions. This further aligned with the analyst’s remarks, curating a torrent of speculative buzz around XRP’s potential bull run ahead.

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The post XRP Price Primed To Hit $1, Analyst Predicts Amid Ongoing Rally appeared first on CoinGape.

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