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Highlights
- A renowned crypto market analyst remains bullish on XRP.
- XRP's current price action falls in line with the analyst's remarks.
- XRP price soars, although derivatives data curates inferences.
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. Intriguingly, Dark Defender appears to have predicted this surge before its onset in the market, piquing the crypto realm’s attention. The derivatives data birthed additional speculations over a price action shift ahead, with expectations of a potential consolidatory phase hovering.
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. Additionally, a significant amount of tokens locked in escrow, seems to be aiding this momentum.
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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, as mentioned above, 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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