XRP, one of the most prominent cryptocurrencies by global market cap, birthed a cyclone of speculations across the broader crypto market on Friday, as a top crypto market analyst predicted the token to reach $1.88 ahead. According to Dark Defender, a renowned crypto market analyst, the token’s daily break was confirmed for both RSI (Relative Strength Index) and price, signaling a bull run ahead. This appears to have sparked immense curiosity among crypto market enthusiasts globally, as the Ripple-backed token traded primarily in the green today, aligning with the analyst’s statement.
Meanwhile, despite a whale’s massive selloff today, the token traded in the positive territory as of press time, birthing additional inferences for XRP’s run to $1.88. In addition, derivatives data for the token appears to have mirrored the crypto’s pump today, propelling market optimism for XRP.
In the interim, Judge Analisa Torres granted an order favoring Ripple’s extension of the deadline for remedies-related discovery sought by the U.S SEC (Securities and Exchange Commission), further aligning with the token’s recent surge.
In a significant gust of recent developments, the Ripple vs SEC lawsuit has taken an exciting turn, favoring Ripple’s request to extend the deadline for remedies-related discovery requirements. U.S. District Judge Analisa Torres granted an order on Ripple’s motion for the same, aiding the digital payments network. Following this, the Ripple-backed token surged further, surpassing the $0.52 mark today, February 9.
Meanwhile, derivatives data showcased an upsurge of 4.09% in the token’s open interest, reaching $610.80 million, as per data by CoinGlass. This surge further mirrors XRP’s upswing today and also signals an uptrend.
Ripple’s recent relief witnessed in the lawsuit against the SEC, accompanied by the surge in open interest, appears to be additionally aiding XRP’s upward momentum. This coincides with the analyst’s prediction, potentially paving the way for $1.88.
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As of writing, the XRP price traded at $0.5239, with a notable 1.89% upswing in the past 24 hours. Moreover, the token’s market cap also noted a 1.83% surge, reaching $28.53 billion.
With Ripple gaining relief from the SEC’s lawsuit, the prices are expected to be bolstered further. Meanwhile, with the rise in the token’s open interest and weekly price jump, crypto market enthusiasts hope to see a bull run ahead as bull indicators signal an uptrend.
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