XRP’s Imminent Run to $0.91: Analyst’s Bullish Remarks
The cryptocurrency universe recently witnessed a bustle following a leading crypto market analyst’s remarks on XRP’s imminent run to $0.91. Shared by one of the most renowned crypto analysts, Dark Defender, this post gained noteworthy traction as soon as it surfaced within the market as XRP’s price illustrated a substantial bearish movement today, dropping below the $0.55 mark as of press time.
The Ripple-backed token traded primarily in the red today, with the analyst’s statement coming in contrast to its recent price action. The derivatives data further signaled a downtrend for the token, although a consolidatory phase might be imminent.
Dark Defender Retains Bullishness On XRP
Intriguingly, Dark Defender shared a series of posts on X over the past few days, showcasing bullishness on the Ripple-backed token. Notably, the analyst even proclaimed XRP to hit $1.88 recently, as a part of the token’s wave three targets.
- The analyst spotlights XRP hitting the orange resistance in the daily chart as of February 17, eyeing supports in the short term.
- XRP’s wave two ends between the range of $0.5198 to $0.5066.
- XRP should tear the daily Ichimoku Clouds, indicating a significant uptrend and potential targets of $0.6649, $0.7707, and $0.9191.
- A close below the Ichimoku Clouds could mean a downtrend for XRP.
Simultaneously, derivatives data offered by Coinglass showcased a substantial 6.61% drop in XRP’s open interest, hinting at a downtrend when aligned with today’s price slump. However, a rise in volume stirred speculations over a consolidatory phase ahead.
XRP Price Plunges
As of writing, the XRP price noted a substantial drop of 4.77% over the past 24 hours and is currently trading at $0.5432. After a waning bullish movement over the past week, the Ripple-backed token noted a massive drop today, despite the buzz curated with Brad Garlinghouse’s positive stance on a potential XRP ETF.
XRP’s price action even contradicts the analyst’s bullish stance on the Ripple-backed token. Nonetheless, the substantial drop also comes as a result of massive liquidation witnessed recently within the broader crypto market. A staggering $300 million was liquidated in the past 24 hours, and altcoins like XRP took a bearish turn.
🔥 Hot Take: XRP’s Future Amidst Bearish Movement
The recent bearish movement of XRP raises questions about its future trajectory in the crypto market. While Dark Defender remains bullish on XRP and predicts targets of $0.6649, $0.7707, and $0.9191, the current price plunge contradicts this outlook.
It is essential for you as a crypto enthusiast to closely monitor XRP’s price action and consider factors such as support and resistance levels, derivatives data, and overall market trends to make informed investment decisions regarding XRP.
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