Coingape Staff
In a thrilling turn of events, a top crypto market analyst going by the name Dark Defender, recently proclaimed XRP, a Ripple-backed cryptocurrency, to be potentially gaining a bullish momentum ahead and reaching $1, propelling immense optimism across the crypto space. Following a nearly 20% rally witnessed by XRP over the last month, February, the analyst’s comments appear to have garnered noteworthy attention among crypto market enthusiasts.
Meanwhile, the token traded in red as of press time, fueling speculations surrounding the analyst’s remarks. Derivatives data parallelly stirred a whirlpool of bearishness for the token as of writing.
Dark Defender’s Post Contrasts XRP’s Market Dynamics
According to the post shared by the analyst XRP on X, the target to be scaled today was $0.6462. However, the Ripple-backed token hit only $0.6256, coming as insufficient. This statement fell in line with XRP’s bearish movement today. However, the analyst shared further vital insights into XRP’s market dynamics.
Today is 1 Mar, & #XRP closed the monthly by breaking the Orange.
We target $0.6462 today & hit $0.6258, but this is insufficient.
MACD is Bullish to continue towards Ichimoku Clouds, targeting $1 first & then $1.88 as the Fibonacci level$XRP will bend The Spoon above $1.88. pic.twitter.com/KKuNRea3Sg
— Dark Defender (@DefendDark) March 1, 2024
The analyst proclaimed the MACD to be bullish, continuing its movement toward Ichimoku clouds. This paves the path for the initial target of $1, followed by the target of $1.88 as the Fibonacci level, per the analyst’s statement.
This birthed a tidal wave of speculations among crypto market fanatics across the globe as even though the analyst spotlighted XRP’s mediocre performance, the claiming of a potential bull run for the token ahead nabbed global attention, as $1 comes as a crucial price point for XRP.
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XRP Price Slips
As of writing, the XRP price noted a drop of 1.16% over the past 24 hours and is currently trading at $0.5926. However, aligning with the past month’s remarkable performance, with weekly and monthly charts showcasing a 10.57% surge and a 19.88% surge, respectively, the analyst’s remarks sparked curiosity.
However, Coinglass‘ data showcased a downtrend for the token, as its price dropped along with a plunge in volume and open interest. The open interest declined 6.57%, reaching $790.12 million, whereas volume slipped 24.85%, reaching $3.22 billion. This birthed mixed inferences for the Ripple-backed token’s run ahead.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
