Price of XRP: Leading Analyst Sees a Bull Run to $1

A top crypto market analyst going by the handle Dark Defender recently declared that XRP, a cryptocurrency backed by Ripple, may be acquiring a bullish momentum ahead and reaching $1, setting off a fascinating chain of events that has greatly increased optimism in the crypto industry. After XRP had an almost 20% increase in value during the course of the previous month, February, the analyst’s remarks seem to have attracted significant attention from those who follow the cryptocurrency market.

As of the time of publication, the token was trading down, which fueled rumors about the analyst’s comments. As of writing, derivatives data was also creating a bearish vortex for the coin.

The Post from Dark Defender Compares the Market Dynamics of XRP
The analyst XRP posted on X that the aim that needed to be scaled today was $0.6462. But the token backed by Ripple only reached $0.6256, which was insufficient. This assertion was consistent with today’s bearish swing in XRP. But the analyst provided more crucial context for understanding the behavior of the XRP market

Dark Defender

@DefendDark

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.

The MACD kept moving toward Ichimoku clouds and the expert declared it to be bullish. According to the analyst’s comment, this opens the way for the first objective of $1 and the Fibonacci level target of $1.88.

This sparked a wave of conjecture among enthusiasts of the cryptocurrency market everywhere because, despite the analyst highlighting XRP’s lackluster performance, the assertion of a possible token bull run gained international attention because $1 is a critical price for XRP.

Price Slips for XRP
At the time of writing, the price of XRP has decreased by 1.16% in the last 24 hours and is now trading at $0.5926. But given the impressive success of the last month—weekly and monthly charts showing increases of 10.57% and 19.88%, respectively—the analyst’s comments raised questions.

Nevertheless, Coinglass’ data showed a downward trend for the coin, as both open interest and volume fell along with its price. While volume fell 24.85% to $3.22 billion, open interest decreased 6.57% to $790.12 million. This led to conflicting conclusions regarding the future of the Ripple-backed token.