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Recently, a crypto currency analyst predicted that XRP could rise to $0.91, supporting this claim with a post on platform X. The prediction by Dark Defender, whose name has been heard more frequently lately, came during a time when XRP, like the rest of the market, had fallen below the $0.55 level, exciting investors.
Analyst’s Commentary on XRP
Ripple‘s XRP, central to the major battle with the SEC, displayed a negative outlook today, while the analyst’s statement indicated a contrary movement in the market. Derivative data shows a downtrend for the token, but consolidation could be closer than expected.
While all this was happening, Dark Defender shared multiple posts about XRP on platform X over the last few days, clearly emphasizing his bullish expectations for the Ripple-backed token. What excited investors was the analyst’s price prediction; according to Dark Defender, as part of the third wave targets, XRP could reach $1.88.
In line with his view, the analyst also stated that XRP reached the orange resistance on the daily chart on February 17, emphasizing that short-term support levels will be important.
According to the analyst’s interpretation, if the second wave performed by XRP is positioned as a correction wave, the endpoint lies between $0.5198 and $0.5066.
The analyst also highlighted that for XRP, breaking the daily Ichimoku Clouds, a technical indicator of support and resistance, could signal a rise in the broader crypto market.
A potential break above the Ichimoku Clouds could initiate a significant uptrend, enabling XRP to reach its targets of $0.6649, $0.7707, and $0.9191 respectively. Conversely, a close below the Ichimoku Clouds could trigger a downtrend for XRP.
XRP Price Declines
As of this writing, XRP’s price has experienced a sharp decline of 4.77% in the last 24 hours and is currently trading at $0.5400, having dipped below this level several times.
Following last week’s movement that pushed the price above $0.5, XRP has seen a decline despite rumors sparked by Brad Garlinghouse‘s positive comments on a potential XRP ETF, due to market conditions.
Additionally, the recent price drop has led to significant liquidations in the volatile crypto currency market. Within the last 24 hours, positions worth $300 million were liquidated, contributing to declines in altcoins, including XRP.
