XRP, a token backed by Ripple, recently saw an exciting turn of events. A leading crypto market analyst, Dark Defender, remained bullish on it. He proclaimed it would hit $1 soon. This statement was shared in a post on X. It promptly gained major traction among crypto enthusiasts globally.
Meanwhile, XRP’s recent topping of $0.6 further sparked curiosity. This aligned with the analyst’s remarks. Intriguingly, Dark Defender predicted this surge before its onset. This piqued the crypto realm’s attention. The derivatives data birthed more speculation over a price shift ahead. Expectations of a potential consolidation phase hovered.
Per the analyst’s post on X, the March 1 target was $0.6462. Although XRP missed that on Mar 1, it hit $0.6400 on Mar 2. This showcased a delayed yet big run. The analyst stated that the next XRP target was imminent at $0.7707. Meanwhile, $1 follows. This sparked huge optimism among traders and investors globally. XRP has shown phenomenal gains recently.
In another post on X, the analyst initially dismissed the optimistic $1 target for XRP. In this post, Dark Defender claimed MACD was bullish. It continued moving toward Ichimoku clouds, potentially paving XRP’s road to $1.
The data together created a tidal wave of XRP optimism. This mirrored its surge and price action, topping $0.6 now. Additionally, a large escrow lock is aiding momentum.
XRP Price Surges
Currently, XRP price is $ 0.633883 with a 24-hour trading volume of $ 3.75B, market cap of $ 34.65B, the coin price increased 1.12% in the last 24 hours. The huge surge comes from factors like Ripple’s 800 million XRP escrow lock.
Source: CoinMarketCap
Coinglass data reveals that open interest surged as volume dropped by 16.66%. This hints at major new money entering as activity plunged. It signals potential consolidation ahead.
But the pump in OI-weighted funding rate to 0.1026% paints a bullish XRP outlook. Traders seem ready to invest more in long positions. This further aligns with the analyst’s remarks. It creates speculative buzz around XRP’s potential bull run.
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