A recent forecast by a prominent cryptocurrency analyst, known as Dark Defender, has raised investor interest by suggesting that XRP could ascend to $0.91. This speculation comes despite XRP’s current performance which has seen it drop below the $0.55 mark along with the broader market’s downturn. Dark Defender has made headlines frequently with their analyses and bullish outlook on the digital currency.
Analyst’s Optimistic Price Targets for XRP
Although the market sentiment for XRP appears bearish following its struggle with the SEC and negative derivative data trends, Dark Defender’s comments suggest a potential turnaround. The analyst’s forecasts have been consistent, indicating a strong belief in XRP’s upward trajectory, even pointing to a possible peak of $1.88 in the third wave of price targets.
On February 17, Dark Defender noted that XRP had approached the orange resistance zone on the daily chart, hinting at crucial short-term support levels. They have proposed that if the second wave is corrective in nature, the bottom could range between $0.5198 and $0.5066. Furthermore, surpassing the daily Ichimoku Clouds could herald a bullish period for XRP, targeting successive levels at $0.6649, $0.7707, and $0.9191.
Current Market Dynamics and XRP’s Performance
At the time of reporting, XRP has seen a 4.77% decline within 24 hours, trading at $0.5400. This fall follows a brief surge past $0.5, which has now been negated due to market volatility. The price drop aligns with Brad Garlinghouse’s comments on a prospective XRP ETF that initially spurred positive expectations.
The recent downturn has also contributed to significant liquidations across the cryptocurrency landscape, with $300 million worth of positions being wiped out in a day, impacting the altcoin market and XRP’s valuation.