XRP News: Analyst Predicts XRP To Hit $1.88 Amid Price Rebound
XRP, a cryptocurrency backed by Ripple Labs, garnered significant investor interest today as its price rebounded following a noteworthy movement in the red. Intriguingly, amid this upward movement embarked upon by the Ripple-backed token, a renowned crypto analyst shared an optimistic prediction for XRP’s price ahead.
The prediction, stating that XRP’s price target of $1.88 is within reach, quickly gained substantial attention across the broader crypto market. Let’s take a closer look at Dark Defender’s analysis of XRP’s price, which anticipates the token reaching $1.88 in the near future.
Dark Defender Says $1.88 Price Target ‘Getting Closer’
In a recent post, the analyst spotlights a detailed analysis of XRP’s weekly time frame, indicating that the cryptocurrency is edging closer to its target of $1.88, according to the Elliott Wave theory. The analysis highlights vital Fibonacci levels, with XRP managing to maintain its position above the critical 38.20% level at $0.4623. Despite the last Fibonacci Level at $0.3917 while XRP was in correction, the token’s current movement adds a bullish tint among investors.
Further, attention was brought to a potential Triangle formation, with $0.5286 identified as a pivotal support zone (Blue Support) for the token. Should XRP remain above this support level, the analyst anticipates a breakout, potentially fueling the XRP’s price rally towards $1, marking the bottom of the Weekly Ichimoku Clouds.
Moreover, the analysis suggests that following the topping of $1, Wave 3 targets could extend even further, with the token scaling $5.85 and $18.22, per the Elliott theory guidelines. These remarks appear to have ignited a sense of frenzy among crypto market participants globally, although it’s worth mentioning that Dark Defender also claimed XRP to hit $1 in April, which didn’t happen. Nonetheless, the analyst continues proclaiming that the $1 target is definitely ahead for XRP, piquing considerable interest.
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XRP Price Springs
As of writing, the XRP token’s price trajectory illustrated gains worth 2.34% in the past 24 hours and is currently trading at $0.5243. However, Coinglass revealed a 1.13% dip in XRP’s open interest, followed by a derivatives volume plunge of 40.68%.
This primarily aligns with XRP’s highly volatile movement in recent days, further birthing mixed sentiments among crypto market traders and investors. Whereas, whale activity surrounding the token is also on the rise, adding to the enigma surrounding XRP’s price action ahead.
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