- Following a nearly 20% rally within the last month, XRP has caught notable attention among crypto enthusiasts, especially with the remarks from an analyst.
- Simultaneously, derivative data has fueled speculations about a bear market that seems to be swirling around the token as of the time of writing.
- According to a post shared by the analyst on X, the target that needed to be scaled today was $0.6462. However, the Ripple-backed token only reached $0.6256, falling short.
Ripple’s XRP token is trading below $0.60; what will be the next target for the XRP token? Current predictions!
What’s the Next Stop for XRP Price?
In a notable development, a prominent crypto market analyst using the pseudonym Dark Defender revealed that the Ripple-backed cryptocurrency XRP could potentially gain bullish momentum and reach $1, creating significant optimism in the crypto space.
Following a nearly 20% rally within the last month, XRP has caught notable attention among crypto enthusiasts. Meanwhile, the token is trading in the red as of the time of writing, sparking speculations around the analyst’s statements.
Simultaneously, derivative data has fueled speculations about a bear market that seems to be swirling around the token as of the time of writing. According to the post shared by the analyst on X, the target that needed to be scaled today was $0.6462. However, the Ripple-backed token only reached $0.6256, falling short.
This statement was in line with today’s bearish movement for XRP. However, the analyst shared more critical insights into the market dynamics of XRP. According to the analyst, the MACD remains bullish, continuing its movement towards the Ichimoku clouds. This, according to the analyst, paves the way for the target of $1 following the initial target of $0.6462, and a subsequent target of $1.88, which is the Fibonacci level.
Despite the analyst focusing on XRP’s mediocre performance, claiming a possible bullish run in the future for the token, drew global attention due to $1 being a critical price point for XRP.
XRP Price Pullback
As of the time of writing, the XRP price was trading at $0.5947, marking a 1.16% decrease in the last 24 hours. However, in line with the notable performance of the previous month, with weekly and monthly charts showing 10.57% and 19.88% increases, respectively, the analyst’s comments sparked curiosity.
However, Coinglass data indicated a downward trend for the token as its price dropped along with a decrease in volume and open positions. Open positions decreased by 6.57%, reaching $790.12 million, while the volume decreased by 24.85%, falling to $3.22 billion. This led to mixed interpretations about the future performance of the Ripple-backed token.
