XRP, a Ripple-backed token, sparked significant attention after a top crypto market analyst forecast it would reach $1.88 amid price surge.
On Friday, XRP, one of the most prominent cryptocurrencies by market cap worldwide, sparked a tidal wave of speculation throughout the entire crypto industry when a leading crypto market analyst predicted the token would reach $1.88 in advance.
A reputable crypto market analyst, Dark Defender, verified the daily break of the token’s RSI (Relative Strength Index) and price, indicating an impending bull run.
This has generated considerable interest among crypto market enthusiasts worldwide, as the Ripple-backed token predominantly traded in the green today, which is consistent with the analyst’s assessment.
Amidst the substantial selloff of a whale’s holdings today, the token remains in the positive zone as of the time of writing, giving rise to further inferences for XRP’s surge to $1.88.
Moreover, token derivatives data appears to have paralleled the crypto’s pump today, bolstering XRP market optimism.
During this time, Judge Analisa Torres issued an order in favor of Ripple’s request to extend the deadline for discovery on remedies as requested by the U.S. Securities and Exchange Commission (SEC).
This ruling is consistent with the token’s recent significant increase.
Is XRP’s Ascent to $1.88 Uncertain?
The Ripple vs. SEC lawsuit has taken a thrilling turn in recent events, with the court ruling in favor of Ripple’s motion to extend the deadline for discovery requirements related to remedies.
In support of the digital payments network, U.S. District Judge Analisa Torres issued an order in response to Ripple’s motion for the same.
The Ripple-backed token subsequently increased in value, eclipsing $0.52 today, February 9.
Concurrently, open interest in the token increased by 4.09% in derivatives data, reaching $610.80 million, according to CoinGlass.
This surge mirrors the current ascent of XRP and additionally indicates an upward trend.
The recent resolution of Ripple’s litigation against the SEC, coupled with the increase in public interest, seems to be contributing to the upward trajectory of XRP as well.
This aligns with the analyst’s forecast, which could potentially facilitate the price reaching $1.88.
XRP Price Increases
At the time of writing, the XRP price traded at $0.5239, representing a significant 24-hour increase of 1.89%.
In addition, the market cap of the token increased by 1.83%, reaching $28.53 billion.
Anticipated is a further increase in price momentum after Ripple’s successful resolution of the SEC lawsuit.
Meanwhile, crypto market enthusiasts anticipate a bull run ahead due to the increase in open interest and weekly price surge of the token, which are both indicative of an uptrend as predicted by bull indicators.