With a record-breaking 5.5 million Terra Luna Classic account holders, the price of LUNC and USTC increases by 5%.
Today, March 20, amidst the recent price decline of altcoins caused by market corrections and Bitcoin’s fall to $62,000, a prominent analyst predicted that XRP would soon reach $1, reverberating a sense of frenzy throughout the cryptocurrency horizon.
A prominent crypto market analyst, Dark Defender, recently expressed continued optimism on X regarding the Ripple-backed token’s potential to reach $1 in April, sparking an enormous deluge of conjecture. Yesterday, as opposed to the analysts’ forecasts, XRP fell below the critical $0.6 threshold, giving rise to this deluge of speculation.
XRP Hits $1 In April: Here’s Why
A critical examination of XRP’s market dynamics revealed, per the analyst’s post on X, that Dark Defender’s prior forecasts were consistent with the forthcoming potential $1 forecast.
Moreover, in accordance with the analyst’s statement released today, XRP was valued at $0.58 on February 28. The projected projections for March were $0.6462 on March 1 and $0.77-$0.92 on March 13.
Significantly, XRP accomplished the $0.6462 objective on the designated date, while it depreciated to $0.75, narrowly trailing the second objective. This strengthened the foundation of the analyst’s forecast, igniting investor enthusiasm regarding the token’s potential for phenomenally upward price action in the future.
In light of XRP’s recent peak of $0.75, the analyst has ruled out the following Fibonacci levels shortly: $0.9772-$1.5048 and $2.3172. “Long story short, XRP is standing on the SpringBoard,” the analyst stated.
This event quickly captured the attention of investors and market participants in the cryptocurrency industry worldwide as XRP regained its upward trajectory and approached $0.6 once more.
Hi there, here is your 1 Day Time Frame Update. #XRP was $0.58 on 28 Feb.
We expected XRP to hit:
1. $0.6462 on 1-Mar ✅
2. $0.77-$0.92 on 13-Mar ✅($0.75)
3. $1 in April, in progress
Based on the new high of $0.75, the targets are updated as follows:
Fibonacci Levels:… pic.twitter.com/35ks68rLFq
— Dark Defender (@DefendDark) March 20, 2024Coincidentally, it was previously reported that the identical analyst initially curated market optimism regarding XRP’s potential $1 advance. Nevertheless, the recent legal developments in Ripple vs. SEC introduced an extra level of intricacy, as both parties submitted a joint motion to withhold critical information about remedies-related briefings from the public.
Nevertheless, XRP demonstrated an upward trend at the time of writing.
XRP Price Jump
At the time of writing, the price of the XRP token has increased by 1.15 percent in the previous twenty-four hours and is currently $0.5976.
A resurgence in upward momentum shortly after its decline below the critical $0.6 level drew considerable attention to the sixth-largest cryptocurrency by market capitalization worldwide, consistent with analyst forecasts.
Coinglass reported a noteworthy increase in the token’s open interest and OI-weighted funding rate while volume continued to decline. The current market sentiment could be clearer in conjunction with an RSI near 47, as the asset is neither overbought nor oversold.
As evidenced by the increase in open interest and price, the Ripple-backed token continues to generate conjecture regarding an impending surge.
Should supporters maintain their market dominance, XRP may experience a substantial uptrend, which may be followed by a potential broader uptrend triggered by the forthcoming halving of BTC. This could position the token to surpass $1 in the not-too-distant future.
