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The cryptocurrency universe lately witnessed a bustle following a number one crypto market analyst’s remarks on XRP’s imminent run to $0.91, as per a submit shared on X. Shared by one of the vital famend crypto analysts, Dark Defender, this submit gained noteworthy traction as quickly because it surfaced throughout the market as XRP’s value illustrated a considerable bearish motion at present, dropping beneath the $0.55 mark as of press time.

The Ripple-backed token traded primarily within the purple at present, with the analyst’s assertion coming in distinction to its latest value motion. The derivatives knowledge additional signaled a downtrend for the token, though a consolidatory section may be imminent.

Dark Defender Retains Bullishness On XRP

Intriguingly, Dark Defender shared a sequence of posts on X over the previous few days, showcasing bullishness on the Ripple-backed token. Recently, the analyst even proclaimed XRP to hit $1.88, as part of the token’s wave three targets.

Aligning with this, the analyst spotlights XRP’s hitting the orange resistance within the each day chart as of February 17, eyeing helps within the brief time period. Meanwhile, with XRP’s wave two’s positioning as a correction wave, the final level ends between the vary of $0.5198 to $0.5066.

Simultaneously, the analyst proclaimed that XRP ought to tear the each day Ichimoku Clouds, a technical indicator of assist and resistance, portray a bullish local weather throughout the broader crypto market. A possible break above this cloud signifies a major uptrend, thereby making the token’s run to targets $0.6649, $0.7707, and $0.9191 imminent. Conversely, a detailed beneath the Ichimoku Clouds may imply a downtrend for XRP.

In the interim, derivatives knowledge supplied by Coinglass showcased a considerable 6.61% drop in XRP’s open curiosity, hinting at a downtrend when aligned with at present’s value stoop. However, an increase in quantity stirred speculations over a consolidation section forward.

Also Read: Bitcoin ETF: BlackRock’s IBIT & Grayscale’s GBTC Plunge Pre-market After Weak Inflow

XRP Price Plunges

As of writing, the XRP price famous a considerable drop of 4.77% over the previous 24 hours and is presently buying and selling at $0.5432. After a waning bullish motion over the previous week, the Ripple-backed token famous a large drop at present, regardless of the thrill curated with Brad Garlinghouse’s optimistic stance on a possible XRP ETF.

XRP’s value motion even contradicts the analyst’s bullish stance on the Ripple-backed token. Nonetheless, the substantial drop additionally comes because of large liquidation witnessed lately throughout the broader crypto market. A staggering $300 million was liquidated prior to now 24 hours, and altcoins like XRP took a bearish flip.

Also Read: Ether (ETH) to outperform Bitcoin (BTC) in Coming Months: Bloomberg

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