The News Crypto -
- Crypto analyst Dark Defender predicts a significant rise for Ripple’s XRP token, targeting $0.92 in March.
- The prediction is partly based on an important court date in the SEC lawsuit against Ripple, expected to influence XRP’s price.
- XRP has shown bullish signs by revisiting key support levels and breaking above the $0.61 resistance.
Widely-followed crypto analyst Dark Defender sees a promising trajectory ahead for Ripple’s XRP token in March. He specifically predicts a potential surge targeting as high as $0.92 amidst a crucial approaching court date tied to the ongoing Securities and Exchange Commission lawsuit.
Buongiorno. #XRP visited our support levels and started to form the 3rd Wave by hitting mid-level Orange Resistance.3rd Wave targets $0.9191.Expected targets:$0.6462 on 1-Mar$0.7707-$0.9191 around 10-13-Mar.Arrivederci!#ripple pic.twitter.com/t6NTORn5Ar— Dark Defender (@DefendDark) February 28, 2024
In his latest analysis, Defender notes how XRP has revisited key support levels recently, marking what he views as a bullish technical turning point after months of rangebound action. After kicking off a new impulsive wave pattern, the token broke above $0.61 resistance as well.
Zooming into the XRP chart, the first upside targets get projected at around $0.65 by March 1st initially. This marks a key checkpoint in the Defender’s view that could confirm building upside momentum for the next leg up afterwards.
Analyst eyes further gains for XRP
He particularly eyes March 10th through March 13th for fireworks as the most likely window for exponential gains. Defender points to between $0.77 and $0.92 as plausible price levels, citing the prominent court deadline during the same timeframe as playing an influential role.
The SEC faces a March 13th briefing deadline on remedies against Ripple sought through its ongoing lawsuit against the blockchain company. With the case nearing a conclusion after years of uncertainty, volatility looks guaranteed around the resolution.
And with positive tailwinds mounting on both improving technicals and legal backdrops, the odds seem to sway bullish on Ripple for once, hence the prediction for 30%+ gains blowing off critical ceilings.
Presently, XRP trades around $0.59, up 5% in the past 24 hours. Its market capitalization also expanded by almost 5% over the same period, implying a sustained demand resurgence.
Open interest and volumes on XRP futures have also ticked distinctly higher of late, corroborating building traders optimism. The on-chain metrics validate analyst conviction on the token readying for substantial moves after long periods of muted activity.
So while ambitious in isolation, the $0.92 target relies on sound logic around the aligned fundamental and technical catalyst convergence underway. As the SEC drama heads towards finality amidst improving price signals, conviction mounts on bulls defending control into March and beyond.
This article was originally published on thenewscrypto.com
