Analyst Upholds Forecast Despite Market Corrections

In a recent attention-grabbing chronicle witnessed within the cryptocurrency landscape, a leading crypto market analyst going by the name Dark Defender showcased a retained sense of bullishness on XRP to hit $1 in April, nabbing substantial attention. This sentiment, coming in the midst of significant price corrections witnessed in the broader crypto market, curated a tidal wave of frenzy among crypto market traders and investors globally.

Diving Deep Into The $1 Analysis

According to Dark Defender’s recent analysis of XRP’s price action, using candlestick charts on a weekly timeframe, the price of the Ripple-backed asset has reached a level that was previously considered resistance but is now acting as support. This underscores potential bullish momentum for XRP, with the new resistance levels at $0.6044 and $0.6649, accompanied by support levels at $0.5731, $0.5381, and $0.4623.

Hi all. #XRP weekly candle is hovering on the previous resistance & using there as new support.

Weekly Update:

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Resistances:
$0.6044, $0.6649

Supports:
$0.5731, $0.5381, $0.4623

Targets: The Same.

Enjoy your weekend! pic.twitter.com/02z1VAWKvE

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— Dark Defender (@DefendDark) April 6, 2024

The statement shared by Dark Defender promptly gained substantial traction across the broader crypto market as the analyst appears to have been extremely bullish on this chronicle for quite some time now. As reported by CoinGape Media earlier, Dark Defender claimed the token to hit $1 in April, right before the market witnessed this year’s onset of a crypto bull run. Further, the analyst continued portraying a sense of confidence in his anticipation of XRP’s rising price action ahead despite numerous corrections witnessed to date. This is what gradually garnered noteworthy attention to the analyst’s remarks.

Meanwhile, with the BTC halving approaching, the broader market remains optimistic about a potential bull run for altcoins as well, as altcoins have been noted to follow Bitcoin’s broader uptrend. This further cemented the foothold of the analyst’s prediction throughout the crypto horizon. Additionally, XRP mirrored this optimism with remarkable gains over the past day.

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XRP Jumps

As of writing, the XRP token’s price noted a rise of 2.72% in the past 24 hours and is currently trading at $0.5882. This surge in the Ripple-backed token’s price, pushing it to near $0.6 mark, further aligns with the analyst’s prediction, fueling optimism among investors.

However, intriguingly, the analyst claims XRP will hit $1 in April despite the SEC’s recent call on Ripple in the XRP lawsuit, asking for penalties worth $2 bln. XRP’s sluggish performance remains primarily attributed to the regulatory uncertainty between Ripple and the U.S. SEC. Concerning this, this statement by the analyst, coming amid the SEC’s final call, additionally stirred a whirlpool of speculations.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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