With the general frenzy in the cryptocurrency market that has led its representative asset, Bitcoin (BTC), to cross a massively important price target at $62,000, it is no surprise that others are following suit, including XRP, which could be looking at a rally toward $1.
Indeed, the XRP token, which has surpassed the psychological threshold at $0.60, has closed above the daily Ichimoku Clouds and with a bullish hammer, expecting to target $1, according to the observations shared by pseudonymous crypto trading analyst Dark Defender in an X post on February 29.
XRP price action analysis. Source: Dark Defender
Specifically, Ichimoku Clouds refer to a collection of technical analysis (TA) indicators that show support and resistance levels, as well as momentum and direction – including a nine-period average, a 26-period average, an average of those two averages, a 52-period average, and a lagging closing price line.
XRP 30-day price chart. Source: Finbold
In conclusion, XRP looks ready to race toward the critical price threshold at $1, and perhaps even beyond it, particularly if the bullish momentum coincides with positive developments in the legal battle between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
