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Saturday, May 18, 2024

Ripple (XRP) Price Poised for a Massive Breakout in March: Analysts

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TL;DR

  • Analysts predict a bullish future for XRP, expecting a substantial price increase to nearly $2 by July due to technical indicators and market factors.
  • Optimism is fueled by Ripple’s legal developments and the Bitcoin halving event, with some predictions suggesting XRP could reach all-time highs beyond $5.85.

Where Is XRP Headed?

Ripple’s XRP has not recorded the same spectacular price ascents as other cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Shiba Inu (SHIB), and many more lately. Currently, it trades at around $0.62 (per CoinGecko’s data), a 10% increase on a two-week scale.

However, numerous analysts remain confident that the asset will catch up in the following weeks and experience a substantial bull run.

The X user Dark Defender claimed that XRP closed February above a critical resistance level, which suggests a possible “monthly breakout.” The analyst predicted the asset’s valuation could skyrocket to almost $2 by July this year.

One person who agreed with the forecast is EGRAG CRYPTO. The crypto enthusiast presented their own chart, showing that XRP has been closing above the 21 Exponential Moving Average (EMA) since September 2022. The move signals the asset’s potential for a “more aggressive and strong upward move.”

EGRAG CRYPTO advised investors to “stay steady” since a monthly candle above the $2 milestone could lead to unprecedented ascent.

Several factors, including the upcoming Bitcoin halving (scheduled for April this year) and the approaching trial between Ripple and the US SEC, also suggest that XRP could be on the verge of a rally. Those curious to explore additional signs, feel free to check our dedicated video below:

Previous Predictions

EGRAG CRYPTO has been predominantly bullish on XRP for a while now. Last month, the X user claimed the asset might soon pass through four phases (wicking, ranging, consolidation, and bullish) and hit $1.40 in April.

Dark Defender has been even more optimistic, suggesting that XRP is on its way to claiming the important resistance levels of $0.66, $0.77, and $0.91 by the end of next month. The analyst also believes its value would eventually explode to an all-time high of $5.85.

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