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Cryptocurrency market has been on a notable rise since the end of February, and experts predict its sustainability to be above the $2 trillion level. So, what do the current data indicate for Ripple (XRP), the popular altcoin of the crypto markets?
Will Ripple’s Uptrend Continue?
While the majority of major cryptocurrencies rise along with the price of Bitcoin (BTC), the popular altcoin Ripple (XRP) showed a decrease in its upward momentum this week. The price of the popular altcoin increased by 11% to $0.59 from its recent low of $0.534. Will XRP gain momentum in March? XRP, the sixth-largest cryptocurrency, has been experiencing a slow but steady recovery since last month under the influence of an ascending trend line. Dynamic support lifted the asset during minor declines and kept the recovery solid, reaching $0.59 as this article was written.
Historical Data on XRP
On the other hand, with an approximate increase of 0.44% during the day, the XRP price could show an upward trend from the downward resistance trend line that has been in a correction phase for about 7 months. However, a short-term candle and low volume could indicate the weakness of buyers. If buyers cannot maintain above the broken trend line, the token’s price may return to the lower trend line to regain strength. Investors can extend the ongoing recovery trend as long as the rising support remains solid.
While the current market outlook predicts a shift from a bullish to a neutral stance for XRP, the reclaimed resistance trend line could provide suitable support for buyers. Sustainable price above this support could accelerate the recovery momentum. With sustainable buying, the XRP price could pursue the next potential target at the $0.75 level. In conclusion, while the overall cryptocurrency market continues to rise, Ripple (XRP) is showing a steady recovery, but short-term uncertainties persist.
