Cryptocurrency market’s sixth largest, XRP, has been exhibiting remarkable performance recently. As we entered March, there appears to be an impact of $320 million in gains on XRP holders. However, despite these gains, XRP’s price is still on an upward trend. In other words, investors have not yet moved to sell. XRP, reaching up to $0.66, is being accumulated by institutions and large organizations during a period when individual investors are making profits.
XRP on the Rise
This upward trend is showing itself with an increase of over 16% on a weekly basis and over 23% on a monthly basis. As of today, XRP has risen to $0.6685, continuing its course above the psychologically significant level of $0.60.
This rising trend comes after a similar rally in Bitcoin, and according to on-chain data, it seems to be sustained by large wallets. This indicates that the current rally of XRP is being driven by large institutions rather than retail investors.
XRP holders have made impressive gains since the beginning of March. According to Santiment’s data, these gains are over $320 million. However, despite these gains, XRP’s price is still in an upward trend. Particularly, while large wallets continue to increase their assets, individual investors seem to have taken profits.
Supporting the Upward Trend
Technically, the XRP price is in an upward trend close to its peak in December 2023. As of Tuesday, XRP reached a new annual high of $0.6685, and this rise is supported by the Moving Average Convergence Divergence (MACD) indicator and the Awesome Oscillator (AO). Green bars indicate positive momentum supporting the upward trend of the altcoin.
However, it should be considered that the $0.6685 level is in line with the 78.6% Fibonacci retracement. Therefore, a daily candlestick closure below $0.6293 could invalidate the bullish thesis for XRP. In this case, the 61.8% Fibonacci retracement level at $0.5985 could provide support for the altcoin.
The price movements of altcoin XRP continue to be closely monitored by investors and cryptocurrency market participants. Additionally, the legal battle between the SEC and Ripple is also looming as an important date. March 22, when the SEC will present its opening summary, could play a critical role in determining the course of this case.
