- According to one analyst, XRP closed February above a critical price point, which sets it up for a breakout in March above $1 and then a quick ascent to $1.88.
- Another analyst revealed that XRP always closes above the 21 EMA for several consecutive months before it clocks a significant price spike, which it has been doing since September.
March could be a pivotal month for XRP, two analysts have predicted, with both giving bullish price predictions for the token, which has failed to capitalize on bullish market movements in recent weeks.
XRP trades at $0.6588 at press time, barely moving in the past day, for a total market cap of $36.01 billion. However, in the past week, it gained 6.12%; in the past month, it appreciated by a sizable 22.76%.
While its monthly gains are impressive, XRP has failed to keep up with its peers which made much more significant gains. Bitcoin and Solana, for instance, gained just below 28%, while others like Cardano and Polkadot gained over 30%. Shiba Inu and Dogecoin made incredible gains at 183% and 96%, respectively, in what was a meme coin-led bull market.
However, according to two analysts, March could be a bumper month for XRP. One analyst, known as Egrag Crypto to his 47,000 followers on X, noted that XRP has been recording bullish monthly closes with its 21-day exponential moving average.
The analyst stated:
Historical data shows that XRP typically experiences several monthly closes below the 21 EMA before a significant price increase, as illustrated in the chart below (Blue Box).
Egrag noted that XRP has been closing above its 21 EMA for over a year—since September 2022 specifically—” reinforcing its potential for a more Bullish setup and more aggressive and strong upward move.”
He added:
STAY STEADY; the gates to Valhalla could open soon, especially if XRP manages to close a monthly candle above $2.
In another tweet, Egrag pointed out that XRP bulls need to achieve consecutive closes above the 0.382 Fibonacci level in the short term if the token is going to maintain its bullish momentum.
#XRP Bulls' Next Task:
For the bullish momentum in #XRP to sustain, the bulls need to achieve a couple of consecutive closes above the Fibonacci 0.382 level in the short term.
The next critical milestone for the bulls is to secure a daily close above the Fibonacci 0.5 level,… pic.twitter.com/cE5KdqQdMe
— EGRAG CRYPTO (@egragcrypto) March 2, 2024
“The next critical milestone for the bulls is to secure a daily close above the Fibonacci 0.5 level, which would further propel the current upward movement,” he told his followers.
XRP Preparing for a Breakout Month
Other analysts have been as optimistic about XRP’s prospects this month, with one fund manager eyeing $10, as previously reported by Crypto News Flash. According to Dark Defender, XRP closed February above a crucial price point that sets it up for a bullish March.
The analyst told his 103,000 X followers:
MACD is Bullish to continue towards Ichimoku Clouds, targeting $1 first & then $1.88 as the Fibonacci level.
Today is 1 Mar, & #XRP closed the monthly by breaking the Orange.
We target $0.6462 today & hit $0.6258, but this is insufficient.
MACD is Bullish to continue towards Ichimoku Clouds, targeting $1 first & then $1.88 as the Fibonacci level$XRP will bend The Spoon above $1.88. pic.twitter.com/KKuNRea3Sg
— Dark Defender (@DefendDark) March 1, 2024
As more investors pile onto XRP, its burn rate spiked on March 2 to hit its highest since mid-January. According to XRPscan, the network burned 6,721 XRP as fees on Saturday.
