The month of March proved to be prosperous for XRP investors as profit-earning transactions increased significantly.

XRP holders' presence on the network has also increased, which suggests rising confidence in the altcoin.

XRP price needs to hold above $0.475 to prevent a catastrophic crash when corrections begin.

XRP price has performed beyond expectations and has marked a multi-month high, restoring confidence in its investors. These holders have also made the most of the situation and turned to sell, which could backfire on the price action soon.

Ripple investors on an upward journey

The rising XRP price has brought investors back on-chain. After weeks of minimal gains, the altcoin shot up to trade above $0.500, which the holders took advantage of. While the cryptocurrency is up 9.7% in the last 24 hours, in the last 20 days, the price has increased by over 42%.

This resulted in XRP investors resorting to selling as the price is nearing a six-month high. Most of these happened to be retail investors looking to profit from their investments. The ratio of daily transactions volume in profit compared to loss rose significantly, with the former occurring 2.1 times as much as the latter.

The profit-taking transactions continued to rise over the last two weeks, reaching a 19-month high as such levels were last observed back in August 2021 when the XRP price was at $1.101.

The profit-seeking behavior also brought back many XRP holders that stood away during the last bearish few weeks. The average active addresses on-chain can be seen rising gradually, with the exception of a spike on March 19 when the Ripple network noted the presence of nearly 872,000 investors on the same day.

XRP price reaches a critical level 

After rising by more than 42% in the span of 20 days, XRP price has climbed back to test the critical resistance at $0.533. Trading at $0.526 at the time of writing, the altcoin is already at a five-month high and would register a ten-month high if it manages to breach the barrier at $0.533.

Flipping the same resistance into support would also cement the recent rally and provide XRP price the opportunity to initiate a further rally. However, the Relative Strength Index (RSI) indicates that the market is overheating as the indicator is in the overbought zone above 70.0.

Thus if corrections arrive and XRP declines, it would need to keep above the support level at $0.475. Slipping through it would result in a test of the critical support at $0.408, and falling through it would invalidate the bullish thesis as well as push XRP price to March lows of $0.358.

#xrparmy #xrp #ripple #koinmilyoner #dyor

Cryptocurrencies have been known for their high volatility in the market, with sudden price fluctuations that often make investors wary. The value of a particular cryptocurrency can be affected by a multitude of factors such as market trends, economic policies, and geopolitical tensions. However, despite the high volatility of the cryptocurrency market, the price of XRP has exhibited remarkable performance in recent times. This article will explore the factors behind the impressive performance of XRP, its potential for the future, and the risks involved in investing in this cryptocurrency.

The Performance of XRP: The performance of XRP has been exceptional, considering the market conditions it has faced. Since the start of 2021, the cryptocurrency market has been in a state of flux, with Bitcoin and other major cryptocurrencies experiencing sudden price drops. Despite this, XRP has been able to maintain a steady upward trajectory in terms of its price. In February 2021, XRP saw a surge in its price, reaching a high of $0.73, which was a remarkable increase from its previous price of $0.24 in December 2020. Although the price of XRP experienced a slight dip in March 2021, it has remained relatively stable, hovering around $0.50 for most of the year.

Factors Behind the Performance of XRP: One of the main factors behind the performance of XRP is the strategic partnerships it has formed with major financial institutions. XRP is a cryptocurrency that is primarily designed for use in the financial industry, and as such, its success depends heavily on its adoption by financial institutions. Ripple, the company behind XRP, has formed strategic partnerships with over 300 financial institutions worldwide, including American Express, Santander, and Standard Chartered. These partnerships have increased the visibility and acceptance of XRP, making it an attractive investment option for both institutional and individual investors.

Another factor behind the performance of XRP is its unique technology. Unlike other cryptocurrencies that rely on proof-of-work or proof-of-stake algorithms, XRP uses a consensus algorithm that allows for faster and more efficient transactions. This makes it an ideal cryptocurrency for use in the financial industry, where speed and efficiency are crucial.

Potential for the Future: XRP has shown great potential for the future, with many analysts predicting that its price will continue to rise. The increasing adoption of XRP by financial institutions, combined with its unique technology, makes it a cryptocurrency with a lot of potential. Ripple has also announced plans to expand its services beyond cross-border payments, with the launch of a decentralized exchange that will allow for the trading of various cryptocurrencies, including XRP. This move is expected to further increase the adoption of XRP and its value in the market.

Risks Involved in Investing in XRP: Although XRP has exhibited remarkable performance in recent times, investing in this cryptocurrency still comes with its fair share of risks. One of the major risks associated with investing in XRP is its dependence on the success of Ripple, the company behind XRP. If Ripple were to face regulatory or legal issues, it could have a significant impact on the value of XRP.

Another risk associated with investing in XRP is the high volatility of the cryptocurrency market. Cryptocurrencies are known for their sudden price fluctuations, and investing in them can be risky, especially for those who are new to the market. It is important to note that investing in XRP, like any other cryptocurrency, should be done with caution and after conducting thorough research.

Conclusion: Despite the high volatility of the cryptocurrency market, the price of XRP has exhibited remarkable performance in recent times. This can be attributed to its strategic partnerships with major financial institutions, its unique technology, and its potential for the future. While investing in XRP comes with its risks, it remains an attractive investment option

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The tally of crypto market participants holding more than 0 XRP has experienced notable growth of 102% over three years, surpassing the five million mark.

Read more on: https://thecryptobasic.com/2024/01/27/wallets-holding-more-than-0-xrp-skyrockets-102-to-over-5-million-details/
#XRPMovement #xrparmy #XRPWatch #Crypto #CryptonewswithJack

Renowned Singapore-based crypto trading platform Bitrue has called on crypto market participants to consider XRP’s current market price and potentially stock up before its price goes parabolic.

Read more on: https://thecryptobasic.com/2024/01/29/top-singaporean-exchange-says-its-never-too-late-to-buy-xrp/
#XRPMovement #xrparmy #Crypto #CryptonewswithJack #CryptoNewsUpdate

The major price slip that rocked the digital currency ecosystem in the past 24 hours is still largely at play on the market; however, digital currencies like XRP have wriggled out and pared off their losses. At the time of writing, XRP is up by a marginal 0.67%, and the spot trading price is pegged at $0.428.

XRP/USD Daily Chart. Source: CoinMarketCap

The digital currency comes off as the only cryptocurrency in the top 10 of the most capitalized assets that is exhibiting some form of bullish signs. While XRP coin is still notably losing significant value in its price, the uptick is a very promising indication that charting a sustained price trend from this point onward is possible.

With the recent bearish onslaught the industry recorded, the XRP price dropped below its most significant temporary support level at $0.420. One of the most important tasks for XRP bulls and traders is first to defend this price point, a responsibility that is dynamic and can be guaranteed to have been achieved after a few days of stability.

XRP is one of the cryptocurrencies with the most fluid volatility but with a dedicated community that can help it achieve its milestones.

XRP thriving despite its woes

XRP is still at the center of the legal battle between blockchain payments firm Ripple Labs Inc and the United States Securities and Exchange Commission (SEC). While the case is billed to end anytime now, the effects of the lawsuit are still hampering XRP's growth to date.

Despite the apparent negative fundamentals, XRP is still thriving, with a defined projection of steady buying activity for the cryptocurrency, activity that has proven to be true with the recent price uptick. XRP has also been involved in a series of debates about its security status and, in all, its primary role as a payment token has paved a very good way for its growth.

source: u.today

image source: ai

#xrp #ripple #xrparmy #dyor #crypto2023

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.