The post XRP Price Poised To Surge Above $1 in March appeared first on Coinpedia Fintech News
After establishing a solid support of around 50 cents for the past few months, Ripple-backed XRP price is ready to rally beyond $1 shortly. The veteran utility altcoin, tapped by Ripple in its On-Demand Liquidity (ODL), has amassed significant buyers in recent months to guarantee a bullish breakout. Moreover, the XRP/USD price has respected a rising trend, through higher highs and higher lows, since the beginning of last year.
Missing Bullish Piece
Over the past few years, XRP price action has significantly been weighed down by the ongoing SEC vs Ripple lawsuit. Although XRP has managed to remain among the top ten most valuable digital assets by market cap, most newbie crypto investors have been tapping on coins with better fundamentals like Solana (SOL), Dogecoin (DOGE), and Polkadot (DOT), among others.
As a result, XRP price will enjoy a bullish outlook after the civil trial in the second quarter is finalized, and Ripple gets an outstanding victory.
Analyst’s Take on XRP Price Action
#XRP: Strong & Bullish Monthly Closes with 21 EMA:
Simplicity often reveals the most profound insights in analysis.
Historical data shows that #XRP typically experiences several monthly closes below the 21 EMA before a significant price increase, as illustrated in the chart… pic.twitter.com/SELAy5qkNy
— EGRAG CRYPTO (@egragcrypto) March 1, 2024
After XRP’s price closed February on a bullish note, all attention is on the weekly close to determine the next cause of action. According to a famous digital asset analyst alias Egrag Crypto on the X platform, the XRP price is on the cusp of a historical bullish breakout. Furthermore, the analyst noted that the XRP price has closed above the 21 EMA since September 2022.
As a result, the crypto analyst is confident that XRP price is on the cusp of a strong bull run towards $2 in the near term. Moreover, the weekly Relative Strength Index (RSI) closed above the 50 level on its way towards the 70 level.
