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XRP Price Analysis for March 1

Wed, 03/01/2023 - 19:30
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Denys Serhiichuk
How bullish is XRP at beginning of March?
XRP Price Analysis for March 1
Cover image via www.tradingview.com

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The correction might have ended on the cryptocurrency market, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

XRP/USD

The rate of XRP has risen by 0.67% over the last 24 hours.

XRP/USD chart by TradingView

On the hourly chart, the new month has started with the sharp growth of XRP, having formed the local support level at $0.3729. Currently, the price is located near the resistance, trying to fix above the $0.38 mark.

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If buyers manage to do that, the breakout may lead to the test of the $0.3860 area shortly.

XRP/USD chart by TradingView

On the bigger time frame, the situation is also rather bullish than bearish, as the rate is slowly approaching the resistance at $0.3829. Thus, the volume is rising and confirming buyers' interest. All in all, the more likely scenario is further growth to the zone of $0.39.

XRP/USD chart by TradingView

On the weekly chart, XRP has not accumulated enough power for a sharp move yet. Traders can think about midterm growth only if the price returns to the $0.40 zone and fixes above it.

XRP is trading at $0.3807 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.