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XRP Saw Enormous 680 Million Volume Spike, Leading to Price Breakthrough: 3 New Targets

Thu, 03/09/2023 - 16:00
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Arman Shirinyan
XRP is going through tough period, but price breakthrough might be around the corner
XRP Saw Enormous 680 Million Volume Spike, Leading to Price Breakthrough: 3 New Targets
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XRP has been facing strong resistance in the form of the upper border of the descending price channel, which has pushed the asset down for the past 45 days. However, XRP recently saw a massive spike in trading volume of 680 million, indicating a potential breakout from the channel. While this is a positive development for XRP, it does not necessarily guarantee an acceleration of the rally.

Despite the resistance, XRP has already gained around 5% of its value in the last two days, indicating that the asset may be preparing for a breakout. If XRP is able to successfully break out of the descending price channel, it could reach three key targets in the near future.

XRP Price Analysis for March 8

The first target would be the 200-day moving average at $0.4, which has previously acted as a support level for XRP. The second target would be the previous breakdown point at $0.5, which could prove to be a tough resistance level for XRP to overcome. Finally, the third target would be the local cycle, high at approximately $0.55.

It is important to note that while XRP has seen a significant increase in trading volume and is approaching a potential breakout, there is no guarantee that it will be successful in breaking out of the descending price channel. Additionally, even if XRP does successfully break out, it may face challenges in reaching its next targets.

Dogecoin reaches destination

Dogecoin has been moving in a descending triangle pattern for several weeks, with traders closely monitoring its every move. In recent days, it finally reached the bottom of this pattern, leading to speculation about what will happen next.

DOGE Chart
Source: TradingView

There are two possible scenarios for Dogecoin at this point. The first is that it is dropping below the lower border of the triangle, which could accelerate the downtrend and lead to further losses. This would likely be disappointing news for Dogecoin holders, who have been waiting for the asset to recover from its recent slump.

The second scenario is that Dogecoin bounces from this bottom and starts moving upward until it faces the next resistance level. This could be a positive development for Dogecoin, as it would signal that the asset is starting to recover and gain strength once again.

However, it is important to note that even if Dogecoin does bounce from this bottom, it does not necessarily mean that it will lead to an immediate acceleration of the rally. There are still several factors at play that could affect the asset's performance, including market sentiment and regulatory concerns.

SNX loses spotlight

SNX, a liquidity provision protocol for DeFi, has experienced a sharp drop of over 20% after a 33% rally, which was fueled by the growth of L2 networks and the increasing popularity of DeFi solutions. Unfortunately, the industry is now experiencing an outflow, which may hinder the growth of projects like SNX.

Synthetix (SNX) up 13% to Lead DeFi Push, What is Driving Growth?

SNX is one of the leading projects in the DeFi space, providing a decentralized platform for the creation of synthetic assets. The platform allows users to gain exposure to a wide range of assets, such as fiat currencies, commodities and cryptocurrencies, without the need for direct ownership of these assets.

However, despite its innovative features and growing popularity, SNX has been affected by the recent market trends that have caused a slump in the DeFi sector. The outflow of funds from DeFi protocols has contributed to a decline in the demand for SNX, which has resulted in the recent drop in its value.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.