Ripple (XRP) Price Prediction and Analysis in March 2021
If you are thinking about investing in altcoins, XRP is one of the top ones in terms of market cap. In this XRP price prediction, we will cover the price behavior in the recent past and bring price forecasts from some of the top price analysis platforms.
Ripple (XRP) Overview
Ripple is a cross-border payment company that uses XRP as a source of liquidity. The company is also responsible for issuing XRP tokens and boasts of having over 300 institutional clients globally. XRP runs on Ripple decentralized ledger technology. The payment network – RippleNet uses XRP to facilitate payments to and from different countries.
Ripple is currently the leading company in this kind of payment, although there are other competitors, such as Stellar. The company has, however, faced a lot of challenges lately with the lawsuit from the SEC and the others that followed. Although this weighed on the price of XRP significantly at the time, XRP seems to be showing strength right now despite the fact that it has been replaced three times recently in the third, fourth, and fifth place by market cap. It is now in seventh place, with a market capitalization of $25,774,338,004.
XRP has a maximum supply of 100000000000 tokens, but there are currently only 45,404,028,640 XRP in circulation. $5,722,994,536 worth of tokens have been traded in the last 24 hours.
Ripple (XRP) Price Prediction: Analysis
XRP price has experienced some big bullish moves earlier this month, but things have quieted a bit recently. Following the big 80% gain on the day that Ripple filed its defense in the SEC lawsuit, the price has stagnated around $0.5. This led to the 50 Moving Average line crossing below the 100MA line. This is referred to as a death cross and, in this case, indicates a bearish trend in the long-term.
On the contrary, a golden cross just recently occurred between the 20 and 50MA lines. This, on the other hand, signifies the start of a bullish trend in the short-term, so generally, things are green now but could turn red eventually unless conditions of the market change.
The Relative Strength Index (RSI) is also showing signs of strength. After dropping steeply to slightly below 60, it has bounced off and is slowly rising again. This suggests that buyers have taken control and are pushing it upward again.
Also, worthy of note is that two critical areas of support have been established at $0.38769 and $0.47883, where the price can bounce from in the event of a pullback. Below are even more support and resistance areas to note. These are calculated by Walletinvestor:
- Resistance Level (R3): 0.615;
- Resistance Level (R2): 0.584;
- Resistance Level (R1): 0.560;
- Pivot Point: 0.529;
- Support Level (S1): 0.5046;
- Support Level (S2): 0.474;
- Support Level (S3): 0.449.
The case between the SEC is unlikely to be settled before the trial date, a new report says. The SEC and Ripple, after meeting to discuss the possibility of an out of court settlement, wrote to the Judge of the U.S District Court for Southern District of New York, Judge Analisa Torres. The discovery letter stated that after a number of meetings between the plaintiff and defendant, they cannot see the possibility of a settlement between the two prior to the trial date. This comes ahead of the pretrial meeting with Ripple, SEC, and the judge.
Meanwhile, another U.S based crypto exchange PayBito has delisted XRP from its listed assets. The exchange says the decision is because of the legal battle that Ripple Labs is facing. The managing director Raj Chowdhury, however, says that the exchange will monitor the events surrounding the case and could list the asset again if the case is concluded well. XRP holdings of its customers are safe, and they can withdraw their account balance with no problems.
XRP Price Prediction: Market Opinions
Walletinvestor is bullish on XRP’s future. By the beginning of March 2021, the website expects XRP to reach a price of $0.711. The lowest price the token is expected to start in March is $0.656. Below is the price forecast for the first 5 days of March.
|Date||Price||Min Price||Max Price|
Longforecast predicts that XRP will be $0.47 by the start of March. The lowest expected price for the month is $0.35, while the highest expected price is $0.64. The closing price for the month is $0.57.
Tradingbeasts foresees that XRP will be worth $0.6568251 at the start of March. The maximum expected price during the month is $0.8229752, and the lowest expected price is $0.5596231. The closing price is $0.6583801.
XRP price prediction from this website is that it will reach an average of $0.78. This is because they expect a massive adoption of the cryptocurrency in the month. This will lead to a growth of the market cap and thus price.
XRP Price Prediction: Verdict
This was our XRP price prediction for March 2021. This analysis is based on past price performance, which may not be the same in the future. Therefore, you should do thorough research before any investment.
Featured image: finance.yahoo.com