XRP Holds 0.888 Fib Support, Analysts Predict Breakout in March
- Ripple consolidates within a triangle, signaling a possible breakout by mid-to-late March.
- Whale sell-offs increase pressure, but Ripple holds key support at $2.07 amid recovery.
- XRPLs DeFi upgrades and ETF progress enhance its institutional adoption prospects.
Ripple (XRP) has maintained relative stability while many altcoins have faced steep declines. Analysts suggest that the token is forming a consolidation pattern, which could result in a major breakout by mid-to-late March.
Despite resistance at key downtrend levels, Ripple continues to find support at crucial Fibonacci retracement levels. Market watchers anticipate price movements based on these technical formations, while significant whale activity raises concerns about selling pressure.
Technical Analysis and Key Support Levels
Charting Guy, a crypto analyst, highlights that XRP has been trading sideways for months while most altcoins have dropped significantly. Recently, the token was rejected at downtrend resistance but is now holding firm at an uptrend support level, aligning with the 0.888 Fibonacci retracement. The consolidation phase within this triangle pattern suggests that Ripple may trade within this range until it reaches the apex around mid-to-late March.
EGRAG CRYPTO analyzed Ripples four-hour chart and noted that after seven consecutive red candles, the price has shown signs of recovery with three green candles. If the token establishes support around $2.07, it could confirm a double-bottom pattern, potentially leading to an upward movement. To capitalize on potential price dips, EGRAG CRYPTO suggests placing spot limit orders at $2.00, $1.855, and $1.73, while cautioning against leverage trading.
XRP Whale Activity and Market Impact
Ali Martinez, a prominent crypto analyst, reported that XRP whales have offloaded over 370 million tokens within 96 hours. This significant sell-off has exerted downward pressure on the tokens price, contributing to its recent decline.
While Ripple is currently trading at $2.28, reflecting a 4.73% increase in the past 24 hours, it has experienced an 11.29% drop over the past week. Despite the selling pressure, Ripple maintains a substantial market capitalization of $132.42 billion.
XRPL Developments and Spot ETF Progress
The XRP Ledger (XRPL) is advancing its institutional DeFi ecosystem, aiming to provide a scalable and compliance-friendly Layer 1 solution. Key upgrades include an Automated Market Maker (AMM) integrated into its order-book DEX, a new Decentralized Identity (DID) system to enhance KYC and AML compliance, and a Multi-Purpose Token (MPT) standard for tokenized assets. These innovations position XRPL as a robust infrastructure for financial applications.
Meanwhile, Brazil has approved a spot XRP exchange-traded fund (ETF), and the U.S. SEC has acknowledged filings for similar products. Additionally, the SEC recently dropped cases against Coinbase, OpenSea, and Robinhood, signaling potential progress in the legal battle involving Ripple.
Read more: https://www.tronweekly.com/xrp-holds-0-888-fib-support-analysts-predict/
Text source: TronWeekly
