The cryptocurrency XRP, ranking sixth by market capitalization, has been experiencing a notable upward trend, with substantial growth in value that benefits its holders. March has seen XRP investors enjoying upwards of $320 million in gains, with the coin’s value consistently rising—now reaching $0.66. This trend indicates a strong accumulation by institutional players, rather than a sell-off by individual investors raking in profits.
XRP’s Ascending Trajectory
The digital asset has marked a significant rise with an over 16% weekly increase and more than 23% monthly growth, hitting $0.6685. This growth firmly positions XRP above the key $0.60 mark, reflecting an optimistic outlook among traders.
Following Bitcoin‘s lead, XRP’s momentum appears to be propelled by substantial wallets, as suggested by on-chain analytics. These trends highlight the role of institutional influence in the ongoing XRP rally, diverging from the typical retail-driven surges.
Technical Indicators Back Growth
XRP’s price trajectory is on a similar course as its peak in the last month of the previous year. The coin’s value has attained a new yearly high as of Tuesday, with indicators like the MACD and the AO showing green bars—signals of positive momentum that bolster the altcoin’s upward trend.
Investors should take note that the recent high aligns with the critical 78.6% Fibonacci retracement level, and a dip below $0.6293 could challenge the bullish perspective. Alternatively, the $0.5985 level could serve as a rebound platform. The unfolding lawsuit between the SEC and Ripple also casts a shadow of uncertainty, with pivotal developments expected on March 22, which could influence XRP’s market movements.