Because of the temporary inflow mood for Bitcoin ETF, the broader digital currency ecosystem is collapsing despite the ongoing positive fundamental that exists in the broader digital ecosystem. The story is different with XRP, as the virtual currency had a little breakthrough today after being in complete stagnation for the majority of the previous week.
As of this writing, XRP is trading at $0.6284, up 0.94% over the previous day. The XRP price is trying to reach equilibrium, and its previous price movements may be supporting this idea.
According to data from the cryptocurrency analytics portal CryptoRank, the price of XRP has generally increased over the month of March. Since its launch, there have been fewer bearish March closures, but the bullish months have seen enormous increases.
When viewed in the correct perspective, the 278.1% increase in March 2017 totally overshadowed the 6.7% decline in March 2016 and the 43.3% decline in March 2018. XRP has jumped by more than 7% so far this month and by 37.7% in 2021, 4.15% in 2022, 43% in 2023, and so on. Over the previous four years, the stock has consistently concluded March on a positive note.
Hopes for XRP price growth
According to the CryptoRank statistics, XRP grew 19.9% on average in March. If past performance holds true, the cryptocurrency might expand by this proportion by the conclusion of the first quarter.
Long-term trends in the market and the effects of the pending Ripple v. SEC case might influence the situation. A number of currencies have smashed their own records this month, including XRP, which was prevented from reaching its all-time high (ATH) by the lawsuit filed in December 2020.
The primary tenet of XRP’s value is still its usefulness, which many analysts predict will propel the coin to a long-term high of $5.5.
