- The first price shifts for XRP occurred on March 15 after the asset saw minimal increases.
- The value of XRP rose 60% in under two weeks, from $0.3606 to $0.5454 on March 29.
The price of XRP is seeing upward momentum as the legal fight between Ripple and the United States Securities and Exchange Commission (SEC) continues to capture the attention of the crypto community.
The first price shifts for XRP occurred on March 15 after the asset saw minimal increases. On March 21, while the values of other cryptocurrencies were falling, this one rose by 11% in a single day. The value of XRP rose 60% in under two weeks, from $0.3606 on March 15 to $0.5454 on March 29. The XRP cryptocurrency lost some ground, but it’s still up more than 9% from a week ago and is now trading at $0.5128 as per CMC.
Let us go through the phase cycle of the XRP/USD market and understand the price analysis.
Phase of Accumulation:
During the accumulation phase, institutional investors are slowly building up a holding in the XRP/USDT currency pair. Recent data shows a price range of $0.3301 to $0.4215 extending from 6-Nov-2022 to 23-Mar-2023, indicating that the market is range-bound and lacks obvious direction. When market volume and volatility are low, it is difficult for traders to generate substantial gains.
Phase of Mark-down/ Intermediate Phase:
Before the phase of Mark-down, the price of XRP is expected to rally and reach almost, $0.6000. From where sellers will intervene and pull the prices down. This would extend throughout April to the last week of June. Basically, the market undergoes a “mark-down” period, during which smart money uses manipulation to get out of the trend.
The XRP/USDT pair is trading in the intermediate phase, where sellers are expected to push the price down to the $0.3301 support level from phase 1. Market participants might earn from short selling during this time due to the increased volume and volatility of trading.
Phase of Mark-up:
Smart money strengthens and shifts the position aggressively throughout the mark-up period. The market is trending upward and gaining speed, suggesting a strong rally is possible that might push the XRPUSDT price above $0.6500. At this time, trading volume and volatility are both high, giving investors a chance to win handsomely by “buying the dip” and “holding for the long haul.”
Distribution Phase:
Distribution is the last stage of the XRPUSDT market cycle. After the markup period, institutional investors begin unloading their holdings to regular investors. By October 2023, investors should anticipate a price of $0.80, with a range of $0.700 to $0.800. At this time, trading volume and volatility are falling, making it difficult to earn substantial gains.
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