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XRP Price Analysis 29/3: XRP Network March Recovery Continues with Significant Trader Profit Taking

Date:

SNEAK PEEK

  • XRP Network has shown a notable recovery in March, with its price increasing by 44% over the past two weeks and another 11% today.
  • Traders are taking profits at a very high level, indicating that many are capitalizing on the recent price surge.
  • XRP has had strong bullish momentum, pushing the asset to trade on an uptrend pattern.

The XRP Network has been showing a remarkable recovery this March, with its price surging by 44% over the past two weeks and another 11% today. This upward trend indicates a positive market sentiment towards XRP, with investors showing increased confidence in the asset’s future prospects.

Ratio of on Daily On-Chain Transaction Volume in Profit to Loss(XRP), Source; Santiment
Ratio of on Daily On-Chain Transaction Volume in Profit to Loss(XRP), Source; Santiment

However, with the impressive price increase, there has been a high level of trader profit taking, which is currently at its highest ratio compared to trader loss taking since August 2021. Many traders are taking advantage of the positive price trend to cash out on their XRP holdings, which could lead to a temporary drop in XRP’s price as more traders take profits.

Nevertheless, the fact that the profit-taking ratio is at its highest level compared to loss-taking in several months suggests that traders are increasingly confident in XRP’s price performance and future growth prospects, which could potentially attract more investment in the long term.

XRP Technical Analysis

The XRP price analysis reveals that the asset is trading in an uptrend pattern as the bulls have shown the strength to remain in control of the price. With the current impressive run, the XRP/USD pair has gained up to 11% in the last 24 hours and is currently at $0.5455.

The immediate resistance level of XRP is present at $0.5468, where a breakout at this point could have the potential to push the pair up to the $0.6 level. Furthermore, if XRP/USD falls back under the key support level at $0.5, there is a risk of a further downside correction in the near future.

The 24-hour trading volume remains high, as it stands at $3.37 billion, showing strong support for the digital asset in the market. The market cap has also surged by 11 percent in the last 24 hours, as it now stands at $28.1 billion, making XRP the sixth-ranked cryptocurrency according to CoinMarketCap data.

The technical indicators such as RSI and MACD on the daily chart remain in the bullish zone. The Relative Strength Index (RSI) score has undergone an impressive increase as it is now at 74.58 on a steep upward curve, indicating intense buying activity in the market. The daily moving average (MA) is currently at 0.4656 and trending upward, with green candlesticks forming a massive bull run.

Additionally, the Moving Average Convergence Divergence (MACD) also shows a positive outlook as the MACD line is currently trading above the signal line. The histogram is still in the positive zone as it is making higher highs, suggesting that bulls are dominating the market.

In conclusion, the XRP Network has seen a significant price increase of +44% in the past two weeks and an additional 11% today, suggesting that traders are increasingly confident in its potential for long-term growth. Moreover, XRP is exhibiting strong bullish momentum, and if the bulls can maintain control above the key resistance levels, then the asset could continue to surge toward new highs in the coming weeks.

Disclaimer: Cryptocurrency price is highly speculative and volatile, and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your own research and consult with a financial advisor before making investment decisions.

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