Historically, XRP has maintained an average growth rate of 19.2% in March for the past 11 years. According to Cryptorank data, XRP’s current growth is at 11.6% as the month eyes its last trading week.
XRP Outlook and Projected Boost
Analysts predict that XRP could still rise and potentially close the approximately 8% gap in growth figures and estimates. XRP has posted in the green for four consecutive years and closed March 2023 at a 43% high.
If XRP maintains an upward trajectory, it could hit $3 before the end of the month. However, such growth may only be possible if XRP surges past its monthly average of 19%.
As of this writing, XRP has rallied by 0.11% to trade at $2.39 within the last 24 hours. However, the coin has not risen further due to a capital pullback by investors.
During the same time frame, trading volume declined by 40.41% to $2.5 billion. Nonetheless, experts believe that XRP has what it takes to soar higher, given the positive sentiment following the Securities and Exchange Commission’s (SEC) decision to drop the Ripple lawsuit appeal.
XRP proponents argue that, with the legal uncertainties dissipating, institutional investors may now feel more comfortable committing funds to it. Additionally, pending XRP ETF filings could receive regulatory approval, further enhancing the coin’s long-term value.
XRP’s Technical Indicators Point to Strength
Meanwhile, XRP’s technical indicators signal a golden cross, with its 23-day moving average crossing above the 50-day curve from below. This development often points to an upward trend and is seen as a cause for optimism.
While market observers remain cautiously optimistic, XRP has demonstrated resilience in the crypto space over the last 30 days despite market downturns. The asset may further push boundaries to reclaim $3.
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