Cryptocurrency Price Prediction March 2023: Ripple (XRP) Price May Be Volatile. Meanwhile, the price of Ethereum (ETH) could outperform Bitcoin (BTC), leading to an altcoin boom.
February 2023 was a relatively bullish month for the crypto market, and March 2023 may bring more of the same. Below are Bitcoin Magazine’s two biggest cryptocurrency price predictions for March 2023.
Ripple (XRP) Price Prediction: Volatility Will Return
Ripple price has been trading inside a long-term symmetrical triangle since June 2022. Currently, the Ripple price is approaching the confluence between the resistance and support lines.
At that point, a decisive out-of-the-box move could occur. Since the merger has been going on for so long, expect major movement when Ripple moves out of this mode.
If Ripple price explodes, it could rally to $0.43 and possibly even to $0.52. However, if it crashes, a drop to $0.3 is possible.
Both scenarios are equally likely as both technical indicators and XRP price action are neutral.
XRP/USDT daily chart | Source: TradingView
Ethereum (ETH) Price Prediction: Outperform Bitcoin (BTC)
ETH is the native token of the Ethereum blockchain, created by Vitalik Buterin. Based on capitalization, it is the second largest cryptocurrency in the market, after Bitcoin. The ETH/BTC trading pair offers a bullish picture. This means that the Ethereum price may outperform Bitcoin for the following reasons:
First, ETH price has been trading in a descending parallel channel since October 29. Such channels often contain a corrective movement, which means an eventual breakout.
Second, Ethereum price has formed a bullish divergence (green line) over the past month. The divergence that occurs on the channel’s support line further adds to its importance. As the divergence has been developing for over a month, it is conceivable that it will catalyze a month-long uptrend for ETH.
Therefore, the most likely scenario is a move up to at least the channel resistance at £0.077. This could attract funds into altcoins.
However, a breakdown of the channel would invalidate this bullish assumption. If this happens, it could send the ETH/BTC pair down to the 0.618 Fib Retracement support at 0.063 (white line).
ETH/BTC daily chart | Source: TradingView
You can see the token price here.
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According to Beincrypto