Ripple XRP may return to $ 0.40 in March, given the increase in correlation with Bitcoin. The digital asset of Ripple XRP is currently in a pretty good position. The popularity of Ripple XRP is growing. More and more exchanges are adding Ripple XRP to their listing, as well as creating new trading pairs with this cryptocurrency. A number of experts and figures also point to even greater improvement for the Ripple XRP. Forecasts regarding the cost are also quite optimistic. So, according to analysts at eng.ambcrypto.com, Ripple XRP could return to $ 0.40 in March.
Ripple XRP may return to $ 0.40 in March: Details
According to analysts at eng.ambcrypto.com, the Ripple XRP may return to $ 0.40 in March. Experts note that since the beginning of the year, the digital asset Ripple XRP has risen by almost 90%. However, cryptocurrency since June last year has not yet reached $ 0.40, but this can change in the spring of 2020. CoinMarketCap shows that the coin has a market capitalization of about $ 13.5 billion, and Ripple XRP has sold over $ 4 billion in the last 24 hours.
According to the Ripple XRP chart of February 16, 2020, the digital asset fell from $ 0.35 to $ 0.3 in one day, which indicates a corrective movement before a further upward movement. This is confirmed by the positions of the 50-day and 200-day moving averages, which, despite moving through the deadly cross from mid-August last year, looked ready to move to the golden cross. This may mean some lateral movement of the Ripple XRP or a slight downward movement to the support level of the Fibonacci retracement of 61.8%, until the two MAs meet next week. The “impulse contraction” indicator, which suggests that price contraction leads to higher prices, demonstrates a high growth impulse, although after a recent corrective movement, it began to fall.
However, the midline points did not change color, which means that this corrective movement was not a common determining movement for the Ripple XRP. A positive directivity index (+ DI, green) also moved above a negative directivity index (-DI, red), which is a typical sign of an uptrend. The average directivity index (ADX, white) also rose, adding weight to the uptrend observed since the beginning of the year. After a possible corrective move to the Fibonacci retracement line, 61.8% of the Ripple XRP is likely to move to $ 0.40 at the next major hub during the first week of March under the influence of the projected golden cross.
Also, according to CoinMetrics, the correlation between Ripple XRP and Bitcoin has been increasing since mid-January, when Bitcoin stepped over $ 9,000 for the first time in several months. Bitcoin is expected to move upward in the coming weeks, and although the Ripple XRP correlation is still lower than its value at the beginning of the year, a relatively high positive correlation may indicate that it will grow with Bitcoin in the coming weeks.
Summing up, experts from eng.ambcrypto.com noted that the potential of the golden cross seems quite high. Given how strongly directional indices predict an upward movement, in combination with the growing correlation of Ripple XRP with Bitcoin, the likelihood of a price increase in the short and medium term is further enhanced. XRP is likely to rise to $ 0.40 by the first week of March, after a short corrective move to the Fibonacci retracement line of 61.8%.