Cryptocurrency Price Predictions, March 2023: The price of Ripple (XRP) is likely to experience volatility. Meanwhile, the price of Ethereum (ETH) could surpass the price of Bitcoin (BTC). And the rapid rise in the price of Stacks (STX) is expected to continue.
February 2023 was a relatively bullish month for the cryptocurrency market, and March 2023 could provide more of the same. Here are BeInCrypto’s top three cryptocurrency price predictions for March 2023.
Ripple (XRP) price prediction: volatility will return
The price of XRP has been trading in a long-term symmetrical triangle since June 2022. Now, the price of Ripple is approaching the convergence point between resistance and support.
At that point, a decisive move outside the pattern is likely for the XRP price. As the consolidation has been going on for a long time, significant movement is expected once Ripple breaks out of this technical formation.
If Ripple price breaks out, it could increase to at least $0.43 and possibly $0.52. However, a drop to $0.30 could follow if it breaks.
As technical indicators and XRP price action are neutral, both remain possible.
Ethereum (ETH) Price Prediction: Outperforming Bitcoin (BTC) Price
ETH is the native token of the Ethereum blockchain, created by Vitalik Buterin. Based on its market cap, it is the second largest cryptocurrency in the crypto market, behind only Bitcoin. The ETH/BTC trading pair provides a bullish picture. This means that Ethereum’s price is likely to outperform Bitcoin’s, and here’s why:
Firstly, the price of ETH has been trading in a parallel descending channel since Oct 29th. These channels usually contain corrective movements, which means that an eventual breakout is expected.
Second, Ethereum price generated a bullish divergence last month (green line). The divergence occurring at the support line of the channel further increases its importance. As the divergence has been building for over a month, it would make sense that it would catalyze a month-long upward movement for the ETH price.
Therefore, the most likely scenario is a rise towards at least the resistance line of the channel at ₿0.077. However, a channel break would invalidate this bullish assumption. If this occurs, it could cause the ETH price to drop against BTC to the 0.618 Fib retracement support level at ₿0.063 (white line).
Stacks Price Prediction (STX): Moving above $1.50
Battery prices were one of the biggest gains of the year, rising 275% to date. Despite the massive increase and completely parabolic recovery, the upward movement may not yet be complete. This is visible both on the RSI and the wave count. Although the former is overbought, it has yet to generate any bearish divergence.
The shape of the rise is indicative of wave three. Therefore, while a short-term drop in the price of STX may occur, another rise is expected to complete the entire upward movement. If wave five also extends, the Stacks price could reach the $1.55 resistance area, which has not been reached since April 2022.
On the other hand, a drop below wave one (red line) at $0.33 would invalidate this bullish wave count for the STX price. In that case, the price of Stacks can drop to $0.20.
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