- XRP Consolidation Hints at a Major Breakout: Analysts expect a potential breakout by mid-to-late March, as XRP holds firm at key Fibonacci retracement levels despite resistance.
- Whale Sell-Off Sparks Market Uncertainty: Over 370 million XRP dumped in 96 hours, contributing to an 11.29% weekly decline, though XRP rebounded 4.73% in the last 24 hours.
- XRPL Developments & ETF Progress Fuel Optimism: Brazil’s approval of a spot XRP ETF and SEC’s dropped cases against major exchanges signal potential regulatory progress for Ripple.
While many altcoins have been bleeding, Ripple ($XRP) has held its ground, showing relative stability in a shaky market. Analysts suggest a major breakout could be on the horizon, possibly by mid-to-late March, as the token forms a tight consolidation pattern.
Despite hitting resistance at key downtrend levels, XRP continues to find support at crucial Fibonacci retracement points. Meanwhile, whale activity raises questions about potential selling pressure, adding to market uncertainty.
Technical Analysis—Key Support Levels in Focus
Charting Guy, a well-known crypto analyst, notes that XRP has been trading sideways for months, even as most altcoins have suffered significant declines. Recently, XRP was rejected at downtrend resistance, but it has held firm at an uptrend support level, aligning with the 0.888 Fibonacci retracement.
This consolidation within a triangle pattern suggests that XRP may continue ranging until it reaches the apex around mid-to-late March.
Meanwhile, EGRAG CRYPTO analyzed XRP’s four-hour chart, highlighting a potential reversal. After seven consecutive red candles, the price has shown early signs of recovery, with three green candles forming. If XRP establishes support near $2.07, it could confirm a double-bottom pattern, possibly triggering an upward breakout.
For those looking to capitalize on potential dips, EGRAG CRYPTO suggests placing spot limit orders at $2.00, $1.855, and $1.73, but cautions against excessive leverage trading.
Whale Activity—Massive Sell-Off Raises Concerns
Crypto analyst Ali Martinez reported that XRP whales have dumped over 370 million tokens in just 96 hours. This massive sell-off has weighed on price action, contributing to XRP’s recent decline.
Despite the selling pressure, XRP has bounced back 4.73% in the past 24 hours, now trading at $2.28. However, over the past week, the token is still down 11.29%, highlighting the uncertainty in market sentiment.
Even with these fluctuations, Ripple maintains a strong market cap of $132.42 billion, reinforcing its position as a major player in the crypto space.
XRPL Developments & ETF Progress—A Game Changer?
The XRP Ledger (XRPL) is evolving fast, with major upgrades aimed at institutional DeFi adoption. Some key developments include:
- Automated Market Maker (AMM) integrated into its order-book DEX.
- Decentralized Identity (DID) system to enhance KYC and AML compliance.
- Multi-Purpose Token (MPT) standard for tokenized assets.
These innovations position XRPL as a scalable, compliance-friendly Layer 1 solution, making it an attractive choice for financial institutions.
Meanwhile, Brazil has approved a spot XRP ETF, and the U.S. SEC has acknowledged filings for similar products. The SEC recently dropped cases against Coinbase, OpenSea, and Robinhood, which could hint at progress in Ripple’s long-running legal battle.
Final Thoughts—Breakout or Breakdown?
XRP is at a critical juncture. If support holds and sentiment improves, a breakout past resistance could send the token toward new highs. However, whale sell-offs and ongoing legal uncertainty mean the downside risk hasn’t fully disappeared.
For now, all eyes are on mid-to-late March, when this consolidation phase is expected to resolve—one way or another.
