Crypto Price Predictions, March 2023: Ripple (XRP) price is likely to experience volatility. Meanwhile, Ethereum (ETH) price could outperform Bitcoin (BTC) price. And the rapid increase in Stacks (STX) price is expected to continue.
February 2023 was a relatively bullish month for the crypto market and March 2023 could offer more of the same. Here are BeInCrypto’s top three crypto price predictions for March 2023.
Ripple (XRP) Price Prediction: Volatility will return
XRP price has been trading in a long-term symmetrical triangle since June 2022. Now Ripple price is approaching the convergence point between resistance and support.
At this point, a crucial out-of-pattern move for XRP price is likely. Since the consolidation has been going on for a long time, a clear move is expected once Ripple is outside of this technical formation.
If Ripple price breaks out, it could surge to at least $0.43 and possibly $0.52. Nonetheless, a dip to $0.30 could follow if it breaks down.
With both technical indicators and XRP price action neutral, both remain possible.
XRP/USDT daily chart. Source: TradingView
Ethereum (ETH) Price Prediction: Outperform 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 is providing a bullish picture. This means Ethereum price is likely to outperform Bitcoin and here’s why:
First, ETH price has been trading in a descending parallel channel since October 29. Such channels usually contain corrective moves, which means that an eventual breakout is expected.
Second, over the past month, Ethereum price has generated bullish divergence (green line). The divergence occurring right at the channel’s support line further increases its importance. Since the divergence has been developing for more than a month, it would make sense that it would catalyze a months-long bullish move for ETH price.
Therefore, the most likely scenario is a rise towards at least the resistance line of the channel at ₿0.077. However, a breakdown of the channel would invalidate this bullish hypothesis. If this occurs, it could result in ETH price falling against BTC to the 0.618 Fib retracement support level at ₿0.063 (white line).
ETH/BTC daily chart. Source: TradingView
Stacks (STX) price prediction: move above $1.50
The Stacks Prize was one of the biggest gainers of the year, up 275% to date. Despite the massive rally and fully parabolic rally, the upside may not be over yet. This is visible in both the RSI and the wave number. While the former is overbought, it has yet to generate bearish divergence.
The shape of the rise points to wave three. Therefore, while a short-term fall in STX price might occur, another rise is expected to complete the whole bullish move. If wave five also extends, Stacks price could reach the $1.55 resistance area, which has not been reached since April 2022.
On the other hand, a drop below the wave one high (red line) at $0.33 would invalidate this bullish wave count for STX price. In this case, Stacks price could drop towards $0.20.
STX/USDT daily chart. Source: TradingView
For BeInCrypto’s latest crypto market analysis, click here.
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Disclaimer
BeInCrypto strives to provide accurate and up-to-date information, but accepts no responsibility for missing facts or inaccurate information. You agree and understand that you should use this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.
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