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The broader digital currency ecosystem is capitulating despite the sustained bullish fundamental that persists in the broader digital ecosystem owing to the spot Bitcoin ETF inflow sentiment. For XRP, the narrative is different as the digital currency has maintained a sheer stagnancy for the better part of the week before recording a mild breakout today.
At the time of writing, XRP is changing hands for $0.6284, up by 0.94% in 24 hours. The XRP price is looking to find a balance, an effect that might be solidified by its historic price trends.
Data from the crypto analytics platform CryptoRank shows that on average, the XRP price has always traded positively in the month of March. Though there have been more bearish March closures since its inception, the bullish months have massive jumps.
In proper context, the 278.1% jump in March 2017 completely negated the 6.7% slump in March 2016 and the 43.3% drop in March 2018. Over the past four years, XRP has always closed March on a bullish note, jumping by 37.7% in 2021, by 4.15% in March 2022, by 43% in March 2023 and by more than 7% thus far this month.
Hopes for XRP price growth
Per the CryptoRank data, the average growth of XRP for March comes in at 19.9%, and if history repeats itself, the digital currency may grow by this percentage before the end of this first quarter.
The volatility in the market and the impact of the ongoing Ripple v. SEC lawsuit may shape the outlook in the long term. The lawsuit that was brought on in December 2020 has already deprived XRP of hitting its all-time high (ATH) in tandem with multiple coins that have broken their individual records this month.
XRP’s utility remains its biggest fundamental and forms the basis upon which many pundits believe the coin may shoot as high as $5.5 in the long term.