In this article we will review the situation for the 3 crypto assets Ripple (XRP), Tron (TRX) and Polygon (MATIC).
Let’s see together how they are doing in the market and what the future price predictions are.
Summary
Market analysis for Ripple (XRP), Tron (TRX) and Polygon (MATIC) crypto assets
Overnight, Bitcoin surpassed the $30,000 mark fueling hopes for a continuation of the bullish trend, but in the meantime, altcoins also benefited from this brief rise in early-week prices.
Specifically, Ripple (XRP) in the last 24 hours has risen 3.77% and currently stands at $0.524 per token. Market capitalization is $27 billion while daily volumes are up 80%, standing above the $1.1 billion mark.
Looking instead at TRX, the favorite crypto of founder of Tron Justin Sun, in the last 24 has experienced an increase of 0.72% in price, slightly less than the growth of XRP.
The current value marks $0.067 per token, while the market capitalization is about $6.1 billion.
On the volume front, the value is around $225 million in the past 24 hours, up 25%. In this regard, looking at the TRX-USDT chart on Binance, it is interesting to note that this morning at 6:00 AM (CET), there was a dump that took the token from the value of $0.0678 to $0.0670 with volumes above $70 million TRX traded.
The magnitude of the move was 2.19% in just one hour of trading.
Finally, analyzing the crypto Polygon (MATIC), Ethereum’s well-known Layer 2, we can see how the price has risen 3.25% in the last 24 hours.
It currently stands at $1.13 per token, with a market capitalization of $10.4 billion and daily volumes registering +42.88% with $258 million on trades.
Forecasts for Ripple (XRP), Tron (TRX) and Polygon (MATIC)
All 3 crypto assets are highly capitalized and fall in the top 15 of the market, hence price movements are less pronounced than for tokens with low capitalization and small volumes. Nevertheless, in the last 24 we have seen noteworthy price movements.
Ripple (XRP) seems to want to continue its upward path, which began on 6 March 2023: from there 4 weeks in the green, followed by 1 week in slight red, until today.
If the price does not fall sharply by Sunday, the odds play in favor of a continuation of the price uptrend for XRP.
Currently the strongest resistance locally is at $0.6229 near the 223-period moving average on the 3-day chart.
The problem in the long run for XRP comes from the fact that the team, as it is known to most experts in the cryptocurrency industry, is constantly selling project tokens, fueling continued downward pressure.
In addition, XRP for the past 4 years has been fought by the US SEC, creating investor distrust about the future of the Ripple payments system. To date it finally appears that the SEC is losing the case, although nothing is yet confirmed.
On the Tron front, the TRX crypto is another example of how a token can be penalized by the activities of its team.
Indeed, while Justin Sun has always moved to make the ecosystem more thriving with dApps and on-chain activity, in parallel there has been a steady profit-taking on his part.
In and of itself, the fact that the project’s founders partially “cash-out” does not necessarily mean that they want to kill the project and the native token, especially if those profits are reinvested in the project itself.
However, cryptocurrency traders are reluctant to HODL such a hailed and criticized token, seeing it solely as a source of income for the creators of the cryptocurrency.
In this case, knowing the subject (Justin Sun), there is no denying that he isn’t a saint; hence it’s understandable that traders react accordingly?
Beyond that, looking at the weekly chart of TRX, it is possible to observe that the price is in a very long zone of accumulation, which began in January 2022.
The token is in a trading range of $0.045 to $0.09, with a 100% breadth from bottom to top of the channel.
Will MATIC be able to break the all-time high in the trading pair with BTC?
MATIC appears to be the strongest crypto of the 3 analyzed.
As of June 2022, the price has risen nearly 400%, confirming investors’ interest in the layer 2 domain.
Meanwhile, Polygon introduced the beta version of zkEVMs fueling the FOMO and potential of the project that already competes with the best blockchains in the world.
One of the most interesting things to note about crypto MATIC is its price in relation to that of the king of cryptocurrencies Bitcoin.
While indeed in relation to the US dollar the price is struggling like the entire crypto sector, the same cannot be said when analyzing the MATIC-BTC trading pair.
In November 2022, the price of the pair touched the all-time high marked in May 2021, in which the price climbed 252% against BTC.
Currently it is still in a region close to all-time highs, although the price looks set to fall at least through April unless there is a reversal soon.
It is worth recalling that the rest of the altcoin sector is underperforming against BTC returns, and very few other tokens can boast such a countervalue.
Looking at the monthly MATIC-BTC chart we can immediately see how the price has remained in the “high” area of the chart and has not decayed during the bear market.
Will we be able to see new highs in BTC for MATIC?
As usual, it is not easy to make predictions but we can say that the odds play in its favor when compared with everything else in the world of altcoins.
If viewed as a case in itself, it seems unlikely that it will break the highs in April, but it still remains interesting to follow the price action of the token to see what will happen if the price returns above 0.000055 BTC per token, creating the conditions for a consistent price breakout.
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