The editors of BeInCrypto compiled a top list of altcoins that showed the maximum increase for the week from March 24 to March 31
In addition to Ripple, the list of these altcoins includes:
- Ripple (XRP) +23.68%
- Stellar (XLM) +20.35%
- Conflux (CFX) +12.24%
- Hedera (HBAR) +11.79%
- Flare (FLR) +11.30%
Ripple at the forefront of successful altcoins
Recently, the rate of the Ripple project coin (XRP) has been on the rise in a number of indicators, including the growth in popularity in social networks.
Read also: Ripple vs. SEC case draws to a close. What does this mean for the crypto market?
The results of the technical analysis of the daily chart show that on March 21, Ripple made a bullish breakout of the descending resistance line and on March 29 updated the high of this year, reaching $0.585. This is also the highest value since September 2022. Now the price is trying to turn the $0.530 horizontal area into support.
If successful, the market could head for the next major resistance at $0.870.
If the token closes below $0.530, it will jeopardize the entire bullish structure and could trigger a fall towards support at $0.425.
The XLM price bounced off the rising support line (green icon) on March 10 and has been rising since then. On March 28, the price broke through the horizontal resistance area at $0.095 and the next day updated this year’s high at $0.107. Now the $0.095 area is expected to provide support for the price.
The daily RSI against the background of this price action also made a bullish breakout of the bearish divergence trend line (green line).
If the rise continues, the market may reach the next resistance at $0.115. If XLM closes below the $0.095 support, this could cancel out the bullish sentiment and trigger a fall towards the rising support line at $0.080.
Conflux is a first-level blockchain created as a competitor to Ethereum with active government support from China. In February, the project partnered with state-owned heavyweight telecom China Telecom to develop and release blockchain-enabled SIM cards.
The rate of the Conflux token on March 26 tested the strength of the horizontal area of $0.330 as a support and has been growing since then. On March 30, the price hit a high of $0.443. This is a lower high from the March 19 level.
Continued growth may lead CFX to a maximum of $0.600 (Fibo level 1.61 external correction of the last fall).
If the bullish momentum fades, CFX could test the $0.330 support area again.
Hedera Hashgraph is a public blockchain based on distributed ledger technology designed for business and companies as a platform for decentralized services and applications.
HBAR, the Hedera network token has been growing inside the ascending parallel channel since March 11. These channels are usually associated with retracements, which means that price may eventually break out.
On March 31, the price rebounded from the channel resistance and the Fibo level 0.382 by $0.071.
A bullish breakout from the channel could push the HBAR rate to the 0.618 Fibo level by $0.081. Meanwhile, a bearish break could lead to a drawdown towards $0.045.
The top altcoin list of the week is closed by the FLR token of the Flare project, which was created in order to add support for smart contracts to the Ripple network.
On March 15, the FLR formed a low of $0.023 and has been strengthening since then. The market peaked at $0.044 on March 28. Despite active growth, the token could not break through the resistance at $0.043. Now he is trying to find support above the line of rising support.
FLR rebound could trigger another attempt to break $0.043 resistance area. In the meantime, a bearish break will see the price drop towards the 0.618 fibo level by $0.031.