Crypto Whales Buy 300 Million XRP
Ripple news regarding litigation with the Securities and Exchange Commission (SEC) continues to hang in the balance. Crypto whales have remained resilient as they embarked on a major accumulation wave through February. But the question that prevails is: where will the XRP price go next when March 2023 begins?
XRP takes a bullish turn as investors hold firm
Ripple delivered a sideways price performance in February. However, critical metrics chain analysis shows that the third largest altcoin by market capitalization is now on the verge of a major rebound.
XRP’s on-chain metrics currently show a network-wide accumulation trend, as the average coin age (90d) indicates. Blockchain research platform Santiment describes this indicator as the average number of days each XRP token has stayed at its current address.
Historically, Ripple prices have tended to rise when the average coin age maintains a sustained upward trend. Since early February, fewer tokens have moved from their current addresses. This declining selling pressure means that a bullish start to March 2023 could be on the cards for XRP.
Crypto whales enter accumulation mode
The recent accumulation trend among XRP whales is another critical metric that has driven the XRP price higher over the past week. Sentiment data shows that whale investors holding 10 million to 100 million XRP have added more tokens to their balances.
The XRP supply distribution chart shows that the whales have added around 300 million new tokens to their balances in the last two weeks of February.
This further confirms a bullish trend for XRP, given the positive correlation between XRP prices and the historical buy/sell pattern of “10m to 100m” XRP whalers.
Ripple Price Prediction, March 2023: Is $0.50 a viable target?
Market Value-to-Realized Value (MVRV) best indicates XRP’s potential price movements in the coming days. According to Santiment, this calculation compares the ratio of an asset’s market value to its realized capitalization.
The chart below shows that most holders who bought XRP in the last 30 days are in negative positions. As such, they are unlikely to make big sales around today’s prices.
From the MVRV (30d) chart, the XRP price prediction estimates that if the token can break above the $0.42 price point, it could continue on a big rally towards $0.51. This could then be the next euphoric market where holders can start taking profits.
Still, if the bears take charge and the XRP price falls below $0.30, expect a bigger drop towards $0.25 before they choose to cut their losses.
It is worth noting that crypto market analysts are also looking at the development of Ripple’s involvement in the Montenegro CBDC pilot project as another key event that could affect XRP price action in March 2023.
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