Crypto Whales Buy 300 Million XRP
Ripple news regarding legal proceedings 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 throughout February. But the question that prevails is: where is XRP price going next as March 2023 begins?
XRP Takes Bullish Turn As Investors Hold Tight
Ripple delivered a sideways price performance in February. However, on-chain analysis of critical metrics shows that the third-largest altcoin by market capitalization is now on the verge of a major upswing.
XRP’s on-chain metrics currently depict a network-wide accumulation trend, as the Mean Coin Age (90d) indicates. Blockchain forensics platform Santiment describes this indicator as the average number of days each XRP token has stayed in its current address.
Historically, Ripple prices have tended to spike when the Mean Coin Age maintains a persistent uptrend. Since the early February blip, fewer tokens have moved from their current addresses. This declining sell pressure means that a bullish start to March 2023 may be on the cards for the XRP.
Crypto Whales Enter Accumulation Mode
The recent accumulation trend among XRP whales is another critical metric that has driven the XRP price upwards in the past week. Santiment data shows that whale investors holding 10 million to 100 million XRP, have been adding more tokens to their balances.
XRP supply distribution chart shows that the whales have added about 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 the XRP prices and the historical buy/sell pattern of the “10m to 100m” XRP whale holders.
Ripple Price Prediction, March 2023: Is $0.50 a Viable Target?
The market-value-to-realized-value (MVRV) best indicates XRP’s potential price movements in the coming days. According to Santiment, this metric compares the ratio of an asset’s market capitalization to its realized capitalization.
The chart below shows that most holders who bought XRP in the last 30 days are sitting in negative positions. As such, they are unlikely to make major sell-offs around the current prices.
From the MVRV (30d) chart, the XRP price prediction projects that if the token can break above the $0.42 price point, it can proceed on a major rally toward $0.51. This could then become the next euphoric market high where holders may begin to take profits.
Still, if the bears take charge and XRP price slips below $0.30, expect a larger drop toward $0.25 before they choose to cut their losses.
It is worth noting that crypto market analysts are also watching the progress of Ripple’s involvement in the Montenegro CBDC pilot project as another key event that may impact XRP price action in March 2023.
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