XRP price appears to have entered a bullish trend as Ripple vs. SEC lawsuit hangs in the balance
The outcome of Ripple News’ legal battle with the Securities and Exchange Commission (SEC) is still up in the air. Crypto whales have persevered despite beginning a significant accumulation surge in February. But the question that dominates is: As March 2023 gets underway, where will the price of XRP move next?
In February, Ripple’s price performance was sideways. The third-largest altcoin by market capitalization is now about to experience a significant increase, according to on-chain monitoring of important data.
The Mean Coin Age (90d) of XRP’s on-chain metrics shows a network-wide accumulation tendency. According to blockchain forensics software Santiment, this metric is the average amount of days each XRP token has spent at its current address.
XRP (Ripple) Mean Coin Age | Source: Santiment
Ripple prices typically increase when the Mean Coin Age remains in an uptrend over time. Less tokens have transferred from their current addresses since the early February blip. Because of the weakening sale pressure, March 2023 could start optimistic for the XRP.
Another crucial factor that has driven the XRP price upward over the past week is the recent pattern of XRP whales’ accumulation. According to Santiment statistics, whale investors who possess between 10 and 100 million XRP have increased the number of tokens on their accounts.
XRP Supply Distribution (10 million to 100 million) | Source: Santiment
The whales have added around 300 million extra tokens to their holdings in the final two weeks of February, according to the XRP supply distribution chart.
The market-value-to-realized-value (MVRV) ratio best predicts future price changes for XRP. This statistic, according to Santiment, contrasts the ratio between the market value and realized capitalization of an asset.
The graph below demonstrates that most investors who purchased XRP in the previous 30 days hold bearish holdings. They are, therefore, not expected to make significant sell-offs at the current pricing.
XRP Market-value-to-realized-value (MVRV) | Source: Santiment
The MVRV (30d) chart indicates that if the token can go above the $0.42 price level, it can continue on a significant rally toward $0.51. Then, as the market reaches another euphoric high, holders can start to realize profits.
It’s important to note that cryptocurrency market watchers are also keeping an eye on Ripple’s progress in the Montenegro CBDC pilot project as another crucial development that could affect the movement of the XRP price in March 2023.
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