Ripple’s native token XRP dipped below the $0.40 mark in early February and is struggling to reclaim its previous highs. The sixth biggest cryptocurrency in terms of market cap fell from $0.38 to $0.35 due to the Silvergate-induced cryptocurrency crash last week. Read here to know more details on why the markets experienced bloodshed and why Silvergate played a role in it. Over $200 million worth of cryptocurrencies were liquidated making Bitcoin and XRP tumble in price.
XRP is currently trading at $0.36 but a few factors making the cryptocurrency remain bullish. Can the developments make XRP reach $0.50 in March 2023? Let’s find out!
Ripple: XRP to Reach $0.50 in March 2023?
A large number of cryptocurrency whales are buying the dips in Ripple’s native token XRP since the start of January this year. According to recent data from Santiment, whales who hold around 10 million to 100 million XRP tokens are on a buying spree. The whales have been accumulating more XRP tokens into their portfolios during each dip.
In February 2023 alone, 300 million new tokens were purchased by the top whales during the last two weeks of the month. The purchases were worth nearly $109 million giving XRP a boost in the indices.
The sudden surge in whale activity suggests that Ripple’s native token could be on a bullish spree in the coming days. Therefore, is $0.50 on the cards for XRP this month?
Considering the current market scenario, a spike toward $0.50 could be out of the charts due to several macroeconomic factors. Bitcoin is on a slippery slope due to the Silvergate fiasco after the crypto-friendly bank backtracked its decision into providing cryptocurrency investments.
Therefore, the markets remain on the razor’s edge making investors remain on their toes for a possible further crash. XRP going above $0.50 during these conditions is challenging as altcoins could slip in price going in tandem with Bitcoin.
It is advised to wait and watch before taking an entry position into XRP as the markets are in murky waters.
At press time, XRP was trading at $0.36 and is down 2.7% in the 24 hours day trade. It is also down 89.30% from its all time high of $3.40, which it reached in January 2018.