XRP has seen incredible growth recently, skyrocketing 379% in market cap

XRP's price has been driven up by a lot of positive news, but according to Brian from Santiment, it might see a bit of a slowdown.

Recently, XRP has seen incredible growth, skyrocketing 379% in market cap, moving from about $0.50 to around $2.45 in just five months. While some positive news, like Ripple's win against the SEC and the ongoing recovery in the crypto market, has contributed to this surge, some analysts are still examining what might come next for XRP's price.

As reported by Benzinga, an analyst from the crypto analytics firm Santiment, known as Brian, has focused on some key indicators that could offer insights into XRP's price trends.

Best Time to Buy XRP

According to the analyst, the best time to buy XRP could be when the MVRV drops to below 20%. This indicator, which measures the ratio of XRP's market value to the realized value (the price at which tokens were last sold), can signal when the market may be oversold and ready for a price rebound.

Earlier this year, when the average XRP wallet was up 120-134%, signaling large gains for token holders, the MVRV ratio dropped below 20%.

Calm Down

The analyst also noted that while whale activity, which refers to transactions by large holders, has slowed down from the peak of over 5,000 daily transactions during the rally, there is still less activity in the market.

"We're now seeing about 120 large transactions of over $1 million change hands each day, vs. the+5,000 during the rally. Nonetheless, large holders continue to hold and add to their XRP positions. The number of wallets with 1 million+ $XRP tokens has continued to increase," the analyst stated.

Indeed, since December 2022, the amount of XRP held by these wallets has increased by 11%.

What's Next For XRP

With the legal case wrapped up, XRP's price might experience some short-term ups and downs, especially as the market reacts to news about the case.

Historically, news about the SEC lawsuit has caused XRP's price to dip, only to bounce back stronger later.

If everything goes according to the analyst's predictions, XRP has the potential to hit new highs by May or June if the market remains stable and the good news continues to pour in.