What to Know:
- ADA and XRP are experiencing downward price pressure, driven by significant whale sell-offs.
- Despite the recent price drops, indicators suggest potential buy signals for ADA and increased whale transaction activity for XRP.
- The launch of a spot XRP ETF may signal growing interest in the asset, despite current market conditions.
The cryptocurrency market is currently facing a downturn, with both ADA and XRP feeling the impact. Recent data indicates that whale activity is contributing to the selling pressure on these altcoins. Investors are closely watching these developments, seeking to understand the potential for future price movements.
Cardano whales have reportedly sold off 440 million ADA in the past month, contributing to a 23% price drop during that period. Despite the concerning trend, the TD Sequential indicator has flashed a buy signal for ADA, offering a glimmer of hope for a potential rebound. This indicator has historically been accurate in flagging ADA’s price tops, suggesting a possible trend reversal.
The XRP situation appears more challenging, with Ripple whales continuing their selling spree. They have reportedly dumped nearly 200 million XRP tokens in just 48 hours, adding to the downward pressure on the asset’s price. This increased selling activity has pushed XRP’s price below $2.20, reflecting a 4% decrease in the past 24 hours alone.
However, there’s a potentially positive sign for XRP investors. The number of whale transactions has surged to a four-month high, with 716 transactions exceeding $1 million each. This surge in activity could indicate renewed interest in XRP, potentially driven by the recent launch of a spot XRP ETF in the United States.
These developments highlight the dynamic nature of the cryptocurrency market and the impact of whale activity on altcoin prices. While ADA and XRP are currently facing downward pressure, technical indicators and market events suggest potential opportunities for future growth. Investors should monitor these trends closely and conduct thorough research before making any investment decisions.
Source: Original article
