Recent on-chain data indicates that both XRP and Cardano whales have been actively accumulating these altcoins, which could potentially lead to a bullish trend in their prices.
According to analyst Ali, XRP whales have been increasing their holdings in the past few weeks. The “Supply Distribution” metric from on-chain analytics firm Santiment reveals the total amount of assets held by different market groups, with the whale cohort holding between 1 million and 10 million XRP each. These holdings are valued at approximately $0.52 million to $5.2 million, making them significant players in the market.
While the XRP price has been consolidating, whales have been taking advantage of the opportunity to buy more tokens. Over 110 million XRP tokens, worth almost $57 million, have been accumulated by these investors during this period. This buying activity, although not massive, signifies confidence in the coin during a challenging market phase.
Similarly, Cardano whales have also been actively buying ADA tokens, as shown by data from market intelligence platform IntoTheBlock. The holdings of these investors, ranging from 100 million to 1 billion ADA, amount to about $45.3 million to $453 million. The graph indicates a significant increase in their holdings by 11% over the past month, with these whales now controlling 6.71% of the entire circulating supply of the cryptocurrency.
The simultaneous buying spree by XRP and ADA whales suggests a potential anticipation of an upcoming altcoin rally. Given Cardano’s more substantial increase in whale holdings, the coin may experience better returns compared to XRP in the event of a surge.
Currently, XRP’s price has been stagnant around the $0.52 level, showing little movement in recent times. This consolidation phase may be indicative of a potential price breakout in the near future.
In conclusion, the increased accumulation of XRP and ADA by whales could signal positive price movements for these altcoins in the coming days. Stay tuned for further developments in the market.