Whale Accumulation and Bullish Signal

Market intelligence platform Santiment reveals a key driver behind the price increase: a significant rise in holdings by whales and sharks, entities holding 100,000 XRP or more.

These large wallets collectively own a record-breaking amount of XRP, exceeding 51.59 billion, which translates to roughly 85% of the total supply. This concentration of ownership, reaching an 11-month high, signifies strong confidence among major investors in XRP’s future potential.

The correlation between the accumulation and XRP’s price movement is further substantiated by Santiment. The chart provided demonstrates a clear alignment between the growth of large wallet holdings and the positive price trajectory of XRP. This substantial accumulation by whales and sharks can be interpreted as a bullish signal, indicating their belief in XRP’s long-term value proposition.

Positive Sentiment Emerges

Complementing the on-chain activity, Santiment’s analysis also highlights a shift in investor sentiment towards XRP. The recent price appreciation has demonstrably triggered a surge in positive sentiment surrounding cryptocurrency. The data reveals a clear transition in weighted sentiment for XRP from negative to positive territory, reflecting a more optimistic outlook from market participants.

This positive sentiment stands in stark contrast to the prevailing atmosphere around Cardano (ADA). Currently, ADA is experiencing its most bearish sentiment in over a year, likely fueled by its price slump of 43% over the past four months.

This negative view is reflected in the deeply weighted sentiment reading for ADA on the Santiment chart. It’s important to note that while Bitcoin (BTC) and Ethereum (ETH) also exhibit negative weighted sentiment, the intensity is not as pronounced as with ADA.

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Large-Scale XRP Transactions and Market Activity

Further supporting the positive momentum surrounding XRP is a recent whale alert report that details a transfer of 150 million XRP by Ripple, coinciding with a 40% price surge and a new monthly high of $0.6221 for XRP.

Additionally, trading volume witnessed a significant increase, with market participants exchanging a staggering $3.49 billion worth of XRP within 24 hours. This represents a substantial 40% hike compared to the previous day’s trading activity.

These developments and earlier reports in May highlighting sustained accumulation patterns among whale addresses show growing investor interest in XRP. The combined effect of these factors has demonstrably propelled XRP’s price upwards, exceeding the key threshold of $0.60 for the first time in several months.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Undervaluation Signals from Market Metrics

Santiment, a prominent blockchain analytics firm, recently released data that suggests a potential turnaround for specific cryptocurrencies. Their analysis hinges on the Market Value to Realized Value (MVRV) ratio, a metric employed to gauge market sentiment and predict potential price movements.

The 30-day MVRV ratio compares the current market price of an asset with the average price at which it was acquired over the past month. A lower MVRV ratio signifies that the asset is potentially undervalued, thereby indicating a higher likelihood of a price upswing in the near future.

Santiment’s data reveals a cautiously optimistic outlook for Bitcoin and Ethereum, with 30-day MVRV ratios of -4.0% and -4.3%, respectively. However, XRP and Cardano present a more compelling case for potential rebounds. XRP boasts a 30-day MVRV of -3.5%, while Cardano sits at a considerably lower -12.6%, suggesting a stronger likelihood of price appreciation.

Supporting this notion is additional market data. Cardano’s Relative Strength Index (RSI) dipped to 28.8 yesterday as its price fell to $0.35, reinforcing the asset’s undervalued position. Similarly, XRP’s RSI currently rests at 44, placing it firmly within the undervalued zone.

Market Experts Offer Rebound Predictions

Market analysts appear to share Santiment’s optimistic outlook, particularly for XRP and Cardano. Cryptobilbuwoo, a well-respected analyst, presented his analysis on a weekly chart, highlighting the historical correlation between XRP and altcoin dominance (ALT.D).

He emphasizes that whenever ALT.D retests an upward trendline, XRP tends to experience price increases, which in turn bolsters ALT.D itself. Cryptobilbuwoo’s technical analysis projects a potential surge for XRP to $2.71, suggesting an imminent technical rebound from its current price of $0.4915.

Cardano’s future holds promise as well. Sebastian, another market authority, recently pinpointed the recent price drop to $0.40 as a significant buying opportunity. He recommends a Dollar-Cost Averaging (DCA) strategy, where investors consistently purchase Cardano at regular intervals to lessen the impact of market volatility.

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Sebastian acknowledges the potential for a further dip to $0.38 if Bitcoin’s downtrend persists. However, he remains confident in Cardano’s ability to stage a substantial rebound once the current market correction subsides. This prediction held briefly, as ADA plummeted to a new yearly low of $0.3575 yesterday. The steep decline explains Cardano’s current low MVRV and RSI.

While the cryptocurrency market grapples with a downturn, there are indications that XRP and Cardano might be poised for rebounds. The MVRV ratio and insights from market analysts suggest that these assets may be undervalued and ripe for potential price appreciation.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.

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This increase has resulted in XRP reaching an all-time high in millionaire addresses, which is very bullish for the embattled cryptocurrency. It also coincides with the mild recovery recently recorded by the digital asset.

Read Also: Required Amount of XRP to Attain Millionaire Status at $5, $10, and $50 Price Levels

On the 22nd of April, XRP reached a price of $0.5715, marking a notable increase. However, a more intriguing aspect lies in the on-chain data. The number of wallets holding at least one million XRP has reached 2,013, nearing the previous peak recorded in June 2023.

As of the time of the report, according to Santiment, only one additional wallet is needed to surpass the prior record of 2,014 millionaire addresses.

The price of #XRP has jumped ahead of the #altcoin pack, jumping +6% and as high as $0.5687 today. The amount of wallets, 2,013, holding at least 1M $XRP has been surging over the past six weeks (rising 3.1%), and is within 1 wallet of the #AllTimeHigh. https://t.co/2ZfC9v79x9 pic.twitter.com/rqKgcOYJJx

— Santiment (@santimentfeed) April 22, 2024

Historical Correlation Suggests Potential Rally

An analysis of historical data reveals a potential correlation between the rise in XRP millionaire addresses and subsequent price rallies. In June 2023, a surge in millionaire addresses coincided with a significant price increase for XRP.

The token’s value nearly doubled to around $1 within a month, following news of a favorable court ruling in the SEC v. Ripple lawsuit, where the judge did not classify XRP as a security.

Investor Confidence and Market Dynamics

The recent increase in millionaire addresses for XRP could be interpreted as a sign of growing investor confidence. Large investors holding substantial amounts of XRP may be signaling their belief in the long-term potential of the token. This, in turn, could attract further investment and contribute to a price increase.

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Read Also: XRP Holdings Required To Attain Millionaire Status at $3, $5, $10, $50, and $100 Prices 

Uncertainties and Market Observation

While a definitive causal link between rising millionaire addresses and XRP price rallies cannot be established, the historical similarities warrant close observation. The actions of major investors, XRP price movements, and historical trends suggest that the XRP market will likely undergo careful monitoring in the coming weeks and months.

Further developments in the ongoing SEC v. Ripple lawsuits and overall market conditions will likely play a significant role in shaping the trajectory of XRP. Investors and market analysts will likely pay close attention to the number of millionaire addresses and its potential influence on XRP’s price.

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The SEC’s case against Ripple hinges on the argument that XRP functions as an investment contract and thus should fall under securities regulations. Ripple counterargues that the digital asset primarily serves as a digital currency in a global payments network, claiming distinction from traditional securities. This complex legal battle and its surrounding uncertainty have contributed to the instability of XRP’s price.

Read Also: $15 Million Worth of XRP Moved to this Ripple ODL Partner. ODL Transaction or Sell-Off?

Whales React to SEC Fine

On March 25th, Ripple’s Chief Legal Officer (CLO) Stuart Alderoty, in a post on X, revealed that the SEC had intensified its legal battle with Ripple Labs, requesting a New York judge to levy $2 billion in fines and penalties against the company. The SEC alleges that Ripple illegally sold XRP as an unregistered security when directly marketing the coin to institutional investors.

According to Santiment, a cryptocurrency data analytics platform, investors holding at least 1 million XRP (approximately $580,000 worth) reacted to the SEC’s official filing on March 29th with a major sell-off.

These ‘whale’ investors shed over 290 million coins in a matter of days, bringing their collective holdings to a 30-day low of 44.9 billion. This translates to the dumping of roughly $170 million XRP.

The XRP community’s response to these events has been mixed. Some long-term holders express unwavering support for Ripple, believing in the project’s value beyond the current legal hurdles. Others voice concerns about the potential long-term effect of the SEC’s actions, not only for XRP but for the broader cryptocurrency landscape.

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Read Also: Ripple Faces Possible $3 Billion Fine, As XRP Lawsuit Takes New Turn: Details

Potential Price Impacts

The massive influx of XRP into the market naturally creates downward pressure on the coin’s value. According to data from CoinMarketCap, XRP is currently down 6.74% in the last seven days and trades at $0.572. Also, according to Coinglass’s data, XRP’s options volume has fallen 46.57% since the start of the sell-off, indicating a drop in buying and selling activity.

The recent whale activity and diminishing funding rates point towards further XRP price declines. Retail traders, often hesitant to oppose the strategies of wealthy investors, may adopt similarly bearish positions. This could hinder XRP’s potential for a substantial rebound in the immediate future.

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Cardano’s (ADA) price chart on CoinGecko revealed that the digital asset has been on a wild ride characterized by massive and spontaneous fluctuations.

According to findings from the price chart, Cardano (ADA) traded within the $0.60 price region for the first three days in January, after which it started recording declines.

Read Also: If History Repeats, Analyst Sets Timeline For Cardano (ADA) To Resume Bull Run

By January 4, Cardano (ADA) had already dropped to $0.56; the decline persisted, and ADA eventually plunged to about $0.475 on January 8. 

Following the declines, which ensued between January 4 and January 8, Cardano (ADA) staged a recovery phase that saw it reclaim $0.6 on January 11. 

The recovery was transient, as Cardano (ADA) began shedding off profits again and eventually plummeted to about $0.476 on January 19; the decline that ensued from January 11 could be attributed to Bitcoin (BTC) price actions that orchestrated a sudden decline in the entire crypto market. 

Currently, Cardano (ADA) seems to be staging another recovery phase. It is changing hands at about $0.52, reflecting a 2.5% jump in the past 24 hours. However, market watchers and enthusiasts appear more concerned about what could be the reasons behind ADA’s spontaneous back-and-forth price actions.

Cardano (ADA) Whale Actions Spark Suspicions 

According to on-chain data from Santiment, Cardano (ADA) whale investors have been involved in substantial ADA sell-offs in the past few days. 

Findings revealed that whale investors, boasting 1 million to about 100 million ADA, have sold approximately 240 million ADA between January 17 and January 19, cutting their ADA holdings from 18.3 billion to 8.1 billion ADA. 

At present price standings, 240 million ADA will be worth approximately $125 million. This does not erupt pleasant news for the Cardano network. ADA enthusiasts should anticipate a potential bear that could accompany the whales’ actions.

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Read Also: Google Bard Predicts Cardano (ADA) Price Should Bitcoin Hit $200,000 After Halving

Cardano (ADA) Appears Poised For Further Declines 

Applying basic market principles, one could see that the whale’s actions have not helped Cardano’s precarious state. Without a spontaneous spike in ADA’s market demand, the struggling cryptocurrency could even decline below $0.48, which seemed to have posed significant resistance.

Meanwhile, IntoTheBlock’s IOMAP data revealed that about 53,600 addresses procured 204 million ADA at a minimum $0.48. Should the bear break below the $0.48 constraint, another wave of panic sales might ensue, which could plunge Cardano (ADA) price further.

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Santiment, a prominent crypto analytics platform, shared the latest development on X. The data reveals that XRP’s price has crossed $0.68 for the first time since August 2. Currently, XRP is trading at $0.7112, marking a 10.30% increase in the last 24 hours.

Santiment tweeted, “XRP Ledger is at it again, reaching a market value north of $0.68 for the first time since August 2nd. The 3-month high happened as XRP moved up +23% against BTC in just the past week. Wallets with 100K-1B XRP now hold their highest level in 2023.”

#XRPLedger is at it again, reaching a market value north of $0.68 for the first time since August 2nd. The 3-month high happened as $XRP moved up +23% against $BTC in just the past week. Wallets with 100K-1B $XRP now hold their highest level in 2023. https://t.co/v5wlgIQAhh pic.twitter.com/hvZbZ8S1UG

— Santiment (@santimentfeed) November 6, 2023

XRP Becomes 4th Largest Asset

Over the past three months, XRP has demonstrated a unique growth pattern, seemingly decoupling from Bitcoin (BTC). Santiment’s data supports this observation, with XRP surging by 23.38% in the past week, with Bitcoin up only 0.61%.

XRP’s upward trend is not limited to its price alone. XRP’s market capitalization has risen by 10.15% to $38.135 billion, and it is currently ranked #4 on CoinMarketCap. XRP also experienced a surge in trading volume over the last 24 hours, with an 89.29% increase to $2.788 billion.

Key Insights into XRP’s Ecosystem

Whale Holdings: XRP’s ecosystem presents intriguing data. Currently, wallets holding 100,000 to 1,000,000,000 tokens account for a substantial 45.8% of the total supply, marking a record high for the year. This achievement is particularly noteworthy when considering the fluctuating growth in this category of XRP holders since August 12.

XRP’s Social Dominance: The performance of XRP extends beyond its whales. The social presence of XRP has experienced a significant surge in discussions on various platforms. This heightened sentiment is partly attributed to the legal victories secured by Ripple against the U.S. Securities and Exchange Commission (SEC) from July to October.

XRP’s prospects are also bolstered by the promising outlook of the XRPL (XRP Ledger). Several innovations, including the introduction of its sidechain, Xahau, have demonstrated the XRPL’s potential to compete with its Layer-1 counterparts. This bodes well for XRP’s long-term growth.

The recent surge has also sent the XRP price above the 21-day EMA (Exponential Moving Average), and a prominent analyst has set the next targets following the notable breakthrough.

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According to data from Santiment, a market intelligence platform, this shift in ADA coincides with a resurgence in dormant coins, reminiscent of April 2022. This indicates a substantial awakening among ADA whales, which bodes well for the ecosystem.

Read Also: Cardano Implements Crucial Staking Parameter Update, As ADA Is Poised for 65% Rally

The data reveals multiple instances of ADA movements that correlate with the age of dormant coins. The first surge occurred on August 30, followed by another from September 23 to October 1. The most recent surge is the largest, emphasizing the resurgence of the whales within the Cardano network.

#Cardano has hit a major dormant coin activity milestone. Monday marked the highest amount of older wallets moving $ADA since April, 2022, indicating more coins are moving back into circulation. 100K-10M $ADA wallets are also accumulating again. https://t.co/TwwQkHZbzA pic.twitter.com/kDjntuV7AS

— Santiment (@santimentfeed) October 31, 2023

What the Data Says About the Whales

Santiment’s data provides valuable insights into the activities of ADA whales and sharks in the past two weeks. These top traders, holding between 100,000 to 10,000,000 ADA, have collectively accumulated a staggering 43.71 million ADA in this short span. As a result, these addresses now control 33.43% of ADA’s total supply.

Over the past year, Cardano has experienced a substantial increase in wallet activity. Wallet activity is a crucial metric for assessing network growth, and this surge highlights Cardano’s growing adoption. Data from IntoTheBlock indicates that Cardano’s total addresses now amount to 4.46 million ADA.

In the last year, the count of daily active addresses has remained a pivotal metric for Cardano Founder Charles Hoskinson to gauge the blockchain’s growth. According to IntoTheBlock’s data, the current daily active users stand at 37.57K.

Read Also: Binance Announces Delisting of 17 Tokens, Including Shiba Inu, Cardano

ADA’s Future

ADA is poised to conclude October on a high note. It began the month around $0.25 but has risen 14.8% over the last 30 days. ADA is currently trading at $0.2923, down 1.99% in 24 hours. At $284 million, ADA’s 24-hour trading volume is up 33.69%. However, its market cap is down 2.1% over the same period, at $10.29 billion.

Looking to the future, an analyst recently identified a several-month-long accumulation phase that ADA has been trading in. The resulting surge could send ADA up by 165x, sending it to a new all-time high. ADA’s price has climbed in the past month, and the community hopes it can keep the momentum going as we get closer to the end of the year.

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The post Cardano Dormant Addresses Move Record 43.71M ADA As Data Shows Massive Rise in Adoption appeared first on Times Tabloid.

According to Santiment, whale transactions witnessed significant declines in comparison with what was obtainable in 2021 and 2022. However, key shark and whale addresses on the XRP Ledger (XRPL) seemed unperturbed, accumulating over 1.5 billion tokens between October 2021 and October 2023.

Read Also: Whales Move Over 900 Million XRP Within the Last 48 Hours. Here’s Their Destination

For context, whale and shark addresses in Santiment’s released data refer to wallets holding between 100,000 to 100,000,000 XRP.

#XRPLedger is seeing less whale activity this year compared to 2021 & 2022. However, this hasn't stopped the key shark & whale addresses from accumulating more of the supply. Wallets with 100K-100M $XRP hold $7.89B in coins vs. $7.16B a year ago. https://t.co/NMnrTCTMUw pic.twitter.com/DSShcoFa8G

— Santiment (@santimentfeed) October 9, 2023

A Brief Overview Of The Whale Accumulation Trend 

Per data retrieved from the above tweet, the whale investors boast a combined $7.16 billion worth of XRP tokens as of October 9, 2022. This tremendous sum amounted to an estimated 13.8 billion XRP tokens based on XRP’s average price as of then, which was approximately $0.52.

Intriguingly, the latest data revealed that an additional $730 million was pushed into accumulating more XRP tokens, bringing the combined whale investment funds to $7.89 billion. 

It is worth noting that XRP’s price at the time of revealing the above statistics by Santiment was $0.513238. Estimating the amount of XRP stores obtainable with $7.89 billion based on the price of XRP at the time of sharing the chart will be 15.4 billion coins. 

Comparing the amount of XRP acquired between October 2022 and 2023, there was a remarkable increase of about 11.6%, which implies an additional 1.6 billion XRP. 

Worthy of mention is the fact that the XRP’s latest accumulation on these whale addresses now translates to about 26.8% of the digital asset’s supply, an increase from the 24.1% recorded in October 2022.

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Read Also: Crypto Whales Moved 442 Million XRP As Price Rebounds. Here’s the Destination

Whale Wallets Accumulation Reached The Summit In November 2021

Per the Santiment chart, XRP accumulation by the whale addresses appeared to hit the zenith in November 2021, following the FTX implosion.

Intriguingly, in 2021, the percentage of XRP supply owned by these whale investors spiked from 24.28% to 25.96% between November 6 and December 29. The percentage increase implies that the addresses accumulated 960 million XRP within two months. 

The balance above remained relatively constant until around mid-July, when it spiked again following the widely celebrated Judge Torres’s summary ruling that removed XRP of securities stigma.

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XRP Hits a New Milestone

Interestingly, the beginning of September marked a 7-month high in on-chain activity for XRP. This surge in activity that had not been seen since February 1st was accompanied by a substantial uptick in development activities.

Read Also: XRP Lawsuit: John Deaton Predicts Judge Torres’s Decision on SEC Interlocutory Appeal

According to Santiment on X, XRP hit an on-chain transaction volume of 4.8 billion tokens with a circulating supply of 2.03 billion XRP, which is the highest number of unique tokens moved since the end of May.

#XRP is seeing major utility spikes to start the month. In addition to today's milestone highs in #onchain transaction volume (4.8B $XRP) and circulation (2.03B $XRP), the development activity for the 5th largest cap asset in #crypto is up big as well. https://t.co/AdWcrUun9n pic.twitter.com/QHQ6U8Q0J5

— Santiment (@santimentfeed) September 1, 2023

XRP, the 5th largest crypto by market cap, is trading at $0.5013 at the time of the writing, with an increase of 0.03% over the last 24 hours.

With the verdict in Ripple’s favor, the SEC is fighting for an appeal. The SEC also scored a partial victory, as the court deemed Ripple’s direct sales of XRP tokens to institutional players as securities, subjecting them to regulatory oversight.

In response, Ripple has made it clear that if the SEC proceeds with an appeal, it’s prepared to cross-appeal the judgment pertaining to institutional sales.

Ripple’s attorneys argued that the circumstances for an interlocutory appeal were not met, and they raised concerns about the court’s application of the Howey test to assess the nature of XRP transactions. As we’ve reported before, John Deaton and Paul Grewal (Coinbase CLO) feel the SEC’s interlocutory appeal is destined for rejection and it’s not hard to see why.

Read Also: Ripple CTO David Schwartz Clarifies Key Aspects of the SEC Appeal

The Wider Market

Looking at the rest of the market, Santiment is also attributing the recent dip suffered by Bitcoin (BTC) to a cloud of uncertainty on the SEC’s approval of spot Bitcoin ETF applications even after their loss in the Grayscale case.

They also predict that fear, uncertainty, and doubt (FUD) will dominate the market, at least through the weekend. BTC, which fell to $25,400, has hit its lowest price since June 16th which is a rough start for September.

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According to data from Etherscan.io, a brand-new SHIB whale has acquired a staggering 4,412,252,578,938 (4.41 trillion) SHIB tokens, with an estimated value of $40,416,233 ($40.41 million). This massive accumulation took place in a single transaction approximately 31 hours ago.

Read Also: Shiba Inu (SHIB) Number of Addresses Reaches New ATH as Community Anticipates Shibarium Launch

This acquisition catapulted the whale to the 27th position on the list of the largest SHIB holders. Whale Alert, a prominent platform that tracks cryptocurrency whales, was the first to announce this whopping transaction.

4,412,252,578,938 #SHIB (40,672,144 USD) transferred from unknown wallet to unknown wallethttps://t.co/zrqGNV5Jn9

— Whale Alert (@whale_alert) August 6, 2023

The emergence of this new whale coincides with Shiba Inu’s recent surprising performance, delighting investors. Over the weekend, SHIB experienced an impressive 18% price surge after breaking out of a consolidation phase on August 4th.

Over the past month, the price of SHIB has risen by more than 51%, and the trading volume has reached a new six-month peak, as reported by market intelligence firm Santiment. This surge seems to have significant support, as many SHIB holders have chosen to retain their tokens instead of selling them on exchange platforms.

Santiment analysis indicates that the rally is likely to continue, given the substantial trading volume supporting the price surge. It appears that SHIB holders are confident in the upward momentum of the token.

#ShibaInu has jumped another +15% in the past 24 hours alone, and a few indicators support the rally continuing. Trading volume is supporting the pump in a big way, & it doesn't look like there are many #hodlers moving their $SHIB to exchanges to sell. https://t.co/g9ECBIgK3N pic.twitter.com/G2vtYpEMIh

— Santiment (@santimentfeed) August 6, 2023

Read Also: Shiba Inu Investor Retires At Age 35 After Over $53 Million Profit in SHIB

In other news, the Shiba Inu Ecosystem recently announced its plans to integrate Self-Sovereign Identity (SSI) across all apps within its platform. This integration will be a crucial part of Shibarium, the much-anticipated Layer-2 scalability solution set to launch later this month.

Additionally, SHIB utility received a significant boost when Binance, the world’s largest crypto exchange platform, announced that SHIB holders can now use the token as collateral for its flexible Loan product.

With the entry of this new whale into the SHIB market and the significant developments in the Shiba Inu ecosystem, the future of SHIB holds even greater promise for both investors and the wider cryptocurrency community.

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