Crypto Whales Gobble Up $2,510,550,217 in XRP and Cardano (ADA) in Just a Day, According to Analyst - The Daily Hodl
A closely followed analyst says deep-pocketed investors are heavily loading up on two large-cap altcoins as the crypto market witnesses an abrupt spike in volatility. Trader Ali Martinez tells his 129,500...
A closely followed analyst says deep-pocketed investors are heavily loading up on two large-cap altcoins as the crypto market witnesses an abrupt spike in volatility.
Trader Ali Martinez tells his 129,500 followers on the social media platform X that crypto whales snapped up about $2.16 billion worth of the payments altcoin XRP in just one day.
“Whales bought nearly one billion XRP in [24 hours!]”
At time of writing, XRP is trading for $2.41.
Turning to the layer-1 protocol Cardano, the trader unveils that deep-pocketed investors accumulated over $345 million worth of ADA over the same time period.
“The largest whales on the Cardano ADA network have bought 420 million ADA in [24 hours!]”
All in all, crypto whales pocketed $2.51 billion worth of XRP and ADA in just a day.
At time of writing, ADA is trading for $0.86.
Turning to the charts, Martinez warns that XRP appears to be flashing a head-and-shoulders pattern, a bearish reversal structure that may indicate the uptrend is over once the asset moves below the pattern’s neckline.
“XRP could invalidate this head-and-shoulders pattern with a daily close above $3, potentially paving the way for a rally to $5!”
Based on the trader’s chart, he seems to predict that XRP will plummet to $1.20 if it breaches the pattern’s neckline at $2.
As for Cardano, the crypto strategist says he sees ADA igniting rallies if it takes out a key resistance area.
“Cardano ADA could be poised for a rally to $2.20! Watch for a 12-hour candlestick close above $1.19 to confirm the bullish breakout.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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