According to a closely watched analyst, deep-pocketed crypto investors have been heavily investing in two altcoins with large market caps as the cryptocurrency market has seen a sudden spike in volatility.
Trader Ali Martinez told his 129.500 followers on social media platform X, that crypto whales had snapped up around $2.16 billion of the payment altcoin XRP within just one day.
Whales bought almost one billion XRP [in 24 hours!]” ]”
At the time this article was written, XRP traded for $2.41.
The trader reveals that over the course of the same period, deep-pocketed traders accumulated more than $345,000,000 worth of ADA.
The largest whales in the Cardano ADA Network have purchased 420,000,000 ADA [in 24 hours!]” ]”
Crypto whales have accumulated a total of $2.51 billion in XRP or ADA within a single day.
The current price of ADA at the time this article was written is $0.86.
Martinez says that XRP is flashing a “head-and-shoulders” pattern on the chart, a bearish reversal pattern that could indicate that the trend has ended once the asset falls below the neckline of the pattern.
According to the chart of the trader, it appears that the XRP price will fall to $1.20 when the neckline pattern is breached at $2.
The crypto-strategist believes that Cardano will ignite rallies if the cryptocurrency takes down a major resistance area.
Cardano ADA may be on the verge of a surge to $2.20. Look for the 12-hour close of a candlestick above $1.19 in order to confirm a bullish breakout .”
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Crypto Whales gobble up $2,510.550.217 worth of XRP or Cardano in a single day, according to an analyst, may change as new information becomes available.
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