- Whales amassed 140M ADA, signaling bullish sentiment despite price dips.
- XRP whale wallets hit an all-time high, hinting at a potential breakout.
- ADA targets $1.11, XRP eyes $4, with key support levels holding strong.
The crypto market has seen better days. The past few have been rough, with dips creating a sense of uncertainty and fear. Many traders and investors, especially those holding altcoins like XRP and ADA, are craving some bullish news. Here it is: in spite of the recent market unrest, there’s some solid bullish sentiment building. Whales have been gobbling up both ADA and XRP. This suggests these two altcoins could be gearing up for price movements in the near future.
Cardano (ADA) Sees Whale Accumulation Amid Price Dip
Over the last 30 days, Cardano has witnessed a massive 140 million ADA being accumulated by whales. Even though the price dipped below $1, the increased whale accumulation suggests that these large investors are confident in Cardano’s long-term prospects. If these whales continue to add to their positions, it could mean that Cardano’s price may soon see a major bounce, possibly reaching new highs.
Right now, the current price of ADA is still stuck within a narrow range. There’s key support between $0.64 and $0.76, which has remained unchanged for over a month. However, at the time of writing, ADA has gained 2% and is trading above the $0.95 level. If the price stays above the low at $0.85, ADA could aim for a target near $1.11.
XRP Whale Activity Hits Record High
It’s a similar story for XRP. It’s also seen a surge in whale activity. Wallets that hold between 1 million and 10 million XRP tokens have reached an all-time high of 2083. This sharp increase in whale accounts buying up XRP has many thinking that the asset could be on the cusp of a major move.
When large holders of a cryptocurrency start to buy more, it typically signals that they believe the price is undervalued or about to rise. With XRP’s whale accounts growing steadily, there’s increased optimism among retail investors that a bullish trend may soon follow.
Related: XRP Surpasses Bitcoin and Solana to Lead Upbit’s Korean Won Market: Here’s Why
On January 29, XRP touched the $3.20 mark before pulling back. The price is now trading at $3.12. For short-term bullish momentum, the price should hold above $2.76 to $2.97. A breakout above $3.40 is needed to target higher levels above $4.
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