Altcoins
XRP and Cardano Whales Loading Bags: Preparing for the Altcoin Rally?
On-chain data shows that XRP and Cardano whales have been accumulating recently, which may be bullish for the prices of these altcoins.
Whales XRP and Cardano recently went on a buying spree
As analyst Ali explains in a new job on X, XRP whales have seen their holdings increase over the past few weeks. The relevance indicator here is the “Supply distribution” from on-chain analytics company Santiment, which tells us about the total amount of assets held by different market groups.
The whale cohort is of interest in the current debate. These investors hold between 1 and 10 million XRP in their balance.
At the current exchange rate, these amounts are worth approximately $0.52 million and $5.2 million, respectively. Obviously, these are quite large stocks, which is why whales are considered influential in the market.
Now here is a chart that shows what the supply distribution of entities belonging to this XRP group looked like recently:
The chart shows that even though XRP price remained stuck in consolidation over the past two weeks, whales viewed the opportunity as a buying opportunity.
These huge investors scooped up over 110 million cryptocurrency tokens (the equivalent of almost $57 million) in this window. This buying scale is not particularly massive, but the fact that these investors have supported the coin during this difficult time should be an optimistic sign.
It also appears that XRP is not the only one on the radar of large holders recently. IntoTheBlock market intelligence platform revealed in an job that Cardano also saw a significant buying surge.
In the chart above, IntoTheBlock displays Cardano investor holdings, which range between 100 million and 1 billion ADA. The limits of this range are around $45.3 million and $453 million respectively, so these whales would be much more massive than the XRP whales we just talked about.
As the chart shows, these ADA entities have expanded their holdings over the past month. Most notably, their supply increased by 11% during this period, which, when you consider the scale of this group’s total wealth, represents a huge increase.
According to the analytics firm, these Cardano whales alone now control 6.71% of the cryptocurrency’s entire circulating supply.
This latest surge in simultaneous buying of XRP and ADA from whales could be a potential sign that these large entities are expecting a altcoin rally Soon. Given that Cardano has seen this happen on a much larger scale, the coin could likely generate better returns than XRP if an increase occurs.
XRP Price
XRP recently exhibited stale price action as its price continued to move sideways around the $0.52 level.
Featured image by Kanchanara on Unsplash.com, IntoTheBlock.com, chart by TradingView.com