Whales Accumulating Ethereum and XRP amid Market Fluctuations: What’s Next for These Assets?

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Recently, the value of cryptocurrencies has gone up and down, causing noticeable changes in the market. Notable coins such as Ethereum (ETH) and XRP have seen price surges. As a result, big investors, who own large quantities, have taken an interest and started buying more of these digital currencies.

XRP Resurgence and Whale Accumulation

XRP experienced a significant decline in price, reaching a low of $0.42 around mid-April – its weakest point since August the previous year. However, this downturn was short-lived as the digital currency quickly recovered and rallied to $0.50 the next day. Despite bears attempting to depress the price further, bulls managed to sustain their energy, pushing XRP up to $0.57 within a week. Over the last 10 days, the value of XRP has seen an impressive surge of more than 28%. Currently, a bearish candlestick is forming, suggesting a possible pullback before the resumption of the bullish trend.

Over the past six weeks, there’s been a notable uptick in the number of large XRP holders, with around 2,013 wallets now holding over one million XRP each, as reported by Santiment. This figure represents a 3.1% increase and is close to reaching an all-time high.

🐳 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.
— Santiment (@santimentfeed) April 22, 2024

The positive outlook towards XRP has been strengthened by its recent price trend. According to Tony “The Bull” Severino, a well-known crypto analyst and Research Head at NewsBTC, the Bollinger Bands for XRP over the past month have reached their tightest point ever recorded. Back in history, when these bands were similarly constricted, an unprecedented 65,000% price surge took place.

Based on this examination, hitting the upper limit of $0.69 in XRP‘s Bollinger Bands might indicate a bullish surge for the coin, as suggested by past market trends. Nevertheless, the SEC’s ongoing legal action casts doubt over its future price direction.

Ethereum Whales Accumulating

Ethereum (ETH), the second-largest cryptocurrency after Bitcoin, has also seen whale accumulation, as reported by Lookonchain on X. According to the post, a whale possibly linked to Justin Sun, withdrew 4,666 ETH worth approximately $14.91 million from the Binance exchange. The same whale had previously bought 132,054 ETH (worth around $420 million) at an average price of $3,173 since April 8.

The Data Nerd’s latest on-chain analysis of X uncovered that an additional large investor purchased 5,827 ETH, equivalent to around $18.65 million, through Coinbase exchange.

Whales’ significant investments in Ethereum indicate their confidence in Ethereum’s future growth. Although Ethereum has shown little change since mid-April, it has picked up steam in the last few days, increasing by 12% and currently valued around $3,200.

Enhancing the optimistic outlook, a well-known Angel Investor on X, referred to as That Martini Guy with over 540,000 followers, expressed his strong belief that Ethereum will reach $4,000. His conviction stems from the impending decision regarding an ETH Exchange Traded Fund (ETF), which several forecasts indicate could significantly boost the coin’s value and lead it back to its previous peak or even surpass it.

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2024-04-23 17:45