- The supply of Ethereum held by top addresses has increased rapidly.
- Indicators suggested that buying pressure on XRP is high.
The recent market crash has caused the prices of most cryptocurrencies to fall. Ethereum [ETH] and ripple [XRP]. While the value of these tokens declined, whales took advantage of the opportunity to increase their holdings.
However, this could have a positive impact on ETH and XRP as it could cause a trend reversal.
The Ethereum whale is gaining momentum
Street coin market cap, ETH price has fallen by over 5.2% in the past 24 hours. At the time of writing, it was trading at $3,084.60, with a market capitalization of over $370 billion.
AMBC Crypto report It will reveal possible reasons behind the decline sooner. As the price of Ethereum plummeted, four whales, some of them well-known institutional investors, joined in the selling.
However, things changed in the next few hours. Lookonchain recently posted Tweet We highlight that after ETH fell, the whale spent 70 million USDC to buy 23,790 ETH again at $2,942 from the bottom.
This whale historically bought ETH at a low price, and then the value of ETH skyrocketed.
AMBCrypto looked at Santiment data to find out if buying sentiment prevails among whales. We observed a significant spike in whale activity around the token as the number of whale transactions increased.
Source: Santiment
Its supply held by top addresses also increased, suggesting that whales were actively buying the token.
Massive accumulation from whales could be a positive signal for ETH as it could help turn the token’s price chart green.
Therefore, AMBCrypto looked at the daily chart of ETH to see if it is ready for a trend reversal.
We see that the ETH price has reached the lower end of the Bollinger Bands, suggesting a pullback. The Relative Strength Index (RSI) also recorded an increase.
However, Chaikin Money Flow (CMF) remained bearish.
Source: TradingView
XRP whales are also following this trend
Similar to ETH, the price of XRP also fell during the market crash. To be precise, the value of the token has plummeted by more than 8% in the past 24 hours.
At the time of writing, it is trading at $0.4959, giving it a market capitalization of $27.3 billion.
Similar to ETH, whale activity around XRP has also increased. This was evident from the increase in the number of whale transactions.
Source: Santiment
Buy sentiment prevailed in the overall market as the total number of XRP holders increased last week.
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Additionally, the supply on exchanges has decreased, further suggesting that investors are buying the tokens.
This renewed interest in XRP and Ethereum could quickly turn into a bull market, which could allow these tokens to regain their lost market cap in the coming weeks.
