XRP and ADA Likely To Make a Comeback Post Bear Dominance
Millionaire ADA holders have increased their holdings by 3.19% in the last 30 days.
XRP has dropped 5.49 percent in value since July 2.
After a recent bear push that affected the crypto market, popular on-chain data aggregator Santiment tweeted that XRP and ADA had strong possibilities of a return in the near future. Santiment reports that after last week’s spike in gains, several cryptocurrencies including XRP and ADA being sold at a loss.
Top cap #crypto assets are being traded at a loss after the high profit taking last week, lending to the price drop we’ve seen. $XRP and $ADA are seeing a particularly high amount of sells at lower prices, making the chances of bounces increase. https://t.co/Ntt3HoC52S pic.twitter.com/z5BatBNlKe
— Santiment (@santimentfeed) July 7, 2023
The likelihood of a return for XRP and ADA, however, is rising because they are being sold off more than others at low prices. Last week on Friday, ADA printed a huge red candle on the hourly chart, reflecting a 6.83% decline from the previous day.
Whales on Buying Spree
Despite a little recovery during the following several days, it’s down 3.27 percent since June 5. However, at the time of writing, it witnesses some positive momentum and is up 0.45%.
Overall, prices have dropped by 4.43% since last Friday. Cardano’s native currency, at the time this was written, was trading at $0.2866 as per data from CMC.
Despite the recent sideways price movement witnessed on ADA, data from on-chain analytics company IntoTheBlock reveals that Cardano millionaire addresses are accumulating. Millionaire Cardano holders (those with 100 million to 1 billion ADA) have increased their holdings by 3.19% over the last 30 days.
Since last week, XRP has plummeted more than Cardano. The decline started on July 2nd, after an increase of 4.72%. On Wednesday, however, XRP dropped by 3.62 percent, and it has continued to fall, losing about 2 percent of its value so far. At its current price of $0.4683 as per CMC, the token has dropped 5.49 percent in value since July 2. Similar to ADA is it slightly up by 0.83% in the last 24 hours.
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Filed under: Bitcoin - @ July 8, 2023 9:59 am