Key Points
- Top addresses have significantly increased their holdings of Ethereum following the recent market crash.
- Buying pressure on XRP has been high, suggesting a potential trend reversal for both cryptocurrencies.
The recent downturn in the crypto market led to a fall in the prices of a majority of cryptocurrencies, including Ethereum (ETH) and Ripple’s XRP. However, this dip has been exploited by ‘whales’ who have increased their holdings of these tokens.
Increased Holdings by Top Addresses
CoinMarketCap reported a 5.2% drop in Ethereum’s price over the last 24 hours. Despite the fall, notable institutional investors, also known as ‘whales’, seized the opportunity to buy more of the token. A tweet from Lookonchain revealed that one such whale spent 70 million USDC to purchase 23,790 ETH at $2,942 after the price drop. Historical data shows that this particular whale tends to buy more ETH when prices are low, usually followed by a surge in the token’s value.
Data from Santiment indicated a surge in whale activity around Ethereum, with an increase in the Whale Transaction Count. The amount of Ethereum held by these top addresses also increased, suggesting active buying of the token. Accumulation by whales could potentially influence a positive trend for Ethereum’s price.
XRP Experiences High Buying Pressure
XRP also experienced a price drop during the market crash, with its value falling by over 8% in the last 24 hours. Despite this, whale activity around XRP increased, as indicated by the rise in the number of whale transaction counts. The total number of XRP holders also increased over the last week, suggesting a dominant buying sentiment in the market. The Supply of XRP on Exchanges also dropped, indicating that investors were actively buying the token.
This increased interest and buying activity around XRP and Ethereum could potentially lead to a bull rally, allowing these tokens to regain their lost market caps in the coming weeks.
