ADA, XRP Bleed Again as Whale Sell-Off Intensifies

The cryptocurrency market is heading south again on Sunday afternoon, and two of the largest and most popular altcoins – ADA and XRP – are no exception.

Both assets have turned red once again, only continuing the recent trend that began in the middle of the previous business week. Whales could be to blame this time.

ADA Whales Sell

Data shared by Ali Martinez indicates that Cardano whales have been selling tokens en masse. More precisely, they disposed of 440 million ADA in the past month, which has increased the immediate selling pressure on the asset.

Within this timeframe, the asset’s price has dropped by over 23%. The past week has been particularly painful, as it has plummeted by 17% since last Sunday. On a daily scale, ADA is down by 5.5% and now sits below $0.48, which is the lowest price tag since the early October massacre.

The analyst with over 160,000 followers on X gave some hope to ADA investors, asserting that the TD Sequential, a metric used to determine a particular asset’s exhaustion in either direction, had flashed a buy signal. The indicator previously flagged ADA’s top and could now suggest that a larger rebound is about to take place.

XRP Situation Worse

The landscape around XRP is even more worrisome. Ripple whales have been selling massive portions of the asset for over a month. At one point, CryptoPotato reported that they had offloaded 1.4 billion tokens within a 30-day period.

Their selling spree has continued during and after the Friday market-wide crash. Additional data from Martinez shows that they dumped another 200 million tokens, worth over $400 million at today’s prices.

Somewhat expected, this growing selling pressure from large market participants has harmed the underlying asset’s price, which is down by 4% in the past 24 hours alone (7% weekly) and now trades well below $2.20.

Martinez brought up something positive for the XRP Army as well, though. He noted earlier today that the number of whale transactions hit 716 daily, each worth more than $1 million. This is the highest count in four months, and suggests that the overall interest in the asset is spiking.

This could be due to the recent launch of a spot XRP ETF in the United States, which broke the record for first-day trading volume for this year.

The post ADA, XRP Bleed Again as Whale Sell-Off Intensifies appeared first on CryptoPotato.