Whales Accumulate Cardano (ADA) and XRP Despite Market Dip, Suggesting a Potential Price Surge

The crypto market has seen better days. The past few have been rough, with dips creating a sense of uncertainty and fear. Many traders and investors

The crypto market has been battered recently, leaving traders and investors on edge. However, despite the market downturn, two altcoins, ADA and XRP, have managed to attract the attention of crypto whales.

Both ADA and XRP have seen a significant increase in whale activity, indicating that these large investors are accumulating both altcoins. This could be a sign of upcoming price movements for ADA and XRP.

Cardano (ADA) sees whale accumulation amid price dip

In the last 30 days, Cardano has seen a massive 140 million ADA being being accumulated by whales. Despite the price dipping below the $1 mark, the increased whale accumulation suggests that these large investors are optimistic about Cardano’s long-term prospects.

If these whales continue to add to their positions, it could mean that Cardano’s price may soon see a major bounce, possibly reaching new highs.

Currently, the price of ADA is still trading within a narrow range. There is key support between $0.64 and $0.76, which has remained unchanged for over a month. However, at the time of writing, ADA has gained 2% and is trading above the $0.95 level.

If the price manages to stay above the local low at $0.85, ADA could aim for a target near $1.11.

XRP whale activity hits record high

XRP has also seen a surge in whale activity. Wallets that hold between 1 million and 10 million XRP tokens have reached an all-time high of 2083.

This sharp increase in whale accounts buying up XRP has many thinking that the asset could be on the cusp of a major move.

When large holders of a cryptocurrency start to buy more, it usually signals that they believe the price is undervalued or about to rise.

With XRP’s whale accounts growing steadily, there is increased optimism among retail investors that a bullish trend may soon follow.

On January 29, XRP touched the $3.20 mark before pulling back. The price is now trading at $3.12.

For short-term bullish momentum, the price should hold above $2.76 to $2.97. A breakout above $3.40 is needed to target higher levels above $4.