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Despite the recent correction in the cryptocurrency market, Cardano ($ADA) and $XRP whales continue to increase their holdings.
While Bitcoin experienced a massive wave of liquidations earlier today, with the price plummeting to $114,600, on-chain data suggests strong demand for $ADA and $XRP, according to analysts.
According to the data, $XRP has lost 3.3% and Cardano 6.4% in the last 24 hours. Despite this, Santiment's on-chain analysis shows that large investors are actively buying both cryptocurrencies. Specifically, the 50-day average of transactions over $100,000 reached a five-month high in August.
According to on-chain data, whale wallets significantly increased their holdings of $ADA and $XRP in August. Whales holding between 1 million and 10 million $XRP coins added 300 million $XRP to their portfolios, bringing their total holdings to 6.72 billion $XRP as of today. During the same period, Cardano whales purchased 30 million $ADA, bringing their total holdings to 5.55 billion $ADA. At current prices, these purchases are worth approximately $900 million for $XRP and $27.3 million for $ADA.
“This correction is healthy for the markets after the enthusiastic rally of the last two weeks,” said Max Shannon, senior analyst at Bitwise Europe.
$XRP's year-to-date return stands at 15%. Experts attribute this performance to the recent resolution of the SEC-Ripple lawsuit and positive regulatory developments. However, B2BROKER's Business Development Director, John Murillo, highlighted two opposing factors influencing the $XRP price: “$XRP's performance in recent months has been influenced by regulatory clarity on the one hand, and supply pressure from the release of 1 billion $XRP from escrow accounts on the other.”
*This is not investment advice.