XRP and ADA Whale Moves, ETH Prepares for Breakout: Bits Recap Sep 12

TL;DR

• Despite the whales’ selling spree, XRP remains in green territory. Many analysts believe the asset is headed for a new ATH in the near future.
• ADA whales also sold a substantial amount of tokens, but the optimism among market observers remains high.
• ETH has recorded low volatility lately, but one important indicator signals a huge move could be on the horizon.

How’s XRP Doing?

Ripple’s cross-border token has experienced a substantial rebound in the past week, with its price rising by 7% to as high as $3.07. This comes on the back of an overall altcoin resurgence and is accompanied by predictions that the asset has yet to reach new peaks. 

Earlier this week, X user Ali Martinez outlined two possible scenarios for XRP. The first one is breaking above $3.05 and tapping $3.60, while the second involves a potential correction to $2.80, followed by a surge above $2.90 and then a pump to $3.60. 

Others like CRYPTOWZRD and Dark Defender are even more bullish. The former believes XRP may soon outperform Ethereum (ETH) and hit a new all-time high of $4.50, whereas the latter envisioned a jump to $6. 

It is worth noting that the asset’s positive performance and optimism among industry participants come despite the recent whale exodus.

As CryptoPotato reported, large investors (those holding between 10 million and 100 million coins) offloaded 40 million XRP in the last 24 hours alone. The stash is worth over $122 million, while this development is usually considered bearish since it increases the amount of assets available on the open market and may lead to panic among smaller players. 

What About ADA?

Cardano whales initiated a similar selling spree. According to Martinez, they dumped 140 million ADA (worth approximately $120 million) in the span of two weeks. 

Contrary to that, the asset’s price has climbed by 9% for that period, currently trading at just south of $0.90. Analysts like the X users Clifton Fx and Hailey LUNC expect a further pump in the short term. The former set a target of $1.80, while the latter forecasted a “parabolic move.”

Additionally, ADA’s exchange netflow has been predominantly negative in recent months, indicating that investors have transitioned from centralized platforms to self-custody. This trend supports the bullish outlook by reducing immediate selling pressure.

ETH on the Verge of a Big Move?

The second-largest cryptocurrency is also in green territory on a weekly scale, albeit registering a less substantial increase than XRP and ADA. Currently, it trades at around $4,500, and the volatility in the past several days has not been that dramatic. 

The technical analysis tool Bollinger Bands, though, suggests that a major price move could be incoming. Specifically, the bands of the metric have squeezed significantly as of late, which historically has been followed by a huge rally or a painful correction. 

Still, the majority of analysts speculating on X believe that the swing will be to the upside. Such is the case with Ted, who thinks ETH is poised for a surge to a new all-time high in the range of $8,000-$10,000 in the following months.