XRP and Ethereum (ETH) rival Cardano (ADA) could be gearing up for bounces as a bullish signal starts flashing, according to crypto analytics firm Santiment.
Santiment says that a large number of traders are selling their XRP and ADA stacks at a loss as both altcoins retrace from last week’s rally.
According to the analytics firm, the mild trader capitulation could ignite bounces for XRP and ADA.
“Top cap crypto assets are being traded at a loss after the high profit-taking last week, lending to the price drop we’ve seen. XRP and ADA are seeing a particularly high amount of sells at lower prices, making the chances of bounces increase.”
Looking at the crypto king, Santiment says that Bitcoin (BTC) sharks and whales, which refer to holders of at least 10 and 1,000 coins respectively, have been aggressively accumulating for weeks even as prices range near local highs.
“Bitcoin’s sharks and whales aren’t showing any signs of slowing down, even with prices beginning to get ‘boring’ in this $30,000 to $31,000 range. Since June 17th, 10 to 10,000 BTC addresses have accumulated 71,000 more coins, equating to $2.15 billion.”
The firm also says that Ethereum is flashing a bullish on-chain signal as new addresses, which have historically acted as an indicator for rallies, steadily grow under the radar.
“Ethereum’s network growth has somewhat quietly been on the rise. New addresses are being created at an increased pace, which is a signal for eventual market cap growth. We’ll monitor this bullish divergence as ETH ranges just below $1,900.”
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Source: https://dailyhodl.com/2023/07/10/cardano-ada-and-xrp-primed-for-bounces-as-bullish-indicator-brews-santiment/