Market Is Falling, But XRP and Cardano (ADA) Whales Are Thriving – Here are the Latest Figures

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.