Crypto Whales Accumulate $2.5B in XRP and ADA in 24 Hours

Crypto whales, or large investors in the cryptocurrency market, have been actively accumulating two major altcoins, XRP and Cardano (ADA), in a single day, according to a closely followed analyst. The total value of these transactions amounts to approximately $2.51 billion.

Trader Ali Martinez, with a following of over 129,500 on a social media platform, revealed that crypto whales purchased nearly $2.16 billion worth of XRP in just 24 hours. At the time of writing, XRP was trading at $2.41. Meanwhile, deep-pocketed investors also accumulated over $345 million worth of ADA over the same period, with ADA trading at $0.86 at the time of writing.

Turning to the charts, Martinez warned that XRP appears to be forming a head-and-shoulders pattern, a bearish reversal structure that may indicate the uptrend is over once the asset moves below the pattern’s neckline. However, he also noted that XRP could invalidate this pattern with a daily close above $3, potentially paving the way for a rally to $5.

For Cardano, the crypto strategist sees ADA igniting rallies if it takes out a key resistance area. He predicts that ADA could be poised for a rally to $2.20 if it achieves a 12-hour candlestick close above $1.19, confirming the bullish breakout.