XRP News Today: Cardano Whales Drive 75% ADA Surge, 137 Transactions Exceed $1 Million

Cardano, the 10th-largest cryptocurrency by market capitalization, has witnessed a significant surge in high-value transactions, with over 137 transactions exceeding $1 million each recorded in the last 24 hours. This spike in activity underscores a heightened level of engagement from whales, which are typically major institutional players or investors.

This surge in whale activity on the Cardano network suggests a growing interest and confidence in the cryptocurrency. The increase in activity comes at a time when the price of ADA, Cardano's native token, has shown renewed bullish sentiment. Between June 22 and Friday, ADA surged by 75%, potentially signaling the end of a multimonth downtrend that bottomed out at $0.50 in June. Following three days of consecutive gains since July 15, ADA rose to a 20-week high of $0.896 on Friday, where it encountered resistance. At the time of writing, ADA was down 2.7% in the last 24 hours to $0.816, in line with the ongoing profit-taking in the market, but remains higher by 15% weekly.

The surge in whale activity and the recent price gains have led some analysts to believe that a potential breakout could be on the horizon for Cardano. According to analysts, ADA broke out of a bull flag on the weekly chart, flipping the 50-day simple moving average (SMA) and the 200-day SMA to support. The bull flag's measured target is $2.70, representing a more than 200% gain if actualized. However, it is important to note that whale activity can be a sign of accumulation, but it can also signal a sell-off. Nonetheless, the sheer volume of million-dollar transactions in a single day makes this an event to follow intently.

As the price of ETH inches back towards its previous ATH price of $4,800, expectations for altcoins to flourish soon in the long-awaited altseason peak phase grow stronger. To highlight, the price of Bitcoin (BTC) set a new ATH at $123,000 recently, fueling altcoins to pump alongside it. With ETH pushing past $3,000, the pioneer altcoin asset has begun to outperform BTC, as other altcoins pumped between 10%-30%.

The most bullish altcoins have been legacy altcoins, which had yet to begin pumping this bull cycle. While new altcoins like SUI, FET, and ONDO had already set new ATH this bull cycle, and are expected to set higher highs, legacy altcoins had yet to reclaim their previous ATH prices, let alone set newer, higher ATHs. Amongst the popular legacy altcoins are ADA, XRP, ETH, LTC, SHIB, DOGE, and many more.

So far, the legacy altcoins that pumped the most have been ADA and XRP. Thus, alongside Ripple’s XRP, Cardano’s ADA is also one of the most bullish altcoins for this bull cycle and the coming altseason peak phase. In particular, Cardano has been gaining more interest this bull cycle than any other, as it has finally reached its long-promised milestone of being a full, truly decentralized blockchain.

Recognized as the best blockchain in the crypto realm, Charles Hoskinson’s 10-year-long dream has been achieved. With the latest upgrades and future plans, Cardano is set to be the most flourishing ecosystem, with the most active and capable community. With all this success floating around the Cardano ecosystem, expectations for this success to reflect on the price of Cardano’s native token (ADA) to hit new ATH prices are strong.