What Crypto Whales Are Buying Ahead of Senate Hearing

XRP has experienced significant price movements recently, especially with the massive accumulation by whales. Over the past week, large holders have been quietly stacking up XRP, potentially positioning the altcoin for a significant price boost. 

Their actions, combined with a resilient market, present an optimistic outlook for the altcoin’s future.

XRP Investors Are Betting on Recovery

Whale addresses holding between 100 million and 1 billion XRP have added 1.34 billion XRP worth over $3.26 billion in the past week. While some speculated this accumulation was linked to XRP’s inclusion in the US Crypto Reserve, it appears the whales were primarily buying at low prices. 

This indicates that these large holders anticipate further gains. Despite XRP’s 18% crash on Monday, the whales did not sell, suggesting they are confident in the asset’s long-term potential.

The price DAA Divergence is currently flashing a buy signal for XRP as investors demonstrate resilience amid challenging market conditions. This divergence indicates that, while the broader market has experienced volatility, XRP is showing strength. With more investors holding onto their positions and fewer opting to sell, the sentiment is clearly turning bullish.

As market conditions improve, investors’ buying pressure could continue to push XRP’s price higher. This would support the possibility of a sustained rally backed by both retail and whale participation.

XRP Price is Holding Above Support

XRP is trading at $2.45, holding steady above the critical support level of $2.33. After facing considerable volatility over the weekend, the altcoin managed to stabilize, posting a 37% price increase. This move suggests that XRP could have the momentum needed for further gains if the bullish trend continues.

However, despite the positive signals, XRP still failed to secure $2.70 as support on Sunday, which prevented the altcoin from pushing higher. If XRP can manage to flip $2.70 into support, it could break through the $2.95 resistance, bringing it closer to its previous highs.

If the altcoin fails to breach $2.70, XRP could experience consolidation above $2.33, as seen in previous price action. This could delay the bullish outlook and may prevent any immediate upward movement, resulting in a temporary stagnation until the market provides more clarity.

The post XRP Whales’ $3.2 Billion Accumulation Could Set Price Up For Rally appeared first on BeInCrypto.

Onyxcoin has been on a persistent downtrend since reaching its all-time high of $0.049 on January 26. Trading at $0.015 at press time, the coin has since shed 57% of its value. 

With mounting bearish pressure, the decline may not be over as market indicators signal further downside risks.

XCN Faces Heavy Sell Pressure 

The steady outflows from XCN’s spot markets over the past month reflect the increased selling activity among its investors. Per Coinglass, in February, the altcoin only recorded four days of inflows, which totaled just $3.5 million. Conversely, XCN spot outflows exceeded $15 million during the same period.

Outflows from the XCN spot markets have reached $6.45 million so far this month. When an asset records significant spot outflows like this, its investors are selling their holdings.

This trend indicates that profit-taking is significant among XCN traders. It is a sign that there is no new demand for the altcoin, potentially lowering its prices in the short term.

Moreover, its funding rate has been predominantly negative since the beginning of the year, highlighting the bearish bias toward XCN.  

This periodic fee is exchanged between long and short traders in perpetual futures contracts. It is designed to keep contract prices aligned with the spot market. When persistently negative like this, it means short positions are dominant, indicating traders are betting on further price declines, which can further reinforce bearish sentiment.

XCN Stuck in Downtrend: Will It Break Free or Drop Further?

On the daily chart, XCN remains within the descending parallel channel it has traded within since January 26. This bearish pattern is formed when an asset’s price moves between two downward-sloping parallel trendlines, indicating a sustained downtrend. 

The pattern suggests that XCN sellers are in control. A drop below the lower trend line, which forms support, hints at further downside. If this happens, XCN’s price could drop to $0.0075.

However, a bullish resurgence in the XCN market could prevent this. If new demand soars, the token’s value could climb to $0.022. 

The post Onyxcoin Struggles with Heavy Sell-Offs, Down 57% from January’s ATH appeared first on BeInCrypto.