Crypto whales have been caught on the radar as they carry massive amounts of Ripple (XRP) tokens to exchanges. Amid whale trades, altcoin price lost altitude on a weekly basis. Meanwhile, analytics platform Santiment data has detected increased whale activity on the Curve Finance network.
Whales are selling: Wait or Sell signal?
cryptocoin.com In the midst of the crypto winter and the Ripple lawsuit, XRP is slowly losing its momentum. However, the latest whale data shows that the whales are ready to leave. Whale Alert reports that several addresses have transferred 68 million XRP tokens (worth around $27 million) to crypto exchanges like Bitso and Bitstamp.
According to data provided by WhaleAlert, crypto whales have moved over 370 million XRP tokens worth more than $147 million in the past 24 hours. The largest single transaction recorded by the tracker moved 252 million XRP (worth about $101 million) to an unknown wallet. At press time, XRP is trading at $0.4035. The XRP price has dropped about 4.11% in the last 7 days. Also, 24-hour trading volume fell more than 2% to $1.07 billion.
Will the altcoin make a solid comeback?
On the daily chart, the altcoin is constantly struggling to stay above the $0.40 resistance level. This seems alarming as crypto investors may choose to sell if the decision is further blocked. So who will be there to commemorate Ripple’s victory?
Crypto investors are desperately awaiting the court’s summary judgment in the long-running case. But there is nothing “worth waiting” to continue until the court makes its decision. The altcoin price has been numbed and eagerly awaiting the conclusion of the Ripple-SEC lawsuit. On the other hand, many investors are in a dilemma and sooner or later the patience of supporters may run out. The saying “Patience is bitter, its fruit is sweet” sometimes doesn’t come true like that. Because the future of XRP looks foggy, delayed results can be wasted.
Whales take over CRV while others wait to escape range
Data from crypto analytics platform Santiment reveals a spike in whale activity on the Curve Finance (CRV) network. The latest rally shows that participation has increased among large CRV holders, while small and medium holders remain stagnant.
📊 #Curve's circulating supply has remained relatively stable, and whale transactions recently spiked, showing increased engagement among large holders, while small and medium holders have remained stagnant. Read our latest community post about $CRV. https://t.co/I6TTi28vde pic.twitter.com/drp5vTu1Cm
— Santiment (@santimentfeed) January 30, 2023
Curve Finance’s CRV token has been one of the best performers since the start of the new year. The altcoin opened the year at $0.524 and reached $1,010 at the time of writing. According to data from TradingView, this increase represents an increase of almost 100% in four weeks.
Much of this rally is due to whale activity, similar to Santiment’s latest warning. According to the analytics platform, CRV wallets holding large tokens are responsible for recent major transactions. Meanwhile, the number of such wallets has also increased by 2% in the last 30 days. Such details typically indicate an upcoming uptrend, reflecting the growing demand for the tokens.
CRV 1-day trading chart / Source: TradingViewNotably, Santiment also reports that the circulating supply remains the same and that small and medium-sized token holders are staying out of the market. All of this will become important when the altcoin price appears to be in a sideways move, consolidates in the last rally, and perhaps considers where it will go next.
According to analysts, the failure of the CRV to rise above the $1.20 zone caused it to drop to $1.00. This area is currently being retested. This is probably the reason why small and medium-sized investors are not actively participating in the market. Once the whales confirm the trend, they can jump. CRV prices have stayed between $1.00 and $1.20 for the past seven days. It’s the longest lateral move he’s had this year. Traders and investors watch the market to see its direction. Either way, a confirmed breakout could signal small and medium-sized investors to return to the market. For now, it remains the whales’ playground.
