A closely followed analyst says deep-pocketed investors are heavily loading up on two large-cap altcoins as the crypto market witnesses an abrupt spike in volatility.
Trader Ali Martinez tells his 129,500 followers on the social media platform X that crypto whales snapped up about $2.16 billion worth of the payments altcoin XRP in just one day.
“Whales bought nearly one billion XRP in [24 hours!]”
At time of writing, XRP is trading for $2.41.
Turning to the layer-1 protocol Cardano, the trader unveils that deep-pocketed investors accumulated over $345 million worth of ADA over the same time period.
“The largest whales on the Cardano ADA network have bought 420 million ADA in [24 hours!]”
All in all, crypto whales pocketed $2.51 billion worth of XRP and ADA in just a day.
At time of writing, ADA is trading for $0.86.
Turning to the charts, Martinez warns that XRP appears to be flashing 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.
“XRP could invalidate this head-and-shoulders pattern with a daily close above $3, potentially paving the way for a rally to $5!”
Based on the trader’s chart, he seems to predict that XRP will plummet to $1.20 if it breaches the pattern’s neckline at $2.
As for Cardano, the crypto strategist says he sees ADA igniting rallies if it takes out a key resistance area.
“Cardano ADA could be poised for a rally to $2.20! Watch for a 12-hour candlestick close above $1.19 to confirm the bullish breakout.”
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