In the wake of recent fluctuations in the cryptocurrency sector, large investors are increasing their assets in Cardano and XRP.
Current Market Situation
The cryptocurrency market is experiencing a correction, with Bitcoin facing a sharp decline to $114,600. While some cryptocurrencies show a price drop, such as XRP, down 3.3%, and Cardano, down 6.4%, demand for these assets among large investors remains high.
Activity of Cardano and XRP Whales
Analysis from Santiment indicates that whales are actively buying XRP and Cardano. In August, the number of transactions over $100,000 reached a five-month high. XRP whales holding between 1 million and 10 million coins added 300 million XRP to their assets, totaling 6.72 billion XRP. Simultaneously, Cardano whales purchased an additional 30 million ADA, bringing their total to 5.55 billion ADA.
Analysts' Opinions on the Market
Max Shannon, senior analyst at Bitwise Europe, stated that "this correction is healthy for the markets after the enthusiastic rally of the last two weeks." XRP's year-to-date return stands at 15%, attributed to the resolution of the SEC lawsuit. However, John Murillo, Business Development Director at B2BROKER, highlighted that XRP's price is influenced by both regulatory factors and supply pressure from the release of 1 billion XRP from escrow.
Despite price fluctuations in the cryptocurrency market, the activity of Cardano and XRP whales indicates ongoing interest from large investors in these assets.
