Despite the bearish trend, several altcoins are making a few significant rallies this week. Ripple (XRP), for example, has broken above the moving average lines, signaling an uptrend. On the other hand, the leading altcoin Ethereum (ETH) has dropped over 20 percent since Merge. So, will the rise in XRP and the decline in ETH continue? What’s next in the next quarter? Here are the analyst comments…
Ripple-holding whales increased
cryptocoin.com As we have also reported, the lawsuit filed by the US Securities and Exchange Commission (SEC) against XRP in 2020 has affected their value in the cryptocurrency market. But XRP trading prices have been rising steadily for the past few days. The recent rise in XRP price is supported by a number of factors. One of them is the accumulation of whales. According to data from Whale Alert, around $130.2 million worth of XRP has emerged from several cryptocurrency exchanges in recent days. These coins have been moved to a large number of anonymous addresses.
With a total of 54.1 million XRP, the largest purchase was made on the cryptocurrency exchange Bitso. Whale made $27.5 million worth of purchases. Over 84.1 million XRP tokens were purchased by whales on the Bitstamp exchange. Whales added a total of more than $41.4 million in XRP. Also, WhaleStats recorded a massive transfer of 132 million XRP from one wallet to another.
However, whale backlog for XRP has increased as the SEC and Ripple submitted their motions for summary resolution. Santiment said that the XRP/BTC price ratio has finally reached a one-year high of 0.0000025. In other words, the lawsuit became the most important catalyst influencing the cryptocurrency price. In the fourth quarter, investors’ eyes will be on this case and the decisions taken.
Will Ethereum come out of the downtrend?
Aside from the overall market drop that has kept ETH at the low of the cycle, there has been both positive and negative reactions to Merge. Before the event on September 15, approximately 4.19 million ETH worth $5.32 billion had been sold by its holders. However, investors started buying ETH again right after Merge. Within a week, 1.15 million ETH left the exchanges.
Unfortunately, ETH price started falling instead of rising and was trading just above $1,300 at the time of writing. According to analysts, ETH has set $1,426 as resistance, which has been testing for higher lows since July. This level has not yet turned into support. The Fib retracement level, which coincides with $1,591, is expected to serve as the starting point for a recovery. According to experts, as long as there are no bearish signals before the start of the new year, ETH may be on track to outperform if it recovers in the next seven days.
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