Crypto Whales Piling Up on Major Cryptos Amid Bear Market
CryptoQuant's analysis suggests that whales are accumulating XRP and other major cryptocurrencies, including Bitcoin and Ethereum. According to the firm's head of research, Julio Moreno, this positioning 'lowers downside pressure' and is consistent with the final phase of a cycle's decline.
The largest XRP cohorts are adding supply as prices sit near or below their average purchase cost, indicating that investors may be nearing the tailend of the crypto bear market. This pattern is also observed in Bitcoin, which has been experiencing an unusually shallow bear market.
CryptoQuant notes that big, low-key buy orders and roughly equal levels of buying and selling pressure point to a calm accumulation phase. However, with XRP's price below a death cross and momentum still negative, there's no confirmation of a turn yet.