Market
Whales’ $600 Million XRP Accumulation To Drive Price Reversal
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XRP has experienced a significant price pullback recently, largely driven by the broader bearish market trend affecting major cryptocurrencies.
Despite this, whales have been accumulating large amounts of XRP, which may signal the potential for a price reversal. Historical trends suggest that a rally could be on the horizon.
XRP Whales See A Bullish Future
Whale addresses holding between 10 million and 100 million XRP have added over 300 million XRP, totaling $609 million in the last few days. The accumulation occurred after these whales previously sold off their holdings when prices were higher, locking in profits.
Now, with the market in a slump, they are buying back in, signaling a high level of confidence in XRP’s future price movements.
The actions of these whales suggest a belief in an eventual price recovery. Their purchasing behavior is typically a strong indicator of market sentiment, particularly when they accumulate during dips.
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The relative strength index (RSI) for XRP is currently in the oversold zone, a critical technical signal. This is the first time in seven months that the RSI has dropped to such low levels. Historically, such drops have been a reversal trigger for XRP, with the last similar occurrence leading to a 47% rally.
The current RSI value suggests that XRP may be oversold and due for a correction, which could result in a price rebound. Given that this level has often preceded significant price surges in the past, the likelihood of a similar outcome increases. If the trend continues, XRP could reach up to $2.98.
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XRP Price Has A New Target
XRP is trading at $2.03, down 24% over the past week. The Ripple token is currently holding above the $1.94 support level. XRP is attempting to breach the resistance at $2.33 with the aim of flipping this level into support. If successful, the move would mark the beginning of a potential rally.
With the technical indicators suggesting a bullish reversal, XRP could target $2.33. Further movement above this level would bring it closer to $2.70. Surpassing this resistance would drive the price toward $2.95, which aligns with the targets suggested by the RSI data and recent whale activity.
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However, if XRP fails to breach $2.33 and remains in consolidation below this level, the price could stagnate between $1.94 and $2.33. This would invalidate the bullish outlook and delay any potential recovery.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Top 3 Hidden Altcoin Gems For March
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Altcoins like DOGEai, SIREN, and Nodecoin (NC) are gaining attention as hidden gems to watch in March. DOGEai, built on Solana, leverages multiple narratives, including Dogecoin’s popularity and the growing AI trend.
SIREN, a BNB altcoin, is poised to benefit from BNB’s rising momentum, while NC taps into the emerging DePIN narrative by rewarding users for monetizing unused internet.
DOGEai (DOGEAI)
DOGEai is an artificial intelligence coin launched on the Solana blockchain. Its market cap is $27 million, up 22% in the past seven days.
The project capitalizes on multiple narratives, including Dogecoin’s widespread popularity, increasing interest in DOGE (Department of Government Efficiency), and the trend of AI-based cryptos.
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It positions itself as “an autonomous AI agent designed to uncover waste and inefficiencies in government spending and policy decisions,” providing bill summaries and insights into public expenditures.
If the current uptrend continues, DOGEai could challenge the resistance at $0.048, with potential upside targets at $0.057 and $0.068. A strong bullish trend could even push it to $0.098.
Conversely, if a downtrend occurs, DOGEai has support at $0.029, and if that level breaks, the price could decline to $0.0119.
SIREN
SIREN is a BNB altcoin capitalizing on the AI crypto narrative. With BNB gaining momentum – recently surpassing Solana in 24-hour trading volume – some of its altcoins, including SIREN, could attract increased attention in the coming weeks.
SIREN currently has a market cap of around $40 million, over 22,000 holders, and a daily trading volume of $1 million.
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As interest in BNB continues to grow, SIREN could benefit significantly by positioning itself as a leading AI coin within the BNB ecosystem, which currently lags behind Solana and Base in the AI narrative.
If SIREN can establish a strong uptrend, it could challenge the resistance at $0.089, and breaking this level could push it further to $0.11. Conversely, if the downtrend intensifies, SIREN could test the support at $0.051, and if that level fails, it could drop as low as $0.034.
Nodecoin (NC)
NC is a Solana-based altcoin that serves as the native coin of Nodepay, a platform that allows users to monetize their unused internet for AI training and earn rewards.
NC is up 14% in the last seven days, with its market cap now at $14.4 million. Jason Brink, CEO of Datagram, emphasizes that DePIN coins could be one of the most underrated narratives right now:
“Given the current market sentiment, narratives tied to real-world utility and assets are poised to gain traction as investors shift focus back to fundamentals. The DePIN sector is particularly well-positioned to attract attention, encompassing projects in decentralized communication, edge computing and AI training. These networks deliver substantial cost efficiencies and reduce resource wastage, making them increasingly viable alternatives to traditional infrastructure models. Moreover, as the sector matures, sustainable tokenomics and concrete revenue models are not only reinforcing DePIN’s long-term proposition, but also aligning blockchain technology with real-world economic utility,” Brink told BeInCrypto.
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If Nodecoin can build a strong uptrend, it could rise to test levels around $0.1.
However, if a downtrend emerges, it could test support at $0.056, and if that one is lost, it could go as low as $0.043.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cardano(ADA) Loses 10% Amid Declining Whale Presence
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Cardano (ADA) has been down almost 34% in the last 30 days and more than 15% in the past week. Its market cap is now at $22 billion. It has been trading below $1 for over a month, reflecting persistent bearish sentiment.
Technical indicators show a strong downtrend, with ADX rising to 46.8, signaling intensified selling pressure. However, if key support levels hold, ADA could reverse its trend and potentially break above $1 in March.
Cardano ADX Shows the Current Downtrend Is Strong
ADA’s ADX is currently at 46.8, rising sharply from 10.3 on February 23. The Average Directional Index (ADX) measures the strength of a trend without indicating its direction.
It ranges from 0 to 100, with values above 25 signaling a strong trend and values below 20 suggesting a weak or non-trending market. An ADX above 40 indicates a very strong trend, showing that market participants are highly confident in the current price movement.
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With ADA’s ADX at 46.8 and the price in a downtrend, it indicates that the bearish momentum is gaining strength. This suggests that selling pressure is intensifying, making a continuation of the downtrend more likely.
Unless buying interest increases significantly, ADA could face further downside. The high ADX value confirms that the current bearish trend is strong and persistent, reducing the likelihood of a quick reversal.
ADA Whales Just Hit Their Lowest Level Since Early January
The number of Cardano whales – addresses holding between 1 million and 10 million ADA – has been steadily decreasing over the past week, dropping from 2,477 on February 21 to 2,454 currently. This is the lowest level since January 9.
Tracking these whales is crucial because they represent large investors whose buying or selling actions can significantly impact market liquidity and price movements.
When whale addresses decrease, it suggests that major holders are either reducing their positions or distributing their holdings, which can indicate a bearish sentiment.
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This sharp decline in the number of Cardano whales could signal increasing selling pressure, potentially leading to further downside for ADA’s price.
As large holders reduce their exposure, it can create more supply in the market, driving prices lower. Additionally, a decreasing number of whales suggests weakened confidence among big investors, which could trigger further selling from smaller holders.
If this trend continues, ADA could face increased downward momentum in the coming days.
Will Cardano Return to $1 In March?
ADA’s EMA lines currently show a bearish setup, with short-term lines positioned below long-term ones, indicating ongoing downward momentum.
ADA could test the crucial support level at $0.5 if this downtrend continues strongly. If this support is lost, the price could decline further to $0.32, marking its lowest level since early November 2024.
This bearish configuration suggests continued selling pressure, increasing the likelihood of further downside unless buying interest picks up.
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However, if the support at $0.5 is tested and holds, Cardano price could find the strength to reverse its trend.
In this bullish scenario, ADA could rise to test the resistance at $0.65.
If that level is broken, the price could continue climbing to $0.83 and even $0.90, potentially paving the way for a rally above $1 for the first time since late January.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
TRUMP and MAGA Surge After Heated Debate With Zelensky
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After Donald Trump got into a viral televised argument with Ukrainian President Zelensky at the Oval Office, meme coins TRUMP and MAGA spiked in value. MAGA was among the initial meme coins themed after Trump, and this is its first upward movement in over a month.
It’s impossible to determine exactly what caused traders to push MAGA up by nearly 10%, but it provides an interesting window into the meme coin space.
Meme Coins Spike As Trump and Zelensky Fall Out Publicly
Donald Trump had a dramatic impact on the meme coin space when he launched his own token, but some things never change. Earlier today, Trump hosted Ukrainian President Volodymyr Zelensky at the White House to discuss resolving the ongoing war. Things did not go according to plan, however, and a televised argument ensued:
“We’re trying to solve a problem. Don’t tell us what we’re gonna feel. Because you’re in no position to dictate that, remember this. You’ve allowed yourself to be in a good position, you don’t have the cards right now. You’re gambling with the lives of millions of people. You’re gambling with World War III!” Trump said as the dispute got out of hand.
The media cycle has been abuzz with commentators discussing this argument and its potential fallout on US-Ukraine relations and the war.
Already, some Senators are calling the meeting “a complete and utter disaster,” questioning whether Trump and Zelensky can do business ever again. However, an unexpected event happened in crypto, as TRUMP jumped up 8%:
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TRUMP, the President’s official meme coin, has been on a steady decline this month. It briefly rebounded in the middle of February, helped out by a new airdrop, but it otherwise remained limp.
However, its rebound is not the most important factor to consider. MAGA, an unofficial Trump-themed token, jumped nearly 10% after the Zelensky interview.
MAGA is a completely unofficial product, bearing no affiliation whatsoever with Trump or any of his associates. It spiked a few times during the election but fell off after his victory and dropped nearly 100% after the official meme coin launched.
US Political Developments Are Now Impacting the Meme Coin Market
Understandably, Trump’s fans would rally behind him after the talk with Zelensky. These price reactions show an interesting glimpse into the mind of a meme coin trader, particularly a Trump supporter.
Are these buyers expecting it to be a sensible investment? Or are they simply trying to make a public gesture of faith for their favorite politician? It could even be a cynical move, hoping to create a pump while this story dominates the headlines.
Ultimately, due to their names, it’s almost impossible to easily search for either one of these tokens on social media. Therefore, assigning a concrete motive is speculative.
However, Vitalik Buterin previously feared that political meme coins could be used for corruption, and new proposals at the Congress echo this sentiment.
Even if politicians are banned from creating or endorsing meme tokens, enterprising individuals may keep creating them all the same.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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