Bitcoin (BTC), Ethereum (ETH) and XRP are poised for big moves

After some positive momentum last week, Bitcoin, Ethereum and XRP prices formed lower high patterns.

Bitcoin price action is in a broader downtrend as Ethereum and XRP prices struggle to regain some sort of bullish momentum.

Knowing that short-term bullish momentum pushed BTC above $17,000, the price quickly lost that level. Nevertheless, the asset’s move above $17,000 raised hopes of a rally as analysts speculated on the possibility of a price drop.

On the daily chart, the price of BTC fell by 0.98%, while ETH fell by 2.15%. XRP rose by 0.67%. Despite these ups and downs, the on-chain data suggested specific trends for these three cryptocurrencies.

The big BTC accumulation phase has started

Analysis of Bitcoin Realized Loss as a percentage of market capitalization helps to interpret the macroeconomic picture of the asset. Indeed, realized losses as a percentage of market capitalization indicate two significant past buying opportunities in a bear market in December 2018 and February 2020.

Bitcoin realized loss as a percentage of its market value | Source: Sentiment

However, the indicator recently peaked, indicating good buying opportunities in the market. However, even though the indicator reached two highs this year, price action continued to decline. It would be interesting to see if the realized loss indicator as a percentage of market cap provides more buying opportunities in the price history.

In addition, Whale Exchange Rate data dropped sharply in the last quarter of this year. Looking at the data from 2018 to date, we see that the data follows a long-term bullish or bearish trend.

In 2018, the 7-day moving average (7D) and 90-day momentum (90D) rose steadily, reaching lows when the price of BTC started to fall and the bear market began. low price appeared. The same thing repeats itself in the short term and the stock tends to cool down completely as BTC nears the top of the last cycle.

Bitcoin Whale Exchange Rate | Source: CryptoQuant

After reaching its peak in 2021, the upward trend of the indicator accelerated and stopped only at the end of the third quarter of this year. He even cooled down during the incident phase of the FTX drop. Therefore, a significant decrease in the exchange rate of crypto whales indicates that large organizations are also denying risks and reducing trading volume.

Thus, although the level of volatility decreases as the indicator cools, it cannot be said with certainty that the price of BTC has bottomed. However, the indicator’s return to lower levels may mark the asset’s most active accumulation phase for a new start.

Ethereum accumulation

At the time of writing, the Ethereum price was trading at $1,232.30, down just 0.20% on the day. Thus, the price of the asset struggled to settle above the $1,300 resistance mark.

Daily on-chain trade flows showed that net flows were negative for ETH, with around $1.6 billion in flows as of December 8. With the dominant performances in the Ethereum market, it is clear that the owners of the asset have a positive outlook and confidence in the price.

ETH Crypto Whales and Sharks continued to collect tokens despite the price moving in a range. The main shark and whale addresses, which hold between 100 and one million ETH, thus hold two-thirds of the total supply of the asset.

ETH supply distribution | Source: Sentiment

Thus, this majority acquired only 2.1% more coins during the past month. The increasing capture of whale and shark addresses generally represents a long-term upward trend.

ETH’s Network Volume Transaction (NVT) indicator has hit a monthly high, meaning investors have priced the asset higher. Indeed, the growth of market capitalization exceeded the number of transactions on the chain.

NVT ratio ETH | Source: Glassnode

In the short term, Ethereum bulls may target $1,300 and then $1,350 resistance/support. However, in the short term, a fall in the price of Bitcoin could extend the losses for ETH and the rest of the market.

5.86 trillion XRP transferred

At the time of writing, the price of the cryptocurrency XRP has gained some momentum. XRP was trading at $0.3881, up 2.83% on daily data. From a price point of view, XRP bulls should target the $0.40 mark for a remarkable rally.

However, some major chain moves have drawn investors’ attention to XRP. Indeed, data from WhaleAlerts shows that more than 110 million XRP were transferred in the last 12 hours. The most recent transfer was 40,000,000 XRP worth $15,379,362 from the Bitso exchange to an unknown wallet.

A day ago, more than 850 million XRP were transferred from cryptocurrency exchanges to unknown wallets.

The Age Consumed indicator for XRP shows that approximately 5.86 trillion tokens were transferred in the last day. When Consumed Age registers one of its biggest increases, it will be very important to see how the price of XRP reacts to the movement of older tokens.

XRP Age Consumption Indicator | Source: Sentiment

The movement of old XRP coins could indicate a possible redistribution or an attempt by crypto whales to boost the price of the asset in the short term.

However, while whales influencing XRP price action could help the coin’s positive momentum, there is no certainty with Ripple’s regulatory battle.

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