ADA, XRP Bleed Again as Whale Sell-Off Intensifies

The cryptocurrency market is experiencing another downturn on Sunday afternoon, with two of the most prominent altcoins, ADA and XRP, mirroring this downward trend. Both assets have turned red again, continuing a pattern that began mid-week. This recent selling pressure may be attributed to large holders, often referred to as "whales."

ADA Whales Engage in Selling Activity

Data provided by Ali Martinez indicates a significant sell-off of Cardano (ADA) tokens by whales. In the past month alone, approximately 440 million ADA have been sold, contributing to increased immediate selling pressure on the asset.

During this period, ADA's price has fallen by over 23%. The past week has been particularly challenging, with a 17% decrease since last Sunday. On a daily basis, ADA is down 5.5%, trading below $0.48, a price level not seen since early October.

Despite the current downturn, analyst Ali Martinez, who has a substantial following on X, offered a potential glimmer of hope for ADA investors. He asserted that the TD Sequential indicator, a tool used to identify potential asset exhaustion points, has flashed a buy signal. This indicator had previously flagged ADA's peak and could now suggest an impending rebound.

XRP Faces a More Concerning Situation

The market sentiment surrounding XRP appears even more troubling. Ripple whales have been offloading substantial amounts of XRP for over a month. Previously, CryptoPotato reported that approximately 1.4 billion XRP tokens were sold within a 30-day span.

This selling trend has persisted through and following the broader market crash on Friday. Additional data from Martinez reveals that whales have dumped another 200 million XRP tokens, valued at over $400 million at current prices.

Unsurprisingly, this escalating selling pressure from major market participants has negatively impacted XRP's price. The asset is down 4% in the last 24 hours and 7% weekly, now trading significantly below $2.20.

Martinez also highlighted a positive development for XRP enthusiasts. He noted earlier today that the number of daily whale transactions exceeding $1 million reached 716. This marks the highest count in four months, suggesting a surge in overall interest in the asset.

This increased interest may be linked to the recent launch of a spot XRP ETF in the United States, which set a new record for first-day trading volume this year.