Crypto Markets End the Week on a Volatile Note, But Whales Remain Unfazed

The cryptocurrency market experienced a rollercoaster ride towards the end of the week, with Bitcoin surging past $102,000 before plummeting by over $10,000 within two days to a multi-week low. This market-wide correction had a ripple effect on altcoins, with Dogecoin (DOGE) and XRP (XRP) being no exception. Despite the fluctuations, large investors, also known as whales, continued to accumulate these two major tokens, sparking hopes of a swift rebound.

Market Overview

The past week saw significant price swings in the crypto market. Bitcoin’s surge was short-lived, and the subsequent correction led to a decline in altcoin prices. DOGE, for instance, dropped from $0.4 to $0.31, representing a 22% retracement. XRP also experienced a similar downturn, falling from $2.5 to $2.2 before stabilizing at around $2.33 in the past 24 hours.

Whales Accumulate Amid Market Uncertainty

While retail investors may have been spooked by the market volatility, whales remained unfazed. According to data from Santiment, shared by Ali Martinez, XRP and DOGE whales went on an accumulation spree during this period of uncertainty. DOGE whales added over 470 million tokens to their stash in just 48 hours, valued at approximately $150 million at an average price of $0.33 per token. XRP whales were even more aggressive, purchasing over 1 billion tokens within the same timeframe, with an average price of around $2.3, putting the total acquisition at $2.3 billion.

Technical Analysis

The recent market correction saw both XRP and DOGE react less painfully compared to the previous downturn at the end of 2024. During the previous crash, XRP slipped below $2 on multiple occasions, while DOGE plummeted to just over $0.26. In contrast, the current correction saw XRP’s low at $2.2, 10% higher than the previous low, and DOGE’s bottom at over $0.31. This suggests that the whale accumulations may have helped cushion the fall, and their continued buying could have a more significant impact if the market rebounds in the coming days.

Conclusion

The cryptocurrency market’s recent volatility has not deterred large investors from accumulating XRP and DOGE. With whales continuing to buy these tokens in large quantities, there is a possibility of a swift rebound. As the market navigates this uncertain period, it will be interesting to see how these whale accumulations impact the prices of XRP and DOGE. One thing is certain – the actions of these large investors will be closely watched by the crypto community in the coming days.

As reported by Cryptopotato.com.

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