Bitcoin, Ethereum, and XRP prices are heading lower after seeing some positive momentum last week.
Bitcoin price action has been in a larger downtrend while Ethereum and XRP prices have struggled to gain some bullish momentum. Although a short-term bullish momentum pushed the price of BTC above $17,000, this price level was soon lost. Nevertheless, BTC’s price rally above $17,000 ignited hopes of a recovery as analysts analyzed the bottom.
On the daily chart, BTC price fell by 0.98%, while ETH saw a decline of 2.15%. XRP showed a price increase of 0.67%. Despite the ups and downs, the on-chain data suggested some unique trends for these three coins.
The Most Active Bitcoin Collection Phase Begins
Viewing Bitcoin Realized Loss as a percentage of market cap helps interpret the coin’s macro picture. Realized loss as a percentage of market cap shows two historically large bear market buying opportunities in December 2018 and February 2020.
However, the indicator recently peaked, indicating good buying opportunities in the market. Although the indicator has reached its peak twice this year, the price action has continued to decline. It will be interesting to watch if the realized loss as a percentage of market cap presents more historical buying opportunities.
In addition, the Whale Exchange Rate data dropped sharply in the last quarter of this year. Looking at the data from 2018 to now, it is consistent with a long-term bullish or bearish side.
In 2018, when the price of BTC began to fall and the bear market began, the 7D moving average and the 90D momentum rose continuously, reached a peak and then began to cool down when the price bottom appeared. The same thing repeats itself for a short period of time and BTC tends to cool off completely when it approaches the peak of the last cycle.
After reaching its peak in 2021, the indicator accelerated its upward trend and stopped only at the end of the third quarter of this year. FTX cooled down even during the stage of the swan incident. A large drop in the Whale Exchange Ratio indicates that large institutions are also risk-averse and reducing trading volume.
Although the level of volatility decreases as the indicator cools, it is impossible to say for sure whether the price of BTC is falling or not. However, an indicator reaching lower levels may mark the most active accumulation phase for a new beginning.
Ethereum whales and sharks are gathering
At the time of writing, the Ethereum price has lost just 0.20% in the daily window as ETH traded at $1,232.30. ETH price struggled to build above the $1,300 resistance mark.
Daily on-chain exchange flows suggested that net flows were negative for ETH, with around $1.6 billion going out on December 8. With the dominant performances in the ETH market, it was clear that Ethereum holders have a positive price outlook and confidence in the ETH price.
ETH whales and sharks continued to add more ETH to their wallets even as the price moved along a range of trajectories. Major shark and whale addresses holding 100-1 million ETH hold two-thirds of the coin’s total supply.
This cohort added 2.1% more coins to their wallets in the last month. The increasing holding of whale and shark address is generally a long-term uptrend.
The ETH Network Volume Transaction (NVT) was at a monthly high, meaning that investors were valuing ETH at a premium as market cap growth outpaced the use of on-chain transactions.
Short-term ETH bulls may target $1,300 and then the $1,350 resistance/support level. However, in the near term, a Bitcoin price pullback could further extend losses for ETH and the rest of the market.
5.86 Trillion XRP transferred
At press time, the XRP price has gained some bullish momentum. XRP traded at $0.3881, showing a 2.83% gain on the daily chart. From a price perspective, XRP bulls should see the $0.40 mark for a significant recovery.
However, some major chain moves have turned investors’ eyes on XRP. Data from WhaleAlerts suggested that over 110 million XRP were moved in the last 12 hours. The most recent transfer was 40,000,000 XRP worth $15,379,362 from Bitso to an unknown wallet.
A day ago, more than 850 million XRP were transferred from exchanges to unknown wallets.
The Age Consumed indicator for XRP shows that approximately 5.86 trillion XRP were transferred in the last day. With Yash consumption recording one of its biggest increases, it will be very important to see how the XRP price reacts to the movement of older coins.
Old XRP movement could point to a possible redistribution or an attempt by whales to boost prices in the short term.
While the whales moving the XRP price action could help the coin’s positive momentum, there is no certainty with the ongoing regulatory battle.
Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but is not responsible for any missing facts or inaccurate information. You agree and understand that you use any such information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.
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BeinCrypto strives to provide accurate and up-to-date information, but is not responsible for missing facts or inaccurate information. You agree and understand that you use any such information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.