XRP Drops 8%; Here Is What Onchain Data Indicates on BTC, LINK, Dogecoin and XRP as Prices Decline

The cryptocurrency market is witnessing another bout of volatility as Bitcoin dips once more below the $19k mark. Several altcoins were sustaining slight losses at press time following Bitcoin’s lead. The price of XRP dropped nearly 8% after its impressive rise during the week. Here is what on-chain data and indicators suggest:

Bitcoin (BTC)
The Root, a glassnode data-focused Twitter handle, shared analysis that might suggest that Bitcoin may soon reach its bear market bottom. ”Short & Long Term Holder cost basis just crossed. Previous bear market bottoms happened within days of crossing. Is this time different?” the Root tweeted.

Crypto analyst Will Clemente believes Bitcoin might have started a bottoming process. ‘’After months of waiting, for just the fourth time ever Bitcoin’s short-term holder cost basis has fallen below its long-term holder cost basis. This indicates a bottoming process. The next cross to watch for is a bull cross of the short term back above the long term’’.

At the time of publication, Bitcoin was trading at $18,862, down 2.4% in the last 24 hours. Cryptoanalyst Ali tweeted that addresses holding 1,000 to 10,000 BTC have sold or redistributed roughly 30,000 BTC over the past week.

Dogecoin (DOGE)
The largest meme cryptocurrency and the second largest proof of work, Dogecoin, is seeing a clear jump in whale accumulation. There has been a spike in the number of whales with 100 million to 1 billion DOGE. According to cryptoanalyst, Ali, ‘’ The number of addresses holding 100 million to 1 billion DOGE has increased by 5.13% over the past week.” Roughly six new whales have joined the network, scooping up approximately 620 million DOGE”. According to Whalestats data, Dogecoin was ranked among the top 10 by trading volume among the 100 biggest BSC whales in the last 24 hours.

Chainlink (LINK)
Per Santiment analysis, Chainlink is likewise seeing increased whale accumulation as addresses holding 10,000 to 1 million LINK have increased their supply held by over 3% of the available coins in just 4 months. This represents the highest percentage of LINK held by these addresses in more than three years.

XRP (XRP)
Cryptoanalyst Ali tweeted that the TD Sequential presented a sell signal in the form of a green nine candlestick on the XRP 12-hour chart. The same bearish formation could also develop on the daily chart, suggesting a steep correction ahead of XRP.
In the current week, the XRP price rose amid increased trader optimism and high whale movement. At the time of publication, XRP was changing hands at $0.486. down 6.86% in the last 24 hours as traders took profit.

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