The new week has kicked off on a chaotic note for Bitcoin and other altcoins, with a mild drop in the value of the global crypto market capitalization, and the previous week closed with long positions getting dissolved, and traders attempting to cut their losses.
As a result, leading altcoins like Ethereum (ETH) and Ripple’s XRP are experiencing increased selling pressure. However, the Bulls remain primed for a short-term comeback.
Ethereum holders press on, ignoring the continuous downtrend
The bearish phase kicked off for Ether on December 16, 2024, after Ether hit a cycle high of $4,107. On the 10th of March, as Cryptoquant noted, accumulating addresses moved into unrealized loss territory. With Ether’s drop to $1,886.7, realized profit for accumulating addresses peaked at $2,026.
These accumulating addresses, typically known for not selling accumulated ETH, are made up of long-term holders whose balances maintain stability or increase continuously. Cryptoquant observed, “These addresses have lowered their Realized Price from $2,026 to $1,980 as of May 3, reflecting a 2.32% decrease since March 10.”
Trading at a press time price of $1,789, ETH has sustained losses of up to 41% over the past 90 days. It bears mentioning that the continued downtrend reflected in the surge in unrealized losses, accumulating addresses are holding on to their long-term strategy.
XRP bulls fight to reclaim buying power
XRP started the week stagnant at the $2.5 price level. As one of the lowest gainers from the previous week, with over 7% recorded weekly losses, the road to recovery remains blurry for XRP. However, bulls are making a notable attempt to reclaim buying power.
Trading volume has surged 24% over the last day, with more than 1.87 billion recorded in the open market. Additionally, leading exchanges Upbit and Binance saw retail trading cross $130 million.
At the time of this report, XRP is trading at $2.09. Having sustained mild losses totaling 1.54% over the last 24 hours, XRP remains crucial, with bullish and bearish possibilities in view.