XRP Has Surpassed Bitcoin, Ethereum, And Solana Combined In This Metric

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The long-standing legal battle between Ripple and the US Securities and Exchange Commission (SEC) has finally made significant progress in court, and the case may be nearing its end, with a surge for XRP.

As expected, this development revitalized interest in XRP, Ripple’s native cryptocurrency, which in turn led to a noticeable surge in XRP’s activity across the crypto industry.

On-chain data reveals a surge in the number of transactions and trading volumes for XRP on major cryptocurrency exchanges. One of the most noteworthy instances of this trend can be seen on the South Korean exchange, Upbit, where XRP trading volume has surged dramatically.

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Cardano (ADA) Price Could Decline 10%, Here’s Why
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In this bearish market sentiment, the majority of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are experiencing significant selling pressure.

Amid this market downturn, Cardano (ADA) also appears bearish and may face a substantial price decline despite the accumulation of millions of tokens by whales.

Cardano Whales Added 170 Million ADA Tokens 
According to the on-chain analytic firm Santiment, Cardano Whales holding over 100 million ADA tokens have added over 170 million tokens between August 27 and August 30, 2024.

This massive accumulation ahead of Cardano’s highly anticipated Chang Hard Fork update was initially considered a bullish outlook for ADA.

Cardano Price Prediction 
However, due to the bearish market sentiment on August 30, 2024, ADA has experienced a crucial breakout down of the ascending trendline. Since August 5, 2024, ADA has taken multiple support of this trendline, and each time it has seen an upside rally. Following this recent breakdown, there is a high possibility it could fall by 10% to the $0.305 level.

Currently, ADA is in a downtrend as it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame. However, its Relative Strength  Index (RSI) is in an oversold area indicating a potential price reversal.

ADA’s Key Liquidation Levels
However, ADA short sellers are dominating the asset and liquidating long positions. According to the on-chain analytic firm CoinGlass, the ADA exchange liquidation map indicator signals short sellers have huge potential to liquidate millions worth of long positions. 

Currently, the major liquidation levels are near $0.337 on the lower side and $0.365 level on the upper side, as traders have been over-leveraged at these levels. 

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