Both XRP and Cardano (ADA) have found themselves on the receiving end due to heavy dumping by whales.
Calling out this development, popular market analyst Ali Martinez acknowledged that whales had offloaded 60 million XRP and 70 million ADA.
This development has sent shock waves, with XRP and Cardano dropping by 4% and 6.5% on the weekly charts, respectively, according to CoinGecko data.
There is a high probability that the XRP selloff was triggered by the looming January 15 deadline, when the United States Securities Exchange Commission (SEC) is required to present its appeal-related brief in its case against Ripple.
The SEC intends to challenge this verdict since it objects to the Programmatic Sale of XRP.
If the SEC’s appeal sees the light of day, XRP is expected to witness heightened selling pressure.
Therefore, the appeal’s trajectory will play a primary role in determining how XRP forges forward with bullish on-chain metrics, such as the formation of a bull flag, previously popping up.
Meanwhile, the crypto market continues to traverse neutral grounds.
Market analyst Daan Crypto Trades pointed out, “The Weekly RSI Heatmap shows a clear story.This is sorted from high to low market cap. The higher market caps are generally trading at a higher RSI and stronger high timeframe chart. The overall market sitting at a Weekly RSI of ~50 is still pretty neutral as well.”
Therefore, the neutral state is being witnessed based on the consolidation and balanced market sentiment.
