Analytics Firm Santiment Tracks Cardano Accumulation, XRP Profit-Taking and Flashing Ethereum Indicators
Top smart contract platform Ethereum (ETH) is flashing a handful of bearish indicators, according to the crypto analytics firm Santiment.
Santiment notes in a new analysis that Ethereum’s active addresses, active deposits, and transaction volume are all showing bearish divergences compared to ETH’s price.
ETH is trading at $1,806 at time of writing.
The second-ranked crypto asset by market cap is up 3.3% in the past 24 hours and more than 4.2% in the past seven days. Ethereum is also up 50.5% since the start of 2023.
Santiment also notes that traders of the payments platform Ripple’s utility token XRP are taking profits at the highest levels since August 2021.
“XRP Network continues its impressive March recovery, with its price now +44% in the past 2 weeks and another +11% today. As a result, we’re seeing a very high level of trader profit taking, which is at its highest ratio vs. loss taking since Aug 2021.”
XRP is trading at nearly $0.55 at time of writing. The sixth-ranked crypto asset by market cap is up nearly 5% in the past 24 hours and 16.6% in the past week. XRP is also up more than 61% since the start of 2023.
Additionally, Santiment says that larger wallets have been accumulating Ethereum competitor Cardano (ADA).
“Cardano has been showing some mild decoupling signs this week, and the #7 market cap asset is +8.2% in the past 24 hours. Addresses holding 10,000 or more ADA have collectively accumulated 1.03 billion (3.3% more coins) in the past 5 months.”
Cardano is worth $0.385 at time of writing. The seventh-ranked crypto asset by market cap is up nearly 13.5% in the past 24 hours and more than 5.7% in the past week. ADA is also up around 54% since the start of 2023.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Analytics Firm Santiment Tracks Cardano Accumulation, XRP Profit-Taking and Flashing Ethereum Indicators appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
