Anyone familiar with crypto knows how dynamic the market can be, and the tides could turn at any time. This week, whales have gone on an accumulation spree, buying Ripple (XRP) and the new presale star, DTX Exchange (DTX).
Such massive interest could lead to a price surge in the coming weeks, say analysts. In other news, Tron (TRX) is becoming a very deflationary cryptocurrency, with its rate dropping by 2.93% in the past year.
Ripple (XRP) Whales Accumulate Over 40M XRP, Price Pump Possible?
Despite the latest altercation with the US SEC, whales are showing interest in Ripple (XRP). According to data from Santiment quoted by Ali Martinez, whales have accumulated over 40 million XRP in the past two days. This renewed interest is a bullish sign and shows investors’ sentiment has not wavered.
In the meantime, the Ripple coin is showing losses on the weekly and monthly price charts. The cryptocurrency has been trading sideways for the past few weeks, consolidating between $0.5 and $0.6. Ripple XRP has been unable to break through key resistance levels despite some positive price trends.
The uptrend was not strong enough to keep the price of Ripple (XRP) above the resistances at the 200-SMA ($0.554584) and 50-SMA ($0.562681). Despite the bearish pressure, analysts forecast the value of the Ripple crypto could gain momentum in the next few weeks, depending on the general market.
Whales Double Down on DTX Exchange (DTX), Presale Crosses $4.7M
DTX Exchange (DTX) is the best ICO in the market right now. The price of its native token, DTX, is valued at $0.08 and is expected to rise by 10x in Q4. DTX presale fund has also crossed $4.7 million and could hit $5 million before the end of October. DTX Exchange is a centralized and decentralized platform that harnesses the advantage of both models.
Such structure is the key to enjoying fast and smooth trades, low trading fees, a high level of security, anonymity, and a high level of liquidity all at one time. Unlike centralized exchanges such as Bybit, DTX Exchange allows users to trade anonymously without passing through KYC checks. The traders can trade over 120k assets from the $714.7 trillion OTC derivatives market.
The tradable assets on the DTX Exchange range from forex, precious metals, CFDs, and equities. They can be traded on one account and a single device. Because of this, analysts believe that this crypto ICO project could become one of the top crypto exchanges. Meanwhile, SolidPROOF has evaluated DTX Exchange’s smart contracts to ensure it is safe for traders.
Tron (TRX) Becomes More Deflationary As Circulating Supply Drops
Tron (TRX), one of the top crypto coins in the market, has become very deflationary this year. The network has been reducing its circulatory supply through regular token burns. Data from Lookonchain reveals the circulatory supply of the Tron coin has reduced from 88.97 billion to 86.56 billion in the past year.
This is a reduction of 2.41 billion Tron (TRX) during this period. The Tron token is currently in deflation, with a rate of 2.93% over the past year. This deflationary status comes due to increased activity on the Tron network.
In other news, TRX price continues to consolidate above the 50-SMA at $0.153432. The altcoin has witnessed a massive uptick recently. According to CoinMarketCap, its value has risen 4.7% on the weekly timeframe and 8.8% on the monthly timeframe.
Tron (TRX) and DTX Exchange Shines In The Limelight
Although Tron (TRX) is becoming more deflationary, it is the DTX Exchange that tops the list for whale investors. DTX is currently one of the most promising platforms, combining the benefits of decentralized and centralized exchange in one platform. Given the large interest from whales, market watchers opine that DTX could record impressive growth in the coming months, making it a good cryptocurrency to buy.
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Disclaimer: The above is a contributor post, the views expressed are those of the contributor and do not represent the stand and views of Outlook Editorial.
