Massive Cryptocurrency Investor Purchases $1.1 Billion in Ethereum as Ripple's XRP Exhibits Two Consecutive Buy Signals

In the dynamic world of cryptocurrencies, the market is showing signs of a potential rebound after a turbulent period. Let's delve into the latest developments.

Currently, the trading price of Ethereum (ETH) stands within the $4,400 price range, while Bitcoin (BTC) hovers around $110,000. Interestingly, a significant player, often referred to as a 'whale', has made a substantial purchase of ETH. This whale, through Hyperunit, has bought $1.1 billion worth of ETH and has staked it all, increasing their total investment to approximately $3.5 billion after last week's purchases.

Meanwhile, another whale, the US gaming company SharpLink, has joined the fray, purchasing Ethereum worth approximately 3.5 billion USD last week and staking the Ether to earn rewards for the network.

Analysts remain optimistic for the long-term, expecting both BTC and ETH to hit new All-Time Highs (ATHs) after the expected September correction. The correction, according to predictions, will take the price of Bitcoin to the 5-digit range, close to a CME Gap in the $90,000 - $95,000 price range.

The price of Ripple's XRP sits at $2.79, just over 25% away from its previous ATH price set at $3.84, according to CoinMarketCap analytics. The TD sequential has flashed back-to-back buy signals on XRP, indicating a potential rebound setup, as suggested by a reputed crypto trader and analyst.

A vertical surge in prices is anticipated for Bitcoin and altcoins after the correction. This optimism is further fuelled by the rising dominance of Ethereum and altcoins, with analysts keeping a close eye on Bitcoin Dominance and expecting ETH and altcoin dominance to take over soon.

Amidst this market volatility, traders and investors are accumulating more of their favourite market assets during market and price dips. This trend is evident in the over $500 million in crypto liquidations that occurred over the past 24 hours.

In recent news, Bitcoin set a new ATH at $124,000 last month, while Ethereum set a new ATH at $4,900 last month. Despite the anticipated September correction, analysts are confident that both cryptocurrencies will continue to show strong growth in the long term.