3 Altcoins To Sell If Ethereum Hits $5,000 Post ETF

Recent whale activity is shedding light on which altcoins to sell before if Ethereum reaches $5,000 post ETF launch. Historically, Bitcoin corrects after the halving event for about 145 days before the onset of the main bull run, which tends to last around 1.3 years. With less than 60 days to go until the potential start of the bull market rally, here are 3 altcoins whales are bagging up in July.

1. Altcoins To Sell – XRP (XRP)

XRP is the native coin for the XRP Ledger, a blockchain designed to help financial institutions streamline cross-border payments using a fast and cost-effective network. Ripple Labs is the company behind XRP and XRPL. It has onboarded multiple banking institutions so far and continues its crusade to onboard more.

The price of XRP is trading around $0.5457, a 25.7% increase in the last 7 days. XRP price is displaying signs of a breakout that the entire crypto market has long awaited. Since the onset of the Ripple-SEC lawsuit in December 2020, the asset’s price has been suppressed below the $1 cent level. 

The Ripple network saw a surge in adoption following news that the CME Group would launch new daily price reference rates and real-time indices for XRP and ICP beginning July 29, 2024. 

Consequently, whales rush to buy the crypto asset, with one big player buying 38 million XRP ($20 million). 

38,783,752 #XRP (20,441,137 USD) transferred from #Binance to unknown wallethttps://t.co/3Qp6RBsbLr

— Whale Alert (@whale_alert) July 14, 2024

This comes as the Ripple-SEC lawsuit shows signs of ending. Following the recent settlement between Terraform Labs (TFL) and the SEC, Ripple appealed to the court to have its penalty reduced. Subsequently, the penalty was reduced to less than $120 million. Along the same lines, the SEC dropped its investigation into Ethereum, after which 19-4b ETFs were approved. The exact process could unfold for Ripple and XRP.

2. MAGA (TRUMP)

MAGA is among the many Trump altcoins that mushroomed when the former American president announced his bid to vie for the November 2024 elections. The crypto project also markets itself as a charity, donating proceeds of the 1% on-chain tax on buys, sells, and transfers to veterans and Child trafficking prevention services in the United States. As of July 15, MAGA has donated $1.7 million to these causes.

TRUMP is the native token of the MAGA community, and its price jumped nearly 50% from $6.34 to $$8.03 over the weekend after an assassination attempt on Donald Trump. The price of TRUMP had been rising gradually in anticipation of the upcoming Bitcoin 2024 conference in Nashville, in which the former president was slated to deliver a 30-minute speech. Following the attempt on his life, Trump has affirmed that he will still show up to the conference. 

Analysis by Lookonchain and Arkham Intelligence discovered that Gigantic Rebirth’s (GCR) address, tagged “GCR Address 1,” still holds over 936,000 TRUMP tokens and has a profit of over $6.5 million.

Another address tagged "GCR: Address 1" still holds 936,279 $TRUMP($7.23M) and has not sold it, with a profit of more than $6.5M!https://t.co/qGFbpGAuJW pic.twitter.com/16LpqJX61e

— Lookonchain (@lookonchain) July 15, 2024

This indicates that whales are still holding this altcoin. After winning the debate and escaping assassination, his odds of winning the elections may have just gone up, and with them, the price of TRUMP.

3. Altcoins To Sell – Chainlink (LINK)

Chainlink is the glue that holds the majority of DeFi protocols together. Developed by Sergey Nazarov, Chainlink is a universal platform for blockchain builders and decentralized financial institutions. The main product of the Chainlink oracle network is the Cross-Chain Interoperability Protocol (CCIP), which allows the secure and reliable transmission of data and its value between different blockchain networks. As an oracle network, Chainlink’s services enable smart contracts to communicate securely with real-world data and services outside the blockchain network. This may impact real-world assets (RWA), DeFi, AI, and even DePIN sectors. 

Lookonchain just spotted a whale who has secretly accumulated 12.75 million LINK ($167 million) across 93 different wallets in less than one month. Such a massive investment is a bullish signal for the crypto asset. 

It seems that a mysterious whale/institution is accumulating $LINK!

We noticed 93 fresh wallets withdrawing 12.75M $LINK($167M) from #Binance since June 24!https://t.co/SkqA1r0F1N pic.twitter.com/AJR4fT36VG

— Lookonchain (@lookonchain) July 14, 2024

Chainlink price is up 2.5% in the last 24 hours to trade at $14.10. Chainlink price prediction shows strong support around $12.8, which may hold up the price if market conditions turn bearish. However, before that happens LINK is one of the altcoins to sell as you wait the perfect entry position. 

LINK’s relative strength index (RSI) just crossed above the mid-point, confirming a bullish uptrend and increasing buy momentum. The moving average convergence divergence (MACD) indicator also spotted a bullish cross-over, confirming a LINK bullish reversal. 

Conclusion

While Ethereum’s price potentially hitting $5,000 post-ETF approval might seem like an exciting opportunity, it may also signify a good moment to reassess your altcoin holdings. As Ethereum gains momentum, some altcoins might struggle to maintain their value or relevance. XRP, LINK, and MAGA represents some altcoins to sell, allowing you to consolidate gains and potentially reinvest in more promising or stable assets.

The post 3 Altcoins To Sell If Ethereum Hits $5,000 Post ETF appeared first on CoinGape.