While the ongoing crypto market decline exacerbated by the US airstrike on Iran has sent panic across the market, an anonymous whale has bought over $39 million worth of Ethereum. The huge buy comes amid the Ethereum price struggling to remain afloat. Nevertheless, Crypto Goos forecasts the value of Ethereum may rally to $8,000, mirroring the 2021 bull run.
In another exciting update, the Ripple Ledger has hit a new milestone as it edges towards becoming more deflationary. XRPScan data shows that the number of XRP burnt has crossed the 14 million milestone. However, this increased on-chain activity has not reflected in the Ripple price chart.
Ethereum Whale Takes Advantage of Market Correction
According to on-chain data posted by Crypto Goos, a whale with wallet address 0x7355…213 bought over $39 million worth of ETH, which is about 9,400 ETH, on June 22. Currently, the whale has a total holding of more than 303 million ETH due to the purchase.
The timing of this purchase indicates that the whale sees the recent downtrend as a good buying opportunity for long-term profits. Meanwhile, the Ethereum price witnessed a major pullback on Sunday, crashing below the $2,400 and $2,300 support levels. According to CoinMarketCap, the altcoin price has dropped by 15% on the 7D chart.
The bearish action occurred as markets digested news of a direct US military attack on Iran on Sunday morning, which is a significant escalation of the current conflict between Israel and Iran. However, Crypto Goos forecasts that the price of Ethereum may explode soon.
He argued that the cryptocurrency’s current trajectory is similar to that before the 2021 bull run. The Ethereum price is currently preparing for the explosion phase, which could cause a spiral to $8,000.
Ripple Burn Rate Hits 14 Million As Ecosystem Activity Stays Strong
Ripple continues to show signs of steady adoption, with over 14 million tokens permanently burned on the XRP Ledger (XRPL), according to the latest figures from XRPScan. The cumulative number of burns is currently 14,009,417 XRP, which is evidence of increasing usage and active on-chain activity within the network.
Unlike Bitcoin which uses halving schedule, Ripple adopts a unique mechanism that reduces supply through gradual micro-burns that help to reduce the total circulating supply. This system supports long-term sustainability while reinforcing confidence in the XRPL’s core utility-driven design.
On the other hand, the Ripple coin, XRP, has climbed above the $2.00 mark after losing the level on Sunday. The Ripple price fell as low as $1.92 after the crypto market reacted to the US attack on three Iranian nuclear sites. According to CoinMarketCap, the price of XRP has declined by 7.3% on the 7D.
XForceGlobal predicts the Ripple price may recover soon, rallying close to $5.00. However, the crypto commentator expects a decline to $1.75-1.85 first before the rebound occurs. Meanwhile, a drop below $1.61 could invalidate the positive outlook, XForceGlobal’s accompanying chart showed.
Final Thoughts
The recent 39 million ETH purchase from a major whale suggests growing confidence even as geopolitical tensions and market corrections weigh heavily on investors” sentiment.
Also, the ecosystem of Ripple is experiencing healthy growth, as the burn rate grew up to 14 million XRP. Although ETH and XRP are facing short-term declines, their markets reveal indications of underlying strength that are likely to drive the prices of these top crypto coins higher.
