XRP has been on the right footing for the past few weeks since the eighth-largest cryptocurrency has witnessed a notable leg up.

For instance, according to CoinGecko data, XRP has increased 36.9% in the past two weeks to hit $0.60.

Santiment acknowledged that heightened shark and whale holdings were instrumental in enabling XRP to scale heights, with the altcoin hitting a 15-week high.

The leading on-chain metrics provider pointed out, “XRP has now climbed above $0.58 for the first time since the market-wide retrace back on April 12th. This rebound is supported by climbing levels of coin hodling from whales and sharks with 100K+ XRP coins.”

Source: Santiment

Therefore, the heightened accumulation spree among whales and sharks paints a bullish XRP picture since the coins are being held for future purposes other than speculation.

Is XRP Gearing Up for a Major Breakout?

According to Crypto Michael, as XRP continues to make airwaves in the crypto sphere, the altcoin might be getting ready for a historic breakout.

The market analyst acknowledged, “In all my years of trading crypto I have NEVER seen a 7 year long bull pennant. We might be about to witness one of the most significant breakouts in crypto history.”

Source: Crypto Michael

Based on this trend, XRP might surge to the psychological price of $2 if this breakout sees the light of day.

Technical analysis also shows that XRP intends to leave a major symmetrical triangle, further cementing the crypto’s bullish journey.

Source: TradingView

As XRP continues to attract a crazy bullish crowd sentiment, the monthly RSI is also eyeing exiting a notable 6.5-year downtrend.

Ethereum has been witnessing remarkable buying, mainly instigated by whales, as the second-largest cryptocurrency. Thanks to the launch of ETFs, it continues to be the talk of the crypto town.

According to IntoTheBlock data, the number of large ETH holders has been climbing, recently hitting 74,791 thanks to a remarkable accumulation spree.

IntoTheBlock pointed out, “Wallets holding at least 0.1% of the total supply have shown a consistently positive net flow over the past month, with a notable surge as Ethereum bounced back from its recent lows below $3k.”

Therefore, a bullish picture remains in the Ethereum ecosystem based on a notable hodl trend and the rollout of the much-anticipated ETFs.

Ethereum ETFs Take Center Stage in Crypto Circles

According to Santiment, the social volume regarding spot Ethereum ETF has been going through the roof, given that the altcoin has entered another chapter in its history. 

The leading crypto analytic firm acknowledged, “The social volume toward any keywords related to ‘Ethereum’, ‘Spot’, or ‘ETF’ are off the charts on a historic day. In the past 24 hours, the ETH/BTC is +3.4%, and traders are anticipating the bullish momentum for crypto’s second market cap asset is just getting started.”

Source: Santiment

With spot Ethereum ETFs seeing the green light on July 23 after being okayed by the United States Securities and Exchange Commission (SEC), the trading volume has already surpassed the psychological threshold of $1 billion.

Binance CEO Richard Teng recently opined that Ethereum ETFs would witness a steady capital deployment.

However, it remains to be seen whether they will follow in the footsteps of Bitcoin and trigger a new all-time high for Ethereum. 

XRP posted a 23% gain over the past month, making it a top gainer among the top ten largest cryptocurrencies by market capitalization. 

This gain comes as data from Santiment shows that large XRP holders, popularly known as whales, bought over 300M XRP tokens on July 12-15. This accumulation by institutional investors has been behind the steady uptrend.

This level of XRP accumulation does appear to have had a positive impact on their +36% surge that ran from July 7th to 13th. Keep an eye on whether these key stakeholders continue accumulating. https://t.co/vr7QcwrNja

— Santiment (@santimentfeed) July 15, 2024

The analytics platform noted that watching the behavior of these large investors could help determine XRP’s price action.

Amid the ongoing rebound across the crypto market, XRP whales remain active. According to Whale Alert, a wallet containing 27,900,000 XRP tokens valued at over $14 million recently transferred these tokens to the Bitstamp cryptocurrency exchange. 

While such a transfer could indicate possible selling, XRP continues to trade solidly.

XRP Gets High Levels of FOMO

Amid the ongoing XRP price recuperation, analytics platform Santiment notes that the coin is getting “high levels of FOMO.” 

The fear of missing out (FOMO) could drive high buying pressure into XRP, and the token could continue to rise. The crowd euphoria around XRP makes it a high-reward investment, but investors must remain cautious as the FOMO could fail and cause a correction.

According to market analyst @MikybullCrypto, XRP is poised for an explosive rally that could see its price action mimic what happened in 2017. At the time, XRP started a rally that saw it clinch an all-time high above $3.

The analyst noted that a triangle pattern was forming, mimicking a similar trend in 2017. The current pattern signals a possible consolidation before XRP breaks out.

The Williams %R indicator at the bottom of the chart points to historical peaks in XRP’s price action. This indicator shows that XRP could be at the start of bullish momentum, with a potential peak expected in 2024 if the price follows past trends.

The bullish thesis is further supported by @crypto_bitlord7 on X, who stated that XRP will likely outperform Bitcoin and Ether in the current market cycle. 

“I think XRP will flip ETH this market cycle, maybe even BTC. I expect it to suck so much liquidity out of the market, whose sectors will be rugged to feed the Ripple monster higher,” the analyst stated. 

Bitcoin is often touted as the ultimate store of value by its propounders; a digital version of gold that maintains all the best characteristics as an inflation hedge while being more efficient and liquid thanks to its underlying blockchain technology, which the Bitcoin protocol pioneered.

However, as crypto faces a major correction, which has seen Bitcoin slump to the $60,000 level, faith in this paradigm is being tested. Indeed, when compared to gold, BTC is down roughly 11% on the week. The yellow metal, in contrast, has soared to an all-time high.

Old-Fashioned Gold Is Outperforming Its Digital Version

If “digital gold” means “a safe-haven asset where investors park their money during global economic uncertainties and geopolitical strife,” then the world’s largest crypto by market cap doesn’t fit the bill as well as it used to.

At press time, Bitcoin is changing hands for $60,504 and is down 17.8 percent from its March all-time price high of $73,737.94. Meanwhile, the precious metal set a new record high near $2,500 on Friday. An ounce of gold was changing hands at $2,442 as of press time.

As Bitcoin’s performance starkly contrasts gold, observers are questioning whether the top crypto’s status as a form of “digital gold” still rings true. The latest downturn for BTC came in tandem with a punishing global stock market rout, with the Nikkei’s 6% slide setting the scene for more losses on Wall Street. An astonishingly bad US jobs report further exacerbated the sense of panic.

This correlation with equity markets indicates that BTC is firmly behaving like a risk asset at the moment — not the safe haven its fans have often touted it to be.

Looking Ahead

Jeff Ross, the founder and managing director of hedge fund Vailshire Partners, predicted that increasing global liquidity could fuel Bitcoin’s price in the future.

Ross shared a chart on his X account, comparing the global M2 money supply to BTC/USD and the latter’s 50-week and 200-week simple moving averages (SMAs).

“A reverse head-and-shoulders forming for bitcoin (on the weekly chart) in the setting of increasing global M2 money supply? Would be uber bullish from a combined TA and liquidity perspective,” Ross explained.

Meanwhile, the journey ahead for Bitcoin remains complicated, with a set of catalysts, including a dovish Federal Reserve policy, increased adoption by institutional investors, favorable regulatory developments, and technological advancements, likely influencing its ability to hit new price milestones this year.

Dogecoin (DOGE), the crypto industry’s largest and oldest canine-themed meme coin, has received a surprising status boost after Ether (ETH) co-creator Vitalik Buterin admitted that he is a DOGE holder. This unexpected endorsement has sparked enthusiasm within the cryptosphere.

Buterin Admits He Holds DOGE

Vitalik Buterin made a surprise declaration at the 2024 Ethereum Development Conference (EDCON) in Tokyo, Japan, positioning himself as a Dogecoin holder during his presentation.

This fascinating moment was captured at the event when Buterin appeared on stage, donning a dark Japanese kimono garment paired with a white horse head mask. Appearing almost unrecognizable, the audience asked about his identity, and he identified himself as a DOGE HODLer. The Ethereum co-founder dramatically removed his mask to clear their doubts, eliciting laughter from the crowd in attendance.

Everyone: Who are you?V: I'm a Dogecoin hodler.#EDCON2024 @dogecoin @VitalikButerin pic.twitter.com/Uyj9A0U8k3

— EDCON (@EDCON2024) July 30, 2024

Notably, Buterin’s fondness for Dogecoin has been obvious since 2015. In 2016, he revealed that he had not liquidated any of his DOGE holdings and was even planning to acquire more. And in September 2021, the man behind Ethereum floated the possibility of transitioning Dogecoin to a proof-of-stake security model using Ether’s code.

So How Much Dogecoin Does Buterin Own?

It’s not clear exactly how much DOGE Buterin currently owns. However, he revealed in a 2016 interview that he had invested roughly $25,000 because he liked the meme coin’s ethos and community. One Dogecoin was valued at around $0.0002 in 2016, meaning Buterin may have acquired roughly 125 million DOGE.

Buterin later disclosed in 2021 that his 2016 investment had amassed profits of over $4 million. At the time, he noted that purchasing Dogecoin had been one of his most successful investments.

The price of Dogecoin barely budged despite Buterin’s latest public support of the meme-inspired token. DOGE is currently trading for $0.1072, according to CoinGecko data. The eighth-largest crypto fell by 5.13% on the day and is down 16.4% over the last seven days. Although Dogecoin’s performance has been sluggish recently, market pundits remain bullish on the meme coin.

Vandell Aljarrah, co-founder of crypto investments firm Black Swan Capitalist, has forecasted a substantial rally for XRP, citing what he describes as “massive pressure” accumulated over the past six years.

In a tweet on July 31, Aljarrah asserted that XRP is primed for a significant price increase, driven by strong fundamentals and technicals, despite current market sentiments.

“Believe it or not, XRP has built up MASSIVE pressure over the last 6 years which will lead to a Mega price increase,” Aljarrah stated. “Extremely strong fundamentals. Extremely strong technicals. Extremely undervalued/oversold. Extremely useful idiots spreading FUD.” 

Notably, the pundit’s remarks followed an in-depth interview with renowned market analyst Francis Hunt, known as “The Market Sniper.” During the interview, Francis elaborated to Aljarrah on XRP’s potential role in disrupting traditional financial systems and its positioning among top cryptocurrencies.

Francis further highlighted the significant potential for XRP, among other major cryptocurrencies, to challenge Bitcoin’s market dominance. According to Francis, XRP is part of a larger movement involving multiple cryptocurrencies that may collectively challenge Bitcoin’s market dominance.

“We used to have to have Bitcoin going up for the rest to go up even if it goes up slowly or at least holds…. this ‘God Market’ syndrome around Bitcoin is going to dissipate slowly,” the analyst emphasized.

Francis also noted that XRP’s recent price action suggests a potential breakout from a 6.5-year-old asymmetrical triangle consolidation pattern. He compared this current setup to previous cycles when XRP saw dramatic price increases following similar patterns.

Furthermore, zooming in, Francis described July’s closing candle as a “major rejection candle,” which he believes signals bullish strength.

“From the beginning of 2018 to now, we’ve seen six years of price behavior building towards a breakout. The longer this consolidation phase, the more substantial the potential squeeze,” Francis added, projecting that this breakout could lead to XRP achieving a remarkable 32x increase from current prices, potentially reaching around $20.

Notably, Francis’s predictions for XRP align with those of other analysts anticipating a breakout from the prolonged consolidation phase to drive significant price movements.

Meanwhile, despite these positive forecasts, XRP has recently experienced considerable volatility, fluctuating between $0.57 and $0.68. In the past 24 hours, XRP has seen a decline of approximately 5%, trading at around $0.576 at press time.

Analyst “CryptoinsightUK,” who employs the Elliott Wave pattern on a one-hour candlestick chart, suggests that the price may dip to the $0.50 support zone before gaining the momentum needed for a sustained bullish rally.

Former President Donald Trump has doubled down on his support for the crypto industry. Beyond developing a “strategic Bitcoin stockpile,” the Republican presidential candidate suggested that the United States could use Bitcoin (BTC) to pay off its mammoth $35 trillion national debt and avert an imminent debt crisis.

Bitcoin As A Fix To U.S. Debt Crisis

Trump has voiced support for using Bitcoin as a key tool in addressing the United States’ ballooning national debt.

“Who knows, maybe we’ll pay off our $35 trillion [national debt],” Trump said during an interview with Maria Bartiromo of FOX Business on Friday. “Hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe away our $35 trillion.”

Trump’s remark is a nod to the power of the supply-capped benchmark crypto to siphon and switch over US dollar inflation into a new system founded on sound money and blockchain.

Although Vice President Kamala Harris, Trump’s presumptive Democratic opponent in the presidential race, has not yet declared an official position on cryptocurrencies, one of her campaign accounts on X seemed to blast Trump’s view by highlighting his comments.

Trump: Maybe we’ll pay off our $35 trillion debt by handing them a little crypto check, handing them a bitcoin pic.twitter.com/oBFiNtW7dX

— Kamala HQ (@KamalaHQ) August 2, 2024

Nonetheless, Trump’s comments come on the heels of a new bill from Wyoming Senator Cynthia Lummis, proposing that the United States invest in BTC to pay off its debt in the long run. The legislation would establish a strategic Bitcoin reserve and allow the U.S. Treasury to purchase 1 million BTC over a five-year period.

Trump’s Plan For U.S. Bitcoin Dominance

In a bold proclamation that sent ripples throughout the crypto sector last week, Trump told Bitcoiners at the Bitcoin Nashville conference that he intends to create a strategic Bitcoin reserve if elected. According to the ex-POTUS, the Democrats keeping the White House would be a disaster for crypto.

During the recent interview, the former president also stressed the importance of the US maintaining a competitive position with China in the crypto space. “If we don’t do it, China’s going to do it. China’s going to do it anyway,” Trump stated, adding:

“If we don’t embrace it, it’s gonna be embraced by other people. It’s a massive thing already.”

Trump also praised the “very, very smart people” in the crypto industry — unlike his political counterparts who don’t like the sector. “Biden doesn’t have the intellect to shut it down, he has no idea what the hell it is,” he posited.

So far, the former president has attracted hefty support from prominent crypto proponents, including the Winklevoss twins, Kraken founder Jesse Powell, and Messari co-founder Ryan Selkis.

As the cryptocurrency market grapples with its latest downturn, Cardano (ADA) has not been spared, continuing its decline into August.

ADA was trading at approximately $0.369 at press time, reflecting an 11% loss over the past week and a 3% dip in the last 24 hours. Nevertheless, despite this bearish trend, some analysts make bold predictions about ADA’s future price potential.

One crypto analyst “Eilert” recently shared an optimistic forecast on X (formerly Twitter), suggesting that ADA could experience a monumental price surge if historical patterns hold. 

“Last cycle, $ADA rallied from $0.075 to $3.16 [reflecting a 4113.3% surge] after finding support at the bear market rally rejection point. Now, 1400 days later, $ADA is once again retesting the bear market rally rejection point. History doesn’t repeat itself, but it often rhymes,” Eilert tweeted. Notably, considering current prices, a similar push-up would send ADA to around $15.

Elsewhere, YouTube analyst DeezyETH from the Discover Crypto channel also proposed an ambitious projection for the ‘Ethereum killer’. He projected that Bitcoin would hit $180,000 in the upcoming cycle, which meant that ADA could rise to between $6 and $9.

That said, amid these optimistic projections, on-chain data also reveals growing investor interest in Cardano. A poll by Gemini crypto exchange this week found ADA to be the leading community on X, ahead of major competitors like Solana, Ethereum, and XRP. 

This growing interest is mirrored by market intelligence firm IntoTheBlock data, which shows that Cardano has seen substantial transaction volumes. Over the past 24 hours, ADA recorded $6.47 billion in large transactions, closely trailing Ethereum’s $7.83 billion. 

Furthermore, net holdings among large ADA wallets have risen 15% in the past week, signaling strong accumulation. Additionally, despite ADA’s current struggles, Santiment’s analysis suggests a turnaround might be on the horizon.

“Crypto markets have retraced across the board, leaving traders calling for sub-$50K BTC once again,” the firm tweeted on Saturday. “However, history shows that when we see such low 7-day average trader returns for top caps like BTC, ETH, ADA, XRP, DOGE, and LINK, bounce probabilities rise significantly”

ADA also stands to gain significantly from upcoming developments such as the highly anticipated Chang Hard Fork, which is set to advance Cardano’s governance framework, potentially boosting the network’s functionality and appeal. Additionally, recent SEC clarifications that ADA is not considered a security could further enhance investor confidence, creating a favorable environment for a substantial price recovery.

Morgan Stanley, the largest wealth manager in the United States, is now allowing its wealth advisers to offer spot Bitcoin (BTC) exchange-traded funds (ETFs) to high-net-worth clients starting this Wednesday, according to a report.

The move was in response to increasing demand from clients for crypto-related products. Notably, winning over the American multinational investment bank is a historic milestone for the crypto industry.

Morgan Stanley Opens The Door To BTC ETFs

Morgan Stanley has become the first among major Wall Street banks to allow its 15,000+ financial advisers to actively promote Bitcoin exchange-traded funds (ETFs) to eligible clients, CNBC reported on Friday, citing anonymous sources privy to the matter.

The swarm of cyber hornets just grew by 15,000 Morgan Stanley financial advisors. #Bitcoin

— Eric Weiss (@Eric_BIGfund) August 2, 2024

BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) are the initial offerings. Starting Aug. 7, Morgan Stanley advisers can start advising eligible clients to buy red-hot shares of IBIT and FBTC. Other spot crypto ETFs, including the newborn spot Ethereum (ETH) ETFs, have not yet been approved.

The historic greenlighting of 11 U.S.-listed spot Bitcoin ETFs stirred hopes the products would attract deep-pocketed financial institutions to crypto. However, Wall Street giants like Morgan Stanley usually have long compliance and review procedures to follow before they authorize funds to be offered to their clients.

Morgan Stanley announced in April that it was considering policy changes to enable its brokers to solicit purchases for Bitcoin ETFs. CNBC reported that the latest move was made in response to the soaring demand for Bitcoin ETFs. Suffice it to say that such a move could substantially increase demand for these BTC-based investment vehicles.

“This move is in response to client demand and our desire to keep pace with the evolving digital asset marketplace,” CNBC said, quoting an individual familiar with Morgan’s policies.

However, the mega-bank will only let clients with a net worth of at least $1.5 million purchase IBIT and FBTC shares. They must also have a high-risk tolerance and a desire for speculative investments. Additionally, Morgan Stanley will limit these investments to taxable brokerage accounts, which are not available for retirement accounts. Sources told CNBC that the bank will monitor clients’ crypto holdings to ensure they are not excessively exposed to the fast-growing asset class.

Why Morgan Stanley’s Offering Matters

This development is particularly remarkable given the cryptocurrency industry’s rocky history, including huge market fluctuations and the implosion of renowned exchanges like FTX.

Despite harsh criticism from financial bigwigs such as JPMorgan Chase CEO Jamie Dimon and Berkshire Hathaway CEO Warren Buffett, Bitcoin continues to garner popularity in mainstream finance.

Meanwhile, the price of Bitcoin careened Friday as a stock market crash intensified on Wall Street, and the tech-heavy Nasdaq slipped into a market drawdown after a weaker-than-expected July U.S. jobs report. BTC was trading for $61,810 as of press time, down 4.60% over the past 24 hours.

While SOL, the native token of the Solana network, recovered from a gargantuan crash stemming from its entanglement with the now-defunct crypto exchange FTX and its sister company Alameda Research, there are fresh concerns about potential market disruptions in the near term.

A former employee of FTX has reportedly revealed that the fallen exchange still holds a significant amount of Solana tokens. Does this mean the price of SOL will fall sharply when FTX offloads these supposed tokens?

Is A Solana Crash Imminent?

In a shocking revelation, crypto influencer Wise Advice disclosed that an ex-FTX employee has come forward as a whistleblower, revealing that the Sam Bankman-Fried-owned exchange has a secret SOL hoard — which is equivalent to 8% of the coin’s total supply.

According to the whistleblower, FTX and Alameda are holding the Solana tokens in previously undisclosed crypto wallets. This hidden SOL stash represents a potentially massive impact on the market, which many speculate could exert selling pressure on the asset’s price.

Furthermore, the revelation underscores the murky financial practices within FTX that played a part in the exchange’s eventual collapse.

Wise Advice hopes FTX will sell these tokens via over-the-counter (OTC) deals instead of dumping them on the open market. However, he thinks some selling pressure could hit the market soon if the SOL tokens are dumped en masse.

What Do Solana Fundamentals Reveal?

There are high expectations that the U.S. Securities and Exchange Commission (SEC) will soon approve SOL exchange-traded products after giving the nod to Ether instruments on July 22. The SEC has set the final deadline for the SOL ETF ruling in March 2025.

Solana’s key appeal among investors is its fast settlement speeds and low fees. Those have been the foundation for meme coin trading frenzies numerous times over the past year. The SEC’s backing down on its claim that Solana is a security has further added to SOL’s appeal among professional investors.

However, BlackRock’s head of digital assets stated at the Bitcoin 2024 conference in Nashville that “there is very little interest today” beyond Bitcoin and Ether among their clients. This opinion is not unanimous, as investment manager Franklin Templeton presents a very optimistic outlook for a spot SOL ETF based on surging adoption and successful overcoming of “technological growing pains.”

Furthermore, the Cboe exchange already submitted a pair of 19b-4 filings with the SEC asking to list VanEck’s and 21Shares’ potential spot SOL investment vehicles, which were initially filed in late June.

Should FTX sell more tokens right now, the price of SOL could crash, but the Solana ecosystem remains stronger than ever.

As the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) drags on, skepticism among XRP holders has intensified.

Many are growing increasingly disillusioned, pointing out that despite Ripple’s notable court victories and ecosystem advancements over the past year, XRP’s price has remained largely stagnant. Notably, the coin’s price has continued to trade thinly inside a 7-year-long consolidation pattern, raising concerns about whether a potential settlement will significantly impact the cryptocurrency’s value.

This sentiment was recently highlighted by Rachelle Renee, a prominent XRP community member, who took to X to voice her doubts about the potential effects of the final decision in the lawsuit on XRP’s price.

“I hate to be the one to say it. But I do not think the final Ripple/SEC/Torres event will do anything for the price of XRP,” Renee tweeted on Wednesday.

According to the investor, the final settlement details, which are expected to address Ripple’s minor infractions, are unlikely to trigger a substantial market reaction. She noted that the price did not rise significantly when regulatory clarity was initially achieved, suggesting that institutional investors had already been influenced by the legal assurances provided over a year ago.

While a minor price bump might occur, Renee also pointed out that the real drivers for XRP’s price growth will be major global partnerships and use-case demonstrations by prominent institutions like Bank of America.

“What will move XRP?” she questioned, “I think news and announcements of global players showing its use case and proof it’s in play will be key.”

In contrast, some investors are optimistic about a significant price increase following the case’s resolution. One supporter argued that regulatory clarity, institutional adoption, and global partnerships could collectively drive a major price surge. However, Renee challenged this viewpoint, emphasizing that regulatory clarity has already been established without causing notable price movement.

Notably, the XRP community’s unease is compounded by recent developments, including the abrupt cancellation of a highly anticipated closed-door meeting between Ripple and the SEC. The latest meeting, scheduled for August 1, was canceled just a week after a previous cancellation, fueling speculation that internal regulatory issues at the SEC might be affecting the case’s resolution.

Nevertheless, some technical analysts remain optimistic about XRP’s future despite the ongoing legal uncertainty. Analysts, such as JD, believe that XRP is on the brink of a significant breakout from its long-standing symmetrical triangle pattern. According to the pundit, this breakout could drive prices parabolically, with XRP’s value potentially surging 600 times within a year.

At press time, XRP was trading at $0.56, reflecting a 3.15% drop over the past 24 hours. Notably, the coin is approximately 85% below its 2018 all-time high of $3.84, with much of this time spent in a prolonged consolidation phase.

Cardano (ADA) continued to exhibit relative weakness on August 1, with the 10th largest cryptocurrency by market cap experiencing a minor dip in the past 24 hours.

This decline, which followed a resistance level of $0.46 about two weeks ago, was exacerbated by low volatility and broader market concerns. Notably, the crypto sector faced heightened anxiety due to potential mass sell-offs of Bitcoin by Mt. Gox creditors, 70% of whom have now been refunded. The German government’s ongoing liquidation of approximately 50,000 BTC further contributed to market uncertainty.

However, despite these challenges, optimism for ADA’s future had surged, driven by positive signals from crucial technical indicators.  In a Wednesday post on X, Burak Kesmesi, an analyst at the crypto analytics firm CryptoQuant, highlighted the potential for ADA’s price to rise based on the Market Value to Realized Value (MVRV) ratio. The MVRV is a metric used to evaluate whether an asset is overvalued or undervalued. Investors generally profit when the MVRV score is above 1, whereas a score below 1 suggests losses.

Currently, ADA’s MVRV stands at 0.77, slightly below the simple moving average of 0.82, suggesting that the price has cooled off and could be approaching a buying opportunity. Kesmesi further recommended monitoring ADA’s weekly moving average close above the 365-day moving average (SMA365) as a potential indicator of a sustained bullish trend.

Popular crypto analyst Javon Marks recently also shared a bullish outlook for ADA, noting that the price has recently broken out of significant resistance levels and has exhibited hidden bullish divergences. Marks projected that ADA could reach a target price of $2.77, reflecting an upside of over 552%.

He also speculated that ADA might exceed this target based on historical breakout patterns, possibly reaching as high as $5.30 or even $7.82, suggesting an over 1,000% potential increase from its current price range.

Recent developments further bolster ADA’s bullish prospects. The recent release of Node 9.1.0 marked a crucial step towards the Chang Upgrade, which will introduce phased governance features, making it easier for new governance roles to be onboarded. This upgrade is expected to enhance Cardano’s functionality and appeal.

Additionally, a recent amendment in the SEC’s lawsuit against Binance removing several cryptocurrencies, including ADA, from the list of securities has bolstered the community’s confidence in ADA, further fueling the current bullish sentiment.

ADA was trading at $0.36 at press time, reflecting a 3.68% drop over the past 24 hours.

As August unfolds, Dogecoin (DOGE) has faced challenges, mirroring broader trends of weakness in the global crypto market, whose market cap has fallen to $2.31 trillion, marking a 3.01% decline over the past 24 hours.

Notably, over the past week, DOGE has seen a string of bearish movements, with its price dropping to a low of $0.11 on August 1. Despite this recent dip, there is growing optimism among crypto analysts who believe DOGE may be poised for a substantial rally.

In a Wednesday tweet, analyst Javon Marks highlighted a historical pattern where each breakout in DOGE’s price has led to substantial upward movements.

“Over the years, $DOGE’s log breakouts have ALWAYS led into massive upsides, and prices have done so again with a break currently holding! Based on the previous two breakouts, each of these runs has consecutively gotten larger. If we see this pattern repeat, we could be looking at a DOGE price exceeding $10 in a >7,200% bull run.” Marks noted. 

Notably, the pundit referred to the price movements observed during major bull runs in 2017 and 2021, suggesting a similar pattern could emerge again.

Supporting Marks’ optimistic forecast, analysts Poseidon and Cryptollica projected that DOGE could potentially triple or quadruple its current value of approximately $0.121 following the recent breach of a key trendline.

Meanwhile, analyst ‘Master Kenobi’ presented even more ambitious forecasts, drawing on a price channel that DOGE has been trading within since 2016. He forecasted that DOGE could reach $0.89 by November 2024, $2.20 by February 2025, and possibly $6.90 by the end of March 2025.

However, not all analysts share this unreserved optimism. On Wednesday, analyst Kaleo cautioned that DOGE may face additional declines before any significant bull run materializes. Commenting on an analysis he has been updating since July 24, Kaleo suggested that previous bull runs typically began 8-9 months after key market events, such as Bitcoin halvings.

The most recent Bitcoin halving occurred only two months ago, so he speculated that a substantial DOGE breakout might not occur from December 2024 to February 2025. He also warned that DOGE could retrace to the 8-10 cents range before any major upward movement, reflecting a pattern seen in August 2020.

At press time, DOGE was trading at 0.1126, reflecting a 1.37% drop over the past 24 hours.

Ripple’s XRP cryptocurrency appreciated 5% earlier this week following its listing on the Chicago Mercantile Exchange (CME). CME is a major player in the derivatives market, offering a wide range of commodity-related derivatives. XRP is looking to set the tone for the incoming altcoin season, but it has major obstacles to clear before it can achieve post-real growth.

The world’s seventh-largest cryptocurrency by market capitalization is currently experiencing some resurgence. Its on-chain activity recorded a four-month high even as many altcoins continue to falter. The cryptocurrency is currently trading just below $0.6 at press time after it posted some price appreciation during the week. It has since cooled down slightly, but the intent remains positive.

XRP Posts Impressive Performance in July

Image Source: TradingView

What is even more notable is that the cryptocurrency has recovered 63% in the last three weeks alone, outperforming virtually every other major altcoin in the market. It was trading close to $0.38 at the start of the second week of July, and now it is sitting comfortably above $0.58. 

What is Next for XRP?

XRP’s recent price action is being viewed with anticipation by its investors. The community is one of the most vocal on social media platforms like X, but it has been unable to propel the digital currency to the heights achieved during the 2016-2017 bull market when it posted its All-Time High (ATH) of $3.50.

The cryptocurrency’s last four years have been a major struggle as it negotiated a massive securities case brought forward by the US Securities and Exchange Commission (SEC). Despite a partial victory in July 2023, XRP has struggled to perform, and its parent company has been unable to recreate the magic of late 2017.

However, as the Ripple vs. SEC case nears its conclusion, and with the cryptocurrency performing admirably amidst a major altcoin downturn, XRP may recover some of its previous losses due to the extensive litigation exercise. Presiding Judge Analisa Torres is currently deliberating a final decision in the SEC case. A favorable ruling could allow XRP bulls to capitalize and hit the ground running. Otherwise, the company is expected to appeal, prolonging the case and dampening hopes for XRP to flip Ethereum for the coveted second place in the crypto charts behind Bitcoin.

In a notable development, Solana (SOL) has overtaken Ethereum (ETH) in monthly trading volume on decentralized exchanges (DEXs) for the first time.

According to data from crypto analytics platform DefiLlama, Solana’s trading volume reached $56.84 billion in July 2024, surpassing Ethereum’s $53.86 billion.

This development highlights a remarkable shift in the crypto landscape as Solana’s ecosystem gains momentum. While Ethereum has long been the dominant player in the decentralized finance (DeFi) space, Solana’s recent performance underscores a growing trend of diversification within the market. Other notable performers in July included Arbitrum with $24.56B, Binance Smart Chain (BSC) at $17.88B, and Base with $15.554B, though these figures exclude Layer 2 (L2) solutions.

Notably, the surge in Solana’s trading volume is partly attributed to the excitement surrounding Solana-based meme tokens. The emergence of platforms like Pump.fun has significantly contributed to this volume increase.

According to Parsec Finance analyst Kezfourtwez, the Pump.fun platform has seen an unprecedented level of activity. Nearly 1.6 million coins have been launched since its inception, including 6,000 between July 31 and August 1. This frenzy has led to record-breaking daily revenues, with Pump.fun reaching a peak of $2.3 million on July 31.

However, the rapid influx of new tokens and the high trading volume have raised concerns about the sustainability of this growth. Analysts worry that the excessive creation of coins and the high turnover in liquidity could lead to an unstable market environment. Kezfourtwez expressed concerns that the market might face a sharp correction if the trend continues, noting that current market dynamics resemble previous high-volatility periods.

“Currently [the] number of coins [exceeds] the amount of capital needed to sustain growth,” tweeted Kezfourtwez. “The daily rate of extraction on Solana is huge, anecdotally the trenches have been seeing pretty monster volumes across the board on new coins lately (multiple daily occurrence’s of $20m+ in the last week) yet very few coins are able to break 9 figures.” 

The rise in Solana’s trading volume is part of a larger trend. Notably, according to DefiLlama data, DEX trading volume relative to centralized exchanges (CEXs) hit an all-time high last month, surpassing 14.3%.

Meanwhile, despite the market’s inherent volatility, Solana’s recent performance has been striking, with its price rebound significantly outpacing Ethereum’s. Year-to-date, Solana’s price has surged approximately 582%, starkly contrasting Ethereum’s 70% increase, underscoring growing investor confidence in Solana.

Renowned crypto analyst Willy Woo suggested that Bitcoin could reach $700,000 if it captures just 3% of global wealth. 

In a Thursday tweet, Woo explained that his projections were based on an estimated global wealth of $500 trillion. He noted that if Bitcoin were to capture the entire global wealth “an unlikely scenario”, the cryptocurrency’s price could surge to $24 million per coin, adjusting for future inflation.

However, Woo favored a more realistic approach. He highlighted that established financial institutions like Fidelity typically recommend a 1-3% allocation to Bitcoin, reflecting a conservative stance on wealth management.

“If we assume 3% as a sensible allocation (and I note that was the number we used to share back in 2014!), then the lower bound of valuation is $700,000 Price target range,” Woo wrote.

Woo also touched on Bitcoin’s adoption curve, referencing the S-curve theory. He predicted that once Bitcoin’s adoption reaches 16%-50% of the global market, the cryptocurrency’s market cap will exceed that of all fiat currencies combined.

“After this inflection point, you’ll only be looking for investments that can beat BTC. For starters these are companies that store their profits in BTC,” he added.

Woo’s projections align with broader bullish forecasts from other crypto advocates. Earlier this year, analysts at global investment firm Ark Invest predicted that allocations from the $250 trillion global investable asset base into Bitcoin could significantly impact its price, potentially driving it to $2.3 million by 2030. Cathie Wood, the firm’s CEO, later raised the bet, suggesting that if institutions allocate only 5% of their wealth to Bitcoin, the price could rise to $3.8 million.

Additionally, speaking at the Bitcoin 2024 conference last week, Michael Saylor, founder of MicroStrategy and a prominent Bitcoin advocate, estimated that Bitcoin’s price could reach $49 million within the next two decades, with its market capitalization surging to around $68 trillion.

 “By 2045, I believe Bitcoin will be between $13 million and $49 million per coin, depending on market trends and adoption rates. Bitcoin’s growth will likely decelerate, but it will still outpace traditional indices,” noted Saylor.

That said, Woo’s prediction arrives at a time of increasing Bitcoin adoption, particularly following the approval of several spot Bitcoin ETFs by the SEC earlier this year, which has attracted a wall of money from traditional investor. Furthermore, a proposal by US Senator Cynthia Lummis and other crypto advocates to use Bitcoin as a treasury asset could further legitimize and bolster investments in Bitcoin, if successful.

Bitcoin has experienced turbulence over the past week before stabilizing on Friday. At press time, it was trading at $64,857, reflecting a 0.38% drop over the past 24 hours.

In a major development, Russian lawmakers passed a bill to legalize the use of Bitcoin (BTC) and other cryptocurrencies for international trade, as companies grapple with increasing difficulties in foreign payments under the threat of Western sanctions over its invasion of Ukraine.

The lawmakers also voted to fully legalize crypto mining in Russia from November 1, 2024. 

Russia Legalizes International Payments In Crypto

The lower house of Russia’s parliament, known as the State Duma, approved legislation allowing cryptocurrency use for global settlements. On Tuesday, legislators of the State Duma gave the first greenlight to the new law, which would permit businesses to use crypto for cross-border trade.

“We are taking a historic decision in the financial sphere,” Anatoly Aksakov, the head of the Duma, told lawmakers Tuesday according to a Reuters report.

Aksakov noted that Russia previously had concerns about legalizing crypto but now considers its use as “an objective phenomenon” that requires regulation. He told Bloomberg that under the new law, global decentralized crypto assets will be held to the same set of regulations as foreign currency such as the U.S. dollar, in Russia. The Bank of Russia would serve as the primary regulator for all crypto and digital asset matters.

While crypto trading and payments inside Russia will still be banned, President Vladimir Putin recently urged officials to regulate digital assets domestically and for foreign transactions.

“Crypto is increasingly used in the world as a means of payment in international statements,” Putin posited in a statement.

Reports say the law is expected to take effect by Sept. 1 and that the first crypto transactions could occur before the end of the year.

Mining Regulation

The Russian Duma also passed a law legalizing crypto mining in the country from Nov. 1, 2024. Entities and individual entrepreneurs registered with the Ministry of Digital Development can engage in mining, while those not registered can only operate mining rigs if they do not surpass energy consumption limits, Ria Novosti reported.

Russia, which has affordable energy and cold weather suitable for mining in many areas, such as Siberia, has historically been one of the leading crypto-mining countries in the world. It ranked third globally in 2024 for BTC mining, data the Russian finance ministry provided to German news outlet bne Intellinews shows.

Pressure From Sanctions

Russia’s decision to legalize crypto comes as businesses in the country face mounting payment pressures from international sanctions. The United States, the European Union, and the U.K. are among the jurisdictions that levied harsh economic sanctions on Russia after its February 2022 invasion of Ukraine. 

The Russian Central Bank had previously called for a blanket ban on cryptocurrencies, citing risks to financial stability and monetary sovereignty. However, the growing need to circumvent foreign sanctions has forced the Bank of Russia to reevaluate its stance.

The legal drama in Montenegro over Terraform Labs co-founder and fraudster Do Kwon isn’t over just yet.

On August 1, Montenegro’s Appellate Court upheld a ruling to extradite Kwon to South Korea, rejecting a request to deport him to the United States instead.

The recent ruling comes after months of back-and-forth between Kwon’s legal team, courts, and prosecutors on whether to send him to the United States to face charges tied to the spectacular collapse of the Terra/LUNA ecosystem in May 2022 or South Korea.

Kwon’s Extradition Battle Takes A Fresh Turn

The court indicated in a statement that there was no motion to appeal its ruling, and the disgraced crypto mogul’s extradition to his native South Korea will be fast-tracked.

Do Kwon’s attorney, Goran Rodic, informed Bloomberg that Montenegro will organize the repatriation with help from Interpol, expressing hope it would happen “as soon as possible.” 

The Terra creator and his legal team have reportedly preferred South Korea, where he faces a maximum sentence of 40 years for financial crimes. Contrarily, the United States adheres to a doctrine where the court can impose consecutive sentences for each crime for which a defendant is found guilty.

The U.S. Securities and Exchange Commission charged Terraform Labs and Kwon in February 2023 over the algorithmic stablecoin Terra USD (UST), which unraveled in spring 2022, triggering over $40 billion in investor losses.

In June, the SEC and Terraform reached a $4.47 billion settlement, which included $3.58 billion in disgorgement fines, a $420 million civil penalty, and $467 million in interest payments on the fines. The settlement terms bar Kwon from becoming a director or officer of any public company.

Kwon was apprehended in Montenegro’s capital last March and detained at Podgorica Airport alongside Terra’s former CFO Hang Chang-joon while trying to board a flight to Dubai using falsified Costa Rica passports.

Montenegro PM’s Ties With Terraform Labs Exposed

Following the legal settlement between Terraform Labs and the SEC, Montenegrin media outlet Vijesti uncovered that the current prime minister, Milojko Spajić, was an early investor in Terraform.

According to Vijesti, Spajić reportedly invested $75,000 to acquire 750,000 Terra (LUNA) tokens in April 2018, ranking him 16th among the early investors days before Terraform Labs was even registered as a business entity in Singapore.

Spajic strongly refuted these claims, saying Das Capital SG, a firm he worked at for three years before becoming the prime minister, made the said investment.

MicroStrategy purchased an additional 169 BTC in July, valued at around $11.4 million, bringing the firm’s total Bitcoin holdings to 226,500 BTC.

MicroStrategy is the largest corporate holder of Bitcoin, with its total stash valued at over $14 billion at the current Bitcoin price. The firm has purchased Bitcoin at an average price of $36,821 per BTC.

Its July purchase came as BTC witnessed high volatility during the month, with the price plunging to multi-month lows of below $54K on July 5 before recovering to nearly $70,000 on July 29.

Bitcoin was trading at $64,415 at the time of writing after a slight 0.1% gain in 24 hours.

MicroStrategy’s Bitcoin Plan

In its Q2 2024 earnings result, MicroStrategy revealed it bought 12,222 BTC during the quarter at an average price of $65,882. The firm revealed that it remained focused on its Bitcoin development strategy.

In July, @MicroStrategy acquired an additional 169 BTC for $11.4 million and now holds 226,500 BTC. Please join us at 5pm ET as we discuss our Q2 2024 financial results, the outlook for $BTC, and our #Bitcoin development strategy. $MSTRhttps://t.co/cfGPc42jfM

— Michael Saylor (@saylor) August 1, 2024

MicroStrategy also announced a new key performance index (KPI) known as the Bitcoin Yield, which measures the performance of its strategy to acquire Bitcoin. In Q2, the firm recorded a Bitcoin Yield of 12.2%, and it is now targeting a 4-8% BTC yield in the next three years.

“After yet another successful quarter for our bitcoin strategy, MicroStrategy today holds 226,500 Bitcoins, reflecting a current market value 70% higher than our cost basis. We remain laser-focused on our Bitcoin development strategy and intend to continue to achieve positive “BTC Yield,” the firm said.

MicroStrategy also announced its plans to file a registration statement for an at-the-market equity offering program to raise $2 billion. However, it failed to mention the purpose of the funds, but as ZyCrypto reported, the firm has previously used such capital raises to grow its Bitcoin stash.

More Whales Are Buying Bitcoin

MicroStrategy is not the only Bitcoin whale expanding its Bitcoin footprint. In the last few hours, a whale allocated $7.39 million to purchase 113 Bitcoin. Another large wallet address also moved 1,500 BTC from Bitfinex to a new wallet. 

According to a recent analysis by CryptoQuant, wallets holding between 1K and 10K BTC have accumulated Bitcoin significantly in 2024. The trend points towards large investors’ growing confidence in Bitcoin. 

An accumulation by these large addresses is a positive indicator of price action and could contribute to further price gains. 

Ever since Bitcoin (BTC) was created fifteen years ago, crypto community members have been trying to unmask the real identity of Satoshi Nakamoto. Most tried with no success, so ultimately Satoshi Nakamoto became the Keyser Söze of the cryptoverse. However, prominent media personality Tucker Clarkson is confident he has identified BTC’s pseudonymous creator.

According to Clarkson, the real Satoshi is not a Tokyo whiz kid, nor a spy or a bunch of engineers in the Chinese Communist Party. It’s the United States Central Intelligence Agency (CIA).

Did The CIA Invent Bitcoin?

Tucker Clarkson has kindled a heated debate within the cryptocurrency community after asserting that the Central Intelligence Agency developed Bitcoin (BTC).

“Obviously it was the CIA, we all know that,” said Carlson during a private event at the Bitcoin 2024 Conference “It’s like Signal, they got there first. It’s a honeytrap!”

The former Fox News journalist suggested that crypto proponents are quite intelligent and can provide answers to all questions besides those relating to the true identity of Satoshi Nakamoto. “Somebody should answer that,” he posited. “I think we know.”

Clarkson’s remarks attracted considerable attention on the X platform, including from former UFC/MMA fighter Jake Shields.

Tucker says the CIA invented Bitcoin What is more likely, some secret guy with a Japanese name or a powerful government built it? pic.twitter.com/6jn6e3MfVv

— Jake Shields (@jakeshieldsajj) July 31, 2024

Notably, Tucker’s theory is not new. Uncorroborated rumors about CIA involvement with Bitcoin have long swirled on social media platforms like Reddit. But where does the theory stem from? Well, CIA Director William Burns previously admitted that the CIA had launched a handful of projects to keep track of cryptocurrencies. 

Moreover, the former boss of the intelligence agency, Michael Morell, even once said that the technology behind Bitcoin is a “boon for surveillance” and shouldn’t be snubbed by governments but embraced.

What The Community Has To Say

Tyler Durden, a prominent figure in the community, rebutted the CIA connection, contending that the intelligence agency’s involvement came later with the industry’s second-largest cryptocurrency, Ether (ETH): “It wasn’t CIA. They came in late with Ethereum because someone beat them to the punch with Bitcoin. So they’ve basically spent the last decade trying to build and kill crypto around Bitcoin which in turn would bring it down too. Unfortunately, that hasn’t worked now they’re fucked.”

Furthermore, John Hawkins, author of “101 Things All Young Adults Should Know”, blasted Carlson’s claim as ridiculous: “Tucker doesn’t have the slightest idea. He’s just wildly speculating based on nothing.”

For hard-core Bitcoiners, the person behind Bitcoin no longer matters matter, based on the fact that the project’s code and ledger are 100% transparent.

Bitcoin is software you can read and audit yourself. There is nothing more to it than the software you read and it's been read by thousands for fifteen years.

— Saifedean Ammous (@saifedean) July 31, 2024

When all is said and done, Carlson agrees with that perspective. “It doesn’t make it any less a history-transforming technology,” he observed. “Crypto gives the average person the freedom to conduct his affairs without oversight or control.”