Daily Crypto Signals: Bitcoin Holds Above $112K, XRP Eyes $9.69 Target
Bitcoin maintains its position above $112,000 despite persistent trader caution reflected in derivatives data, while XRP emerges as a
Quick overview
- Bitcoin remains above $112,000, but trader caution is evident in derivatives data amid recent ETF outflows.
- Ethereum has reached new stablecoin supply highs, adding $5 billion in the past week and holding a 57% market share.
- XRP is gaining attention as a potential altcoin leader, with analysts predicting a price target of $9.69 based on bullish Elliott Wave analysis.
- The crypto market faces challenges from JavaScript supply chain attacks and mixed ETF flows, impacting overall investor sentiment.
Bitcoin BTC/USD maintains its position above $112,000 despite persistent trader caution reflected in derivatives data, while XRP XRP/USD emerges as a potential altcoin leader with analysts projecting explosive targets up to $9.69. The crypto market faces headwinds from JavaScript supply chain attacks targeting crypto users and mixed ETF flows, even as Ethereum ETH/USD reaches new stablecoin supply highs.
Crypto Market Developments
The bitcoin industry is dealing with a lot of problems, including new rules and threats from technology. Hackers carried out what is being called the biggest supply chain attack ever. They infected popular JavaScript libraries with malware that stole cryptocurrency by changing wallet addresses. The hack has put millions of apps at risk, and more than 1 billion downloads of the compromised packages have made many in the entire JavaScript ecosystem worried.
Nasdaq made a historic request to the SEC to trade tokenized equities. They want the rules to be changed so that tokenized assets can be traded using the same execution and documentation criteria as regular securities. This is a big step toward making blockchain-based financial tools more common. Ethereum, on the other hand, showed that it is the leader in the stablecoin market by introducing almost $5 billion in new stablecoins over the last week. This brought the total supply to an all-time high of $165 billion and gave Ethereum a 57% market share.
Bitcoin Reclaims $112,000
Bitcoin rose above $112,000 on Monday, firmly defending the important $110,000 support level after falling below $108,000 the week before. However, derivatives data shows that traders are still being careful. The BTC options delta skew is at 9%, which means that put options are more expensive than call options. This risk-averse mood shows that people are worried about the recent outflows from spot Bitcoin ETFs and MicroStrategy not being included in the S&P 500 index rebalance.
The financing rates for Bitcoin perpetual futures are currently at a neutral 11%, which is an increase from the bearish 4% level seen on Sunday. Even if the market has bounced back, traders are still not sure about the current rise above $112,000, and both the options and futures markets are not too excited. Between Thursday and Friday, spot Bitcoin ETFs had $383 million in net outflows, which made investors even more nervous. People may be feeling bad about MicroStrategy not being included in the S&P 500 and Ethereum competing with it as a corporate reserve asset. This might make a jump above $120,000 seem unlikely in the foreseeable future.
Ethereum Holds Above $4,300
Ethereum’s latest surge shows that its structure is still healthy. It is trading just above $4,300 and has relatively low financing rates compared to prior key highs. Analysts say that this difference means that the market is more spot-driven and structurally sound, since price increases aren’t being pushed by too much leverage. During ETH’s last two peaks, in early 2024 and late 2024, financing rates shot up to 0.8 and stayed high, which caused prices to drop because of too much speculation.
Despite relatively low financing rates, the latest rise that set ETH’s new all-time high of $4,900 shows that there is real demand rather than just people betting on it. But this lack of aggressive long strategy also slows down breakout momentum, so buyers need to be more sure of themselves to keep the next step higher. Ethereum is still the most important stablecoin network, and in just the previous week, it added $5 billion in new stablecoins. Since January 2024, the supply of stablecoins has more than doubled, reaching $165 billion. It still has a strong 57% market share, which is much higher than competitors like Tron (27%) and Solana (less than 4%).
XRP Price Prediction: $9.69 Next Target?
XRP (XRP) is trying to become the next big altcoin, and analysts say that its price might skyrocket to $9.69 through a five-wave Elliott Wave structure. The research says that Wave 3 might go up to about $6.50, Wave 4 could stay over $5, and Wave 5 could end at $9.69. The fact that XRP has been stronger than other major cryptocurrencies over the current market cycle is what makes this bullish perspective possible.
Ethereum is still having trouble getting back to its all-time high and holding it there, but XRP has been very strong, holding steady around prior highs and successfully pushing above both its previous all-time high and the $2.70 swing high. The cryptocurrency is currently holding above these important resistance levels, showing the kind of relative strength that often comes before big breakouts. Analysts say that spot ETF speculation might happen in September or October, and that favorable policy changes could give XRP’s predicted rise to over $10 even more velocity.
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