Category: Crypto market

Ripple’s XRP Fights to Stay Above $3 Amid Market Uncertainty

Posted on by Olumide Adesina

XRP is under pressure, trading around $3 as investors remain cautious at the start of the week. The altcoin dropped by more than 3% suggesting a possible slowdown in XRP’s short-term momentum.

 

According to Santiment data, realized profits have increased significantly, indicating that both short-term and long-term holders are selling off their holdings. Exchange flows support this; Coinglass data shows net inflows to exchanges hit $77 million, the highest since July 19. Such inflows often accompany selling pressure, suggesting XRP’s bullish attempts could be limited until external macroeconomic conditions stabilize.

XRP posted a surprising and sharp recovery after reaching the 100-day EMA near $2.7, pushing back above the 50-day moving average. The rebound temporarily boosted short-term sentiment and reversed what seemed to be a deeper decline.

However, rather than driven by new demand, the rally appears to be rooted in technical resilience. Volume remained low, and XRP struggled to break through the 26 EMA zone.

Reduced volatility indicates declining liquidity but also reduces the chance of sudden, large moves. Ongoing volume declines mean the token is trading below key moving averages. If a breakout happens without a strong catalyst, it could give false signals.

Monthly closes must remain above the horizontal bands drawn below the current price for the breakout to be valid.

These levels now serve as support and provide potential for further movement if XRP can overcome resistance levels. However, if the price falls back below them, the asset may lose momentum and retest lower levels. Steph’s analysis suggests that a clear upward path exists once XRP surpasses the $3.65 resistance level, considered critical by other analysts for a swift ascent.

Bitcoin Retreats, Erasing Jackson Hole Rally

Posted on by Olumide Adesina

Bitcoin lost all gains from its Friday rally and dropped to $110.5K, the lowest it has been since July 10. It was last trading around $ 113,000, down nearly 1%.

The flagship cryptocurrency reached its most recent high of $124,496 this month.

BTC soared along with the rest of the market after Federal Reserve Chair Jerome Powell alluded to upcoming rate cuts, and investors resumed taking on more risk.

Bitcoin gained 4 percent, while ether surged 15 percent.  Ethereum has been leading the cryptocurrency market for several weeks rather than Bitcoin because of regulatory tailwinds, increased interest in stablecoins, and mass purchases by a new generation of corporate ether accumulators,

Millions of dollars in capital that had previously been locked out of the markets flooded into the space on Saturday after Bitmine Immersion Technologies approved ETFs for January 2024.

Whether Bitcoin will continue to follow its usual four-year cycle is one of the most heated debates in the industry. Experts from all perspectives have contributed, and Crypto X is filled with interesting opinions (as usual). When Bitcoin hit a new high ahead of the halving last year, after the approval of spot Bitcoin ETFs, this has led some observers and analysts to conclude that Bitcoin has completed its typical cycle, where it reaches a peak the year after halving and then drops by 70–80% the following year.

Binance Coin: BNB Hits Historic High, Poised for $1,000 Breakthrough

Posted on by Olumide Adesina

[BNB] continued to perform well throughout the month, hitting a record high today, despite falling from its peak. BNB surged to $900 on Sunday, indicating a bullish breakout with immediate support at $850.

BNB

Traders are now targeting $2,100, $5,000, and $12,000 in the coming quarters amid high interest.

Binance Coin reached a new all-time high thanks to strong Fibonacci support levels, an ascending channel pattern, and increased trading volume. Market participants cite stronger on-chain activity and growing ecosystem utility as the main reasons for the breakout.

Chart patterns suggest that BNB may experience a brief dip before aiming for new highs, even with its bullish outlook. The range of $855 to $850 is the first support zone; if the market dips into this area, it might rally again and potentially reach a new all-time high.

The recent record high makes the 4-hour BNB/USD chart bullish and efficient. As efficiency increases, BNB may be preparing for further gains.

The RSI of 59 indicates BNB is not yet overbought, and the MACD lines in positive territory signalled a bullish momentum. Currently, the price of BNB is $862, a 2% decrease from its peak. If the rally continues, BNB could surge to the $1000 mark soon..BNB may also test the $1.1K level for the first time in its history.

Ripple Legal Win Prompts Grayscale’s S-1 for XRP ETF

Posted on by Olumide Adesina

Grayscale joined other asset managers in filing an S-1 to introduce a spot XRP ETF with the US SEC. This signals growing institutional interest and could accelerate market acceptance of XRP if the SEC approves spot ETF products. Grayscale filed an S-1 with the SEC for a spot XRP ETF.

Grayscale

Several other managers, such as WisdomTree and Bitwise, submitted similar filings, indicating clustered institutional interest. Market impact: XRP’s price and trading volume increased by more than 10%, reaching around $3; analysts suggest possible inflows into cryptocurrency markets.

The filing enables the creation and sale of ETF shares backed by XRP holdings, further boosting institutional interest in spot crypto ETFs. Approval of a spot XRP ETF could draw new institutional capital, potentially driving gains in major cryptocurrencies like Ethereum and Bitcoin.

Historically, approvals of other assets by ETFs have led to increased trading volume and clearer pricing in related markets.

XRP surged sharply as investors responded to recent developments in the Ripple SEC lawsuit, which was officially closed

James K. and the parties filed a Joint Stipulation of Dismissal of Appeals in August concerning the Ripple lawsuit.

The Second Circuit’s approval highlighted the formal end of the legal dispute. The XRP Ledger ecosystem, especially the Ripple USD stablecoin, RLUSD, posted high market activity

Bitmine, BlackRock Fuel ETH, Ethereum Breaks all-time High

Posted on by Olumide Adesina

Ethereum broke its previous peak on Friday following US Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole.

The altcoin experienced a significant surge over the last day. The cryptocurrency surpassed its previous peak of $ 4,869 in November 2021 to reach an all-time high of $ 4,880 on Binance.

ETH is currently trading just below $4,900 with a respectable 10% increase over the last seven days. It has risen by over 35% in the past month, making it one of the best-performing digital assets.

There was temporary selling pressure brought on by significant institutional movements, such as the reported sale of 59.6 million ETH by an institutional manager. Buyers on the chain swiftly absorbed such selling pressure, creating a backdrop of tighter supply. The recent surge is the result of significant institutional investments in the biggest altcoin. Spot ETH-based exchange-traded funds saw a record inflow of more than $1 billion just a few weeks ago, with BlackRock’s ETHA fund alone setting a record of over 150,000 ETH.

It’s not just ETFs, though. In keeping with Michael Saylor’s Strategy, publicly traded corporations using the same approach

. Bitmine, led by Tom Lee, became the first company to amass a staggering 1,000,000 ETH in treasury. ETH was essentially caught between companies hoarding it for their treasuries and institutional demand, while the entire cryptocurrency community had been predicting an altcoin season for months.

Many are now speculating $10,000 and even higher amounts are not unrealistic because ETH’s fundamentals are far stronger this time around than they were in 2021.

Cramer Rejects Bitmine Stock, ” Buy Bitcoin, Ethereum”

Posted on by Olumide Adesina

Jim Cramer recently gave his candid view on Bitmine (NYSE: BMNR).  Cramer responded, “Oh, Bitmine, okay, my colleague David Faber did a very long piece about what’s the real value of this thing in terms of the amount of shares outstanding,” after a caller noticed that the stock was up and asked if it was a buy. “I can only conclude that you don’t want to touch it”

BitMine Immersion: From $4 to $156—and Back Below $100

“Oh, Bitmine, okay, my colleague David Faber did a very long piece about what the real value of this thing is in terms of the amount of shares outstanding. And all I can tell you is you don’t want to touch it.”

Bitmine is a blockchain business that specializes in Bitcoin mining, offering hosting and self-mining services along with data center solutions that include power, cooling, connectivity, security, and infrastructure management software. The company also sells mining equipment.

When a caller asked about the stock in the July 31 episode, Cramer said, “Okay, listen to me, sunshine, we don’t play that game.”. Simply purchase some Bitcoin if you wish to own such items. Purchase some Ethereum now. Both of them are mine. They’re all right.

“Though we recognize BMNR’s potential as an investment, we think some AI stocks have more upside potential and less downside risk. if you’re searching for a very cheap AI stock that will also profit greatly from the onshoring trend and tariffs imposed by Trump.” The financial analyst added.

BitMine’s stock increased on Friday as markets rebounded from Federal Reserve Chairman Jerome Powell’s dovish comments. On Monday, BitMine revealed that its cryptocurrency holdings now total about 192 Bitcoin and 1.52 million Ethereum.

BitMine’s president, Tom Lee, stated that the company’s holdings of ETH increased by $17 billion to $6.6 billion in just one week, adding over 373,000 tokens, bringing the total from 1.15 million to 1.52 million tokens as institutional investors expressed interest and support in our pursuit of ETH’s “5 percent alchemy.

 

Ripple v. SEC Settlement Sparks XRP Surge Beyond $3.1

Posted on by Olumide Adesina

XRP followed the market trend by posting a significant green candle, moving from below $ 2.80 to nearly $ 3.10.

The lawsuit between Ripple and the SEC received a major update, alongside positive news about US interest rates. This case is complex, with its resolution repeatedly announced but not finalized. Brad Garlinghouse, Ripple’s CEO, revealed in mid-March that both parties agreed to settle with a $50 million penalty and to withdraw their appeals. Judge Torres initially rejected their requests, causing further complications despite appearing to favor Ripple.

However, the lawsuit was once again considered resolved when both parties filed a joint dismissal of their appeals in early August. Still, approval from the Second Circuit was needed, and defense attorney James K. announced.

This spike coincided with market recovery after Fed Chair Jerome Powell hinted at possible rate cuts. XRP has gained over 10%, and it is now near $3.1, which could pose risks for short traders who are overleveraged.

Ripple Expands RLUSD Reach with SBI VC Trade in Japan

Posted on by Olumide Adesina

Ripple Labs announced a partnership with SBI Holdings, a major financial services conglomerate in Japan. Starting in Q1 2026, the memorandum of understanding states that SBI subsidiary SBI VC Trade will distribute Ripple’s stablecoin, RLUSD, across Japan.

SBI VC Trade has multiple Japanese financial licenses and was the country’s first Electronic Payment Instruments Exchange Service Provider. As a result, RLUSD will be available to expand stablecoin options in Japan. According to Tomohiko Kondo, CEO of SBI VC Trade, the launch of RLUSD marks a significant step forward in the reliability and usability of stablecoins, extending beyond just increasing their options in the Japanese market.

The announcement did not specify whether the stablecoins would be limited to financial institutions or open for retail use. Ripple has been a partner of SBI since 2016.

Ripple’s stablecoin is relatively small compared to those of major issuers like Circle and Tether. Although circulation has grown gradually this year, it remains only $666 million, holding a 0.24 percent market share in the $280 billion stablecoin industry.

Ripple had provided the Gemini cryptocurrency exchange with a $75 million secured credit line that can be increased to $150 million. Borrowers can request funds in RLUSD once the initial $75 million is exceeded. Industry analysts mentioned that Gemini might use the Ripple stablecoin for its initial public offering (IPO).