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XRP or Cardano: Which Will Reclaim $1 First? ChatGPT Predicts Timeline

Abdulkarim Abdulwahab
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XRP or Cardano: Which Will Reclaim $1 First? ChatGPT Predicts Timeline

Popular AI resource ChatGPT recently commented on the intriguing question of which crypto, XRP or Cardano (ADA), will be the first to reclaim the long-lost $1 threshold.

XRP and ADA are among the most famous billion-dollar cap altcoins, with a large pool of holders and enthusiasts. Interestingly, their communities do not always get along. Meanwhile, both assets share a characteristic price action of underperformance in recent years.

XRP and ADA Price Actions Compared

As of today, ADA sells for $0.3213, and the last time it was seen at $1 was two years ago, in May 2022. It came close to reclaiming this threshold early this year, reaching $0.801 before the bears overpowered the bull surge. Notably, Cardano has since crashed by over 65% to $0.27 from that point. 

Meanwhile, when considering that ADA sold at $0.24 a year ago, its current price of $0.3213 reflects a profit of 24% for holders.

XRP’s price action mirrors ADA’s, though it has fared slightly worse. For instance, XRP last traded at $1 in November 2021. XRP attempted to recapture the $1 threshold after its lawsuit victory in July 2023 but encountered a roadblock at $0.93. 

With the global uptrend in Q1, it made a similar but weaker attempt when it advanced to $0.74 in March. It quickly lost momentum for further gains.

Following this, XRP dropped to a low of $0.38 in July. It has since rebounded and now trades at $0.5374. Investors holding XRP for the past year have seen a modest 7% gain compared to ADA’s 24%.

Notably, both XRP and ADA have seen significant advancements in their underlying blockchains over the past years. However, these improvements have not yet been sufficient to push either coin back to the $1 mark.

ChatGPT Suggest which to Hit $1 First

The Crypto Basic consulted ChatGPT for insights on which asset, XRP or ADA, could reach $1 first. According to the AI tool, it depends on several factors, including market conditions, adoption rates, and regulatory developments.

Considering these factors, it argued that XRP could trump ADA’s movement. Specifically, it suggested a 3 to 12-month timeline for XRP to reclaim $1. As for the ADA, the prediction was a longer timeline of 6 to 18 months, citing the need for further technological advancements.

ChatGPT suggestions for Cardano and XRPjpg
ChatGPT suggestions for Cardano and XRP

Besides, based on current price levels, ADA has a more formidable road challenge ahead. Specifically, XRP needs to rally by 86% to reclaim $1, while Cardano needs 211%, more than twice the XRP required surge.

Ripple Co-Founder and 87 Business Execs Endorse Harris for President 

Lele Jima
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Ripple Co-Founder and 87 Business Execs Endorse Harris for President 

Ripple chairman and co-founder Chris Larsen joins other high-profile business leaders to endorse U.S. Vice President Kamala Harris for president. 

CNBC reported today that 88 current and former business executives signed a letter declaring support for Harris. The letter, which was shared with CNBC, shows that Ripple’s co-founder was among the executives who endorsed Harris’ presidential ambition. 

These business executives believe Harris will strengthen the United States economy and democracy. Furthermore, they claim that the U.S. vice president will promote a stable business environment, potentially helping American industries thrive. 

Besides Larsen, other top business executives who co-signed the letter include chairman of Snap Michael Lynton, Jeff Lawson of Twilio, Facebook co-founder Dustin Moskovitz, and others. 

Shocking Move 

Larsen’s support for Harris might come as a shock to many XRP proponents. For context, Ripple has endured a multi-year securities lawsuit under the current administration, with Harris serving as vice president. 

The SEC v. Ripple lawsuit has been ongoing since December 2020, nearly four years ago. Despite the court issuing a final judgment, speculations suggest that the SEC might prolong the lawsuit with an appeal. 

Uphold Co-Founder Endorse Harris 

Meanwhile, Larsen is not the only crypto executive who sees Harris as the best bet for the industry. Last month, Uphold’s co-founder J.P. Theriot publicly endorsed Harris, the Democratic Party presidential nominee, for president. 

Theriot claimed that Harris is suitable for the position, adding that she boasts a better understanding of crypto than her opponent, Donald Trump. He said Trump’s crypto promises are vague, indicating that they may not yield positive results. 

Significance of Upcoming U.S. Elections 

For many crypto executives, the upcoming presidential election is of the utmost importance for the industry. They believe the outcome could stifle or foster the industry’s growth. 

In the meantime, most crypto executives have backed Donald Trump’s reelection bid due to his enticing promises. The list of crypto executives supporting Trump includes prominent figures like Ripple CLO Stuart Alderoty, Gemini co-founders Tyler and Cameron Winklevoss, and Kraken co-founder Jesse Powell. 

While Alderoty donated $300,000 worth of XRP to Trump’s campaign, Tyler, Cameron, and Powell each donated $1 million in BTC. 

Trump has continuously reiterated support for the crypto industry, disclosing an intention to fire SEC Chairperson Gary Gensler on the first day he assumes the presidential seat. Furthermore, he vowed to make America the crypto capital of the world by embracing “industries of the future” and not attacking them. 

CryptoQuant Analyst Says All Bitcoin Evaluation Metrics in Bearish Territory: Target to Watch

Mark Brennan
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CryptoQuant Analyst Says All Bitcoin Evaluation Metrics in Bearish Territory: Target to Watch

Bitcoin may be set for lower price targets as data points to declining demand for the firstborn crypto asset and an aggressive bear dominance.

Bitcoin has been in a pronounced downtrend in recent weeks, falling over 5% over the past seven days. According to Head of Research at CryptoQuant, Julio Moreno, the sideways price movement is a product of simple economics.

The CryptoQuant analyst stated in a recent tweet that the largest crypto asset is trending downwards because demand is drastically reducing. The lack of notable inflow into Bitcoin has given bears full command of the market, driving prices lower.

Per an accompanying chart, the 30-day sum of Bitcoin’s apparent demand has been in massive decline from the levels seen at the start of the year. The positive apparent demand has kept reducing, while the negative apparent demands are beginning to emerge considerably.

Bitcoin 30-Day Apparent Demand

Bitcoin’s demand peaked during the incessant inflows from the US Bitcoin spot ETFs, launched on January 11. The Bitcoin products pulled billions of dollars from institutional and retail investors. However, the ETFs seem to be running out of steam, having recorded their seventh consecutive outflow on Thursday.

Bears Dominate Market

Moreno also pointed to the bull-bear market indicator, which showed that bears are becoming predominant. According to the 30-day moving average (MA) chart, bears have outpowered bulls in market sentiments.

This indicates that investors are more inclined to sell than buy Bitcoin. It also meant that traders betting on the asset to continue the downtrend have outgrown those in long positions.

Bitcoin 30-Day Bull Bear Indicator

Veteran trader Peter Brandt made a similar market analysis yesterday, stating that the bull cycle might be in jeopardy if not rescued soon. He also noted that sellers are higher than buyers, signaling further market decline.

Targets to Watch

The steady decline might not end soon, as analysts have speculated that the asset would see lower prices. Market veteran Michael Van De Poppe noted that Bitcoin could see $54,300.

He noted that the liquidity around that target could hedge Bitcoin’s further price decline and see a brief pump to $57,300. According to his chart, Bitcoin might fall further to $53,450 if the asset fails to hold $57,300.

Bitcoin Chart

His downward trajectory call correlates with BitMEX co-founder Arthur Hayes’ $50,000 price speculation. Hayes based his predictions on the rising reverse repurchase agreement (RRP) in the United States.

At press time, Bitcoin trades at $56,031, with a market cap of $1.1 trillion.

Analysis Platform Highlights Cardano’s Growth Post-Hard Fork: 3.5M Active Wallets and $150M TVL

Albert Brown
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Analysis Platform Highlights Cardano’s Growth Post-Hard Fork: 3.5M Active Wallets and $150M TVL

Recent weeks have seen notable advancements in the Cardano blockchain, as highlighted by Lunar Strategy, a notable crypto agency.

The Chang hard fork, which took effect on September 1, has introduced significant on-chain governance features, enhancing Cardano’s distinctive approach to blockchain development.

With over 3.5 million active wallets and $150 million in total value locked (TVL) within decentralized finance (DeFi), Lunar Strategy stressed that Cardano is making considerable strides in the crypto space.

Notably, the recently commissioned Chang hard fork empowers ADA holders with a greater voice in the platform’s evolution. The Ouroboros proof-of-stake (PoS) mechanism, known for its superior security and energy efficiency, further enhances Cardano’s position.

Ouroboros is four times more efficient than Bitcoin’s system. As a result, Cardano is positioning itself as a leader in sustainable blockchain technology.

Cardano’s Ecosystem Continues to Expand

According to Lunar Strategy, Cardano’s consistent progress in blockchain development is highlighted by the increasing number of decentralized applications (dApps) deployed on the platform. With over 1,000 dApps now built on Cardano, the network continues to draw developers who appreciate its research-driven approach.

Moreover, Lunar Strategy notes that Cardano’s use of Haskell-based smart contracts ensures a reliable environment for high-assurance development. The Catalyst grants have also provided crucial financial support for innovative projects, further boosting the ecosystem’s momentum. The collaborative spirit within the Cardano community has also played a significant role in driving its overall growth.

Furthermore, Hydra and Mithril scaling solutions are currently being developed to accommodate the next phase of decentralized applications. These upgrades, alongside the recently concluded Catalyst Fund 12 voting, have generated considerable discussion within the Cardano community.

ADA Price Performance Amid Market Movements

Notably, ADA’s recent price actions have not reflected these significant developments in its blockchain. Meanwhile, a recent report analyzing Cardano’s performance compared to other cryptocurrencies reveals notable findings.

Data from September 2023 to the present shows that Cardano experienced a substantial price increase of 217%, reaching $0.8104 in March 2024.

This surge outperformed both Bitcoin and the broader crypto market during the same period. Despite a subsequent decline to $0.3281, Cardano’s earlier gains demonstrate its resilience during the bullish phase.

In contrast, Bitcoin showed more stability, with a relatively modest 23% drop from its peak of over $73,000. This comparison highlights Cardano’s initial strength and its capacity to outperform other assets during periods of market growth.

VeChain Struggles at $0.020: Can Network Growth Propel a Recovery to $0.024?

Albert Brown
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VeChain Struggles at $0.020: Can Network Growth Propel a Recovery to $0.024?

With a bearish trend in motion, the contracting trend in Vechain (VET) forms a falling wedge. Will this wedge boost the next recovery run?

As the crypto market remains uncertain, Vechain, an altcoin with a $1.672 billion market cap, reaches a crossroads. Although it’s currently trading within a contracting pattern and has formed a death cross, there are signs that the VET price might rebound as network health improves. Could this set the stage for a breakout rally from a falling wedge pattern?

Vechain’s Wedge at Play

The VET price action reveals a falling wedge pattern in the daily chart. The Vechain price is currently trading at $0.020, following yesterday’s 3.78% drop. 

As the declining trend continues, the altcoin approaches the bottleneck area of the converging trendlines. This increases the possibility of a high-momentum move, but the trend direction remains uncertain. 

Vechain Price Chart
Vechain Price Chart

Over the past week, the VET price action has remained highly indecisive, with a 0.86% drop this week. However, the week prior was a definitive bearish week, with a 16.71% drop, leading to a bearish engulfing candle. 

Currently, the psychological support at $0.020 is under duress as the broader market grows volatile.

VeChain Network Growth 

According to VechainStats, the total number of accounts on the Vechain network has increased from 2.16 million to 4.183 million in the past year. With an almost 100% surge, the network’s accounts have a healthy development. 

Furthermore, the active accounts over the network registered a spike of 160,264 on September 3.

Vechain total accounts
Vechain total accounts

Will Vechain Sustain Above $0.020?

With the support trendline holding the price for the third time in the past two months, the daily RSI line reveals a bullish divergence. However, the post-death cross, the 50-day EMA, and the 200-day EMA move in a bearish alignment. 

Vechain’s next support levels below the support trendline are at $0.01922 and $0.0175650. On the bullish side, the VET token price can find resistance near the 50-day EMA at $0.024, siding with the overhead trend line. Beyond this, the 200-day EMA stands at $0.028 as the next target level. 

Expert Sees Bitcoin Surge Ahead as U.S. Economy Falters

Albert Brown
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Expert Sees Bitcoin Surge Ahead as U.S. Economy Falters

As Bitcoin struggles to recover from recent losses, notable analyst Michael van de Poppe suggests a major bull run may be on the horizon. 

Drawing comparisons to historical financial events, van de Poppe believes the current economic cycle is similar to the 1930s Gold Standard and the dot-com bubble of 2000. His analysis highlights the growing concerns surrounding the U.S. economy and its global position, which could fuel a massive Bitcoin surge.

The U.S. Economy’s Weakening Position

Van de Poppe highlights growing concerns about the U.S. economy, noting troubling economic data such as job openings and ADP non-farm employment changes, which are at their worst in three years. 

He attributes this economic strain to the Federal Reserve’s policies of rising interest rates and quantitative easing (QE), which, despite temporary resets, have exacerbated inflation. With U.S. debt exceeding $35 trillion, van de Poppe foresees ongoing economic challenges.

The decline of the U.S. Dollar’s status as the world’s reserve currency is also a concern. Van de Poppe points to the increasing influence of BRICS nations and the weakening of the Dollar against currencies like the Canadian Dollar, Japanese Yen, and Euro. He anticipates that the Fed will introduce rate cuts, signaling deeper underlying issues in the economy.

Bitcoin’s Role in Financial Markets

Amid the economic turbulence, van de Poppe asserts that Bitcoin will play a key role as a safe-haven asset. He compares Bitcoin’s potential performance to gold’s rise during the 1930s,  noting that Bitcoin’s four-year cycle is consistent with historical trends.

In his view, Bitcoin’s surge could align with a broader downturn in equity markets, driven by increased uncertainty surrounding the U.S. financial system.

As investors become wary of traditional financial institutions, van de Poppe expects Bitcoin to emerge as a preferred asset for those seeking self-custody and control over their investments. He predicts that Bitcoin will see a significant rally in response to upcoming rate cuts and potential QE measures.

Trump’s Promise to Elevate Crypto

Elsewhere, former President Donald Trump has once again shared his vision for the United States to become a global leader in the cryptocurrency industry. Speaking at the Economic Club of New York, Trump emphasized that instead of resisting industries of the future, such as crypto and Bitcoin, the U.S. should embrace them. 

This brief but notable mention reflects his ambition to make America the “world capital for crypto and Bitcoin” if he returns to the presidency.

Trump’s involvement in the crypto space may extend beyond policy discussions. Recent reports suggest that Trump could play a direct role in a forthcoming crypto project tied to his family, World Liberty Finance. 

Although details remain limited, the project is anticipated to position Trump as a key advocate for cryptocurrency, reinforcing his stated commitment to fostering a favorable environment for digital assets in the U.S.

BitBoy Insists ISO 20022 Was Designed for XRP 

Lele Jima
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BitBoy Insists ISO 20022 Was Designed for XRP 

Ben “BitBoy” Armstrong argues that ISO 20022, the global standard for payments-related financial information, was developed with XRP in mind. 

The crypto YouTuber made the assertion recently during an exchange with Sam Dodson, the host of “To The Lifeboats” podcast.

ISO 20022 Developed for XRP?

The discussion started with Armstrong admitting that there is nothing like ISO 20022 coins, indicating that classifying cryptocurrencies as ISO 20022-compliant is entirely false. He revealed that he initially believed this concept but later discovered it was incorrect.

Nonetheless, he emphasized that XRP is the only cryptocurrency that should be classified as an ISO 20022 coin. Armstrong’s commentary triggered a reaction from Sam, who argued that there is nothing like “ISO 20022 Coin.” 

He suggested that the ISO 20022 concept is not a crypto classification system but a messaging standard for financial transactions. According to Sam, cryptocurrencies like XRP can decide whether to comply with the ISO 20022 standard. However, Sam indicated that compliance does not confer the asset with the title of ISO 20022 Coin. 

Interestingly, Armstrong accepted this explanation but maintained that the system was “built with XRP in mind.” This position argues that the developers of ISO 20022 built the global messaging system to align with XRP’s technology. 

Ripple CTO Confirms XRP Has No Relationship with ISO 20022 

The ISO 20022 standard aims to bolster electronic messaging between financial institutions. It modernizes how institutions can send payment-related messages. This initiative was introduced in the early 2000s and has recorded massive success in the traditional financial sector. 

Even though ISO 20022 was developed for traditional financial institutions, crypto-related entities, including Ripple, have integrated with the system. Notably, Ripple became a member of the ISO 20022 standard in 2020. 

Through its membership, the company allows RippleNet clients to connect with a network of global financial institutions through a unified API for counterparty transactions. This connection enables RippleNet to utilize the same messaging standard that other prominent financial institutions have adopted. 

Although Ripple is an ISO 20022 member, XRP is not obligated to comply with the messaging standard. Notably, Ripple CTO David Schwartz confirmed that XRP has no relationship with ISO 20022. 

As Dogecoin Network Activity Plummets, Will $0.094 Support Hold?

Albert Brown
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0

Within a falling channel pattern, the biggest meme coin, Dogecoin, struggles to reclaim $0.101. Will this struggle fail with the $0.094 support crackdown?

With a market cap of $14.21 billion, Dogecoin is trading at a crossroads with intense demand and supply elements at play. Further, the broader market uncertainty increases the volatility of Dogecoin prices. 

Held within a mother candle for now, will Dogecoin manage a bull cycle this week?

Dogecoin Nears the Wedge’s End

In the daily chart, the Dogecoin price action reveals a sideways trend near $0.094. Trading near the bottleneck part of a falling-wedge pattern, the overhead bearish influence materializes in the 50-day EMA and an overhead resistance trendline. 

Dogecoin Price Chart
Dogecoin Price Chart

Over the past five days, Dogecoin’s price has consolidated within the range of a bearish engulfing candle from September 1, which saw a 6.10% decline. Despite increased market volatility, the meme coin has struggled to establish a clear trend.

The price is currently consolidating above the recently established support level of $0.094. However, the RSI indicates a growing bearish divergence. Dogecoin is trading at $0.09780, reflecting a minor intraday drop of 0.61% from its opening price of $0.09839.

Dogecoin Network Down To 66K Txns

Since peaking at 1.98 million transactions on March 4, the Dogecoin network has experienced a significant decline in 2024. By August 22, the number of transactions had dropped to 126,000; on September 5, it had further decreased to 66,000 daily transactions.

Dogecoin Network
Dogecoin Network

Transaction volumes have also decreased sharply, from a 2024 peak of 34.73 billion DOGE to the current 7.72 billion DOGE. This reflects a massive decline in the network’s health compared to its 2024 peak.

Crucial Dogecoin Support Levels 

As the correction phase intensifies for Dogecoin, the chances of recovery are getting trimmed. At its network’s peak, with nearly 2 million transactions, Dogecoin was priced at $0.1657. However, it is now trading at $0.09758 with only 66,000 transactions. 

Hence, if the broader market fails to lift off, Dogecoin could crash under $0.09407. Below this, the support levels are present at $0.081 and $0.075. 

Shiba Inu: Expert Says Days of Massive Gains Over, Time for Realistic Outlook

Abdulkarim Abdulwahab
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Shiba Inu: Expert Says Days of Massive Gains Over, Time for Realistic Outlook

Crypto market commentator Zach Humphries shares his thoughts on Shiba Inu (SHIB) and its future amid ongoing bearish performance.

While optimistic about SHIB’s long-term potential, Humphries emphasized the need for realistic sentiments among SHIB investors. He warned that the days of Shiba Inu skyrocketing thousands of percentage points are over as it matures into a top 15 crypocurrency with a multi-billion-dollar market cap.

Shiba Inu Investors to Stay Realistic

Notably, Shiba Inu hovers around $0.00001319 with a $7.77 billion cap. This floor price reflects an over 70% price slump from its year-high set six months ago. Despite popular optimism that a second-leg phase bull run was on the horizon, this has not happened, and SHIB holders have continued to shoulder losses.

Accordingly, Humphries encouraged SHIB holders to create clear exit strategies, noting that getting emotional with investments leads to poor decision-making. He acknowledged that many investors are holding out for major price surges, with some expecting SHIB to reach $0.01 soon.

He considers the outlook far-fetched, as Shiba Inu is already a top-ranking project, making such a lofty height in the short term speculative.

Nonetheless, Humphries conveyed his belief that a 10X gain is possible in the current bull market cycle. Yet, he noted that such a dramatic rise would depend heavily on broader market conditions, particularly Ethereum’s performance, given SHIB’s status as an ERC-20 token.

Shiba Inu Team Should Release Updates on Time

Furthermore, Humphries raised concerns about the long-delayed release of key developments within the Shiba Inu ecosystem, including the implementation of an automated burn mechanism on Shibarium. 

Humphries argued that the introduction of this feature earlier is crucial to ensuring long-term price growth and incentivizing investors to use the Shibarium blockchain for transactions.

“The average retail investor needs an easy-to-understand incentive,” Humphries said. He highlighted that a mechanism for reducing the token supply would be a simple yet powerful solution.

According to the pundit, if he had his way, he would have introduced the auto burn feature when Shibarium launched rather than delay it. Notably, the auto-burn system for SHIB went live last month.

Moreover, Humphries pointed to the need for updates on other major projects in the SHIB ecosystem, including the anticipated metaverse integration. He stressed that while patience is essential in crypto investing, delays in delivering promised developments risk eroding investor confidence.

Brandt Warns of Bitcoin Megaphone Pattern, Predicts BTC Could Test $46,000

Mark Brennan
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Brandt Warns of Bitcoin Megaphone Pattern, Predicts BTC Could Test $46,000

Peter Brandt states that Bitcoin could correct to levels it last witnessed in February, except the premier crypto asset surges quickly to a new all-time high.

Following in his recent trend, veteran crypto analyst Peter Brandt has again cautioned Bitcoin traders of the prevalent bearish momentum around the asset. This time, he warned of a forming price pattern that could see Bitcoin test the mid-$40,000 region.

Per a Thursday tweet, Brandt noted that Bitcoin was trading in what he called a megaphone pattern or an inverted expanding triangle. The seasoned trader warned that testing the lower boundaries of the trend could see Bitcoin hit $46,000.

Brandt noted that this drop is likely to happen if bearish sentiments continue to dominate the Bitcoin market. He noted that there were more selling pressures than buying in the pattern, reflecting on the price trend in his megaphone pattern.

Another Bearish Outlook

The veteran trader’s price prediction was one of his many short-term bearish outlooks for Bitcoin. He has frequently warned traders of preceding bearish trends in the market as the largest crypto asset continues to move in the direction of the bears.

In an earlier post, Brandt expressed skepticism about the bull run’s validity, citing three factors supporting his claims. He pointed to a series of lower highs and lower lows in the Bitcoin chart to indicate that the market might be trending downwards.

The veteran trader further stated that Bitcoin had taken the longest time to reach a new high post-halving for the first time, an indication of underlying price weakness. Brandt asserted that bulls have not shown sufficient energy to upset the recent market trend.

A Way Back

Brandt stated that Bitcoin could bounce back if it moved to a new all-time high soon. That would invalidate the megaphone pattern and get the bull run back on track.

Bitcoin would have to surge almost 25% from its current price to breach its all-time high of $73,700. Such a price rebound is not new for Bitcoin, which has shown its ability to pump exponentially over time. The asset surged 43% from the start of the year to hit the new high in March.

Notably, Bitcoin has overperformed during the last quarter of the year. Hence, bulls are still optimistic that the asset will overturn its prevailing bearish momentum. At the time of writing, Bitcoin traded at $55,795, down over 25 in the past 24 hours.

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