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Ripple CTO Weighs In on XRP Potential Path to Stability

Abdulkarim Abdulwahab
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Ripple CTO Weighs In on XRP Potential Path to Stability

The subject of volatility in crypto assets like XRP and their suitability for real-world, day-to-day payment transactions remains a hot topic in the crypto community. 

Recently, XRP community figure Mickle reignited this debate. He cited statements from Ripple’s Chief Technology Officer, David Schwartz, on the potential for tokens like XRP to achieve stability or at least mild volatility.

XRP Potential Path to Stability

In his remarks, Schwartz discussed the possibility of cryptocurrencies becoming more stable as they see greater real-world adoption. He suggested that real-world use cases would naturally lead to reduced volatility.

“We could see cryptocurrencies themselves become more stable as they get real-world adoption,” Schwartz explained. “Real-world use cases, I think, will lead to stability.”

Notably, Schwartz shared this view when asked to comment on the prospects of truly stable cryptocurrencies under no central control. He highlighted projects like DAI, a crypto-collateralized stablecoin that maintains its value through a claim on an Ethereum pool.

He explained that while these types of stablecoins are not entirely decentralized due to the need for a centralized price feed, they represent a step towards a more stable cryptocurrency ecosystem. “If those projects are successful, we could see more stability in the market,” he said.

XRP Army Seeks Path to Stability with AMM

Notably, some XRP community members believe that XRP would be more favorable if it embodied stability rather than the intense volatility in the crypto market. They argue that a more stable XRP would be better suited for cross-border payment transactions, where entities using XRP would not need to worry about significant price fluctuations.

For instance, during the wait for automated market makers (AMMs) functionality to be integrated into the XRP blockchain, some XRP community members pondered a scenario in which AMMs could help XRP adopt stablecoin features that would appeal to banks.

The Digital Perspectives PermaBull (DPP) channel host sparked the conversation then. He consulted Elon Musk’s AI Grok about XRP’s potential to become a “stablecoin” using AMMs. Grok confirmed this feasibility.

The AI explained that AMMs could stabilize XRP’s value by managing supply and demand through a liquidity pool containing both XRP and a stablecoin like USDC.

This mechanism could effectively control XRP’s price volatility, thereby enhancing confidence among adopters. The DPP host and other community members see this as a transformative development for XRP.

However, some critics have sarcastically remarked that XRP already has enough stability due to its poor price performance over an extended period. “More stable than it is now? Now that would be super stable,” said X user Nunya.

VanEck Sees Bitcoin Hitting $2.9 Million with $61 Trillion Market Cap: Here’s the Strategy

Albert Brown
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VanEck Sees Bitcoin Hitting $2.9 Million with $61 Trillion Market Cap: Here’s the Strategy

VanEck, a prominent asset manager and Bitcoin ETF issuer, recently released a detailed forecast regarding the future value of Bitcoin.

The $108 billion asset management firm envisions Bitcoin playing a substantial role in international and domestic trade by 2050. The firm forecasts that BTC could settle 10% of the globe’s international and 5% of domestic transactions. 

According to VanEck’s estimation, this scenario could lead central banks to hold 2.5% of their assets in Bitcoin, driving its price to an estimated $2.9 million per Bitcoin. Notably, this lofty price point would elevate Bitcoin’s market cap to approximately $61 trillion. 

VanEck also projects that Bitcoin Layer-2 (L2) solutions, which address scalability issues, could collectively be valued at $7.6 trillion, approximately 12% of Bitcoin’s total value.

Worst-case Scenario at $130,314

It is worth noting that VanEck’s $2.9 million projection for Bitcoin by 2050 is the ‘base case’ for the premier asset. In the best-case scenario, Bitcoin could reach $52,386,207. Meanwhile, VanEck’s worst-case scenario for Bitcoin by 2050 is a price of $130,314.

Shifting Dynamics in the IMS

A key driver of VanEck’s bullish outlook on Bitcoin is its potential to emerge as a reserve asset. To grasp this potential, the asset manager suggests examining the evolving trends in the International Monetary System (IMS).

According to VanEck, the declining global GDP share of major economies such as the US, EU, UK, and Japan will likely trigger a shift towards alternative reserve assets. This shift is compounded by waning confidence in traditional reserve currencies, fueled by concerns over deficit spending and geopolitical instability.

As a result, businesses and consumers may increasingly turn to Bitcoin as a neutral and reliable medium of exchange, drawn to its predictable monetary policy and immutable property rights. VanEck posits that these shifting economic dynamics could accelerate the adoption of Bitcoin as a global reserve currency, positioning it as a viable solution to the limitations of traditional fiat currencies.

Contrasting Views

However, not everyone shares VanEck’s optimism. Crypto commentator Kal Benz calls VanEck’s $2.9 million Bitcoin price forecast by 2050 “bearish.” Notably, considering Bitcoin trades at $59,000 today, a price point of $2.9 million amounts to a staggering growth of 4,815%.

However, adjusted for 5% inflation, Benz observed that it is equivalent to $856,000 in today’s dollars or a 10.7% ROI. Factoring in 5% annual monetary debasement, it’s worth just $267,000, a 6% ROI.

Meanwhile, some market participants are sounding caution, warning of potential downside risks. A prominent crypto trader has even predicted a significant drop in Bitcoin’s value, potentially as low as $16,000 if Vice President Kamala Harris wins the presidency in November.

This bearish outlook is rooted in concerns about the current administration’s regulatory stance on cryptocurrencies.

FLOKI Stages Comeback after Four-Day Crash: Can It Break $0.00015?

Albert Brown
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FLOKI Stages Comeback after Four-Day Crash: Can It Break $0.00015?

Amid a sudden surge in meme coins, FLOKI prepares a reversal rally to surpass $0.00015. Will a bullish harami pattern result in a massive surge?

One of the top meme coins, FLOKI, is trading at a 64.47% discount from its 52-week high of $0.0003487. During the pullback, multiple buy-the-dip opportunities failed to create a new high. 

However, the stronghold at $0.0001094 keeps the FLOKI price buoyant and keeps the chances of a bullish reversal alive. With another pushback to the sellers, FLOKI pumps on Monday before hitting the $0.00010 mark to end a four-day crash. Will this new recovery be the final dip in the months-long correction spree?

FLOKI Stronghold at $0.00010

FLOKI takes a bearish reversal from the merged 200-day and 50-day EMA near the $0.0001523 level. The downfall accounts for four consecutive bearish candles, resulting in a 25% decline in the market cap of the meme coin. 

The bear cycle takes an early reversal from the $0.0001149 mark before testing the $0.00010 support level. Further, with a 4.28% surge on Monday, the FLOKI price trend concludes the bear run and forms a Harami candle pattern. 

FLOKI Price Chart
FLOKI Price Chart

With Monday’s bullish candle enclosed within the bearish candle of Sunday, a harami pattern holds the upcoming FLOKI price trend. Meanwhile, the recent spike in the bearish influence results in an increased gap between the declining 50-day and 200-day EMA. 

Further, the bearish trend in the MACD and signal line continues to drop into the negative territory with declining histograms. 

Will FLOKI Price Surpass $0.00015?

Despite the technical indicators giving a sell signal, the price action at the $0.00010 level predicts a potential reversal. With a decisive trend kept in a Harami pattern, the breakout of it will determine the FLOKI prices. 

A bullish breakout can challenge the $0.00015 ceiling for a potential breakout run to the $0.00020 mark. On the flip side, a bearish outcome will put stress over the $0.00010 mark, with the following support levels at $0.000078 and $.000055599.

Cardano Founder Reveals What Comes Next After Chang Upgrade

Mark Brennan
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Cardano Founder Reveals What Comes Next After Chang Upgrade

Charles Hoskinson has given an update on the next direction of the Cardano ecosystem after the recently implemented Chang hard fork.

Cardano founder Charles Hoskinson has provided an update on the network’s stance following the pivotal the Chang upgrade. This comes a day after he declared the Cardano network an independent blockchain.

In an X video posted on Tuesday, Hoskinson stated that Cardano has entered the bootstrap phase, where the fledgling government is in place.

“Well, congratulations! The fledgling government is alive and well. So, who are you calling fledgling?” Hoskinson asked.

According to the founder, the bootstrap phase is a stage during which new governments and roles are created in the Voltaire era.

He noted that these new pillars are necessary for fully functional community-driven governance. The new governments leading the new era are the constitutional committee (CC), the stake pool operators (SPOs), and decentralized representatives (DReps).

Hoskinson noted that the new government would create a makeshift constitution. Hence, workshops are held around the globe to develop a draft constitution. According to him, the legal constitution for the network will be created in an Argentina constitutional convention in December.

“In December, we’re all going to Argentina, and those delegates are going to form a constitutional convention. Each delegate gets one vote, so everybody is equal there,” he said.

Post-Bootstrap

The Cardano founder noted that the Voltaire era would have had a fully functional government after the bootstrap phase. The CC, DRep, and SPOs would primarily head the government and will precede constitutional amendments and hard forks. This would take about 90 days to mature fully.

“At that point, we have a full Cardano government… you’re going to have DReps, you’re going to have the Constitutional Committee, and you have the SPOs,” Hoskinson said.

The new government would also have an annual budget process to fund new initiatives voted on by the community. The Cardano Treasury holds approximately $600 million in ADA, and the sector’s funding activities would be subject to oversights and audits.

Cardano’s Future Governance

The founder noted that the Cardano network would periodically check its decentralization levels. Cardano will check if its new governance system is as distributed, effective, and efficient as it aims to be.

“This is kind of the last mile of Cardano’s full decentralization, and it fully realizes the potential of Ouroboros,” he stated.

Hoskinson noted that institutions like Intersect would lubricate the operations of the new government. He said Intersect would utilize modern management techniques to facilitate decision-making in the governance.

However, Hoskinson stressed that the Voltaire era would not have had its full effect without a community.

He urged ADA holders to ensure that they support these processes to fruition. According to him, “the point of governance is to give the freedom to say those things and do those things, and you have to win people over… you have to be persuasive about where to go and what to do.”

Bitcoin Advocate Responds to Hoskinson’s Critique Amid Cardano Market Cap Decline

Albert Brown
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Bitcoin Advocate Responds to Hoskinson’s Critique Amid Cardano Market Cap Decline

A recently resurfaced interview featuring Charles Hoskinson, the founder of Cardano (ADA), has reignited debates surrounding Bitcoin’s long-term sustainability. 

Originally aired in December last year, the interview has again caught the crypto community’s attention, sparking reactions from various industry figures. Notably, Tuur Demeester, a prominent Bitcoin advocate, took this opportunity to critique Hoskinson and Cardano’s diminishing market dominance.

Hoskinson’s Critique of Bitcoin’s Longevity

During the interview, Hoskinson expressed doubts about Bitcoin’s ability to sustain itself as an independent blockchain. He argued that Bitcoin’s survival heavily depends on the broader cryptocurrency ecosystem and exchanges. 

The Cardano founder suggested that the industry could continue to thrive even without Bitcoin, challenging the notion of Bitcoin as an irreplaceable asset. 

Hoskinson compared Bitcoin to digital gold, acknowledging its current value but warning that its position could be threatened by more technologically advanced assets. He further described Bitcoin as more of a “religion” than a dynamic ecosystem.

Demeester’s Critique 

Demeester responded to Hoskinson’s comments by pointing out Cardano’s declining market dominance over the past three years. He noted that Cardano’s market cap had dropped from 10% of Bitcoin’s to a mere 1% during this period. 

Notably, market data shows Cardano has continued to drop against Bitcoin over the past three years. The ADA/BTC ratio stood at a peak of 0.00006271 as of September 2021. However, it has since declined to 0.00000579, marking a 90.7% slump in the last three years.

This sharp decline, according to Demeester, contrasts Hoskinson’s claims of Cardano’s superiority over Bitcoin. According to recent data, Cardano (ADA) has dropped out of the top ten cryptocurrencies, with its prices falling 89.34% from their all-time high in September 2021.

Cardano’s Vision for the Future

Charles Hoskinson has consistently maintained that Cardano “dwarfs Bitcoin,” viewing it as a superior technological achievement. He highlighted that Cardano operates an uninterrupted smart contract chain across more than 100 countries, which he considers one of the greatest technical accomplishments in history.

Hoskinson pointed to Cardano’s Voltaire era as a testament to its self-sustaining decentralized governance, further distinguishing it from Bitcoin.

In another critique made in July, Hoskinson reiterated Cardano’s potential to surpass Bitcoin, citing its continuous innovation, development, and strong governance structure. He compared Bitcoin’s current value to legacy companies like Yahoo and MySpace, suggesting that their failure to adapt led to their eventual decline.

Hoskinson expressed concern that Bitcoin might face a similar fate if it does not evolve, emphasizing that Cardano’s focus on innovation and governance could allow it to eventually overshadow Bitcoin.

Team Says Shiba Inu DAO is Not a Whale’s Game 

Lele Jima
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Team Says Shiba Inu DAO is Not a Whale’s Game 

Shiba Inu marketing lead Lucie provides insights into the upcoming Shiba Inu DAO, emphasizing that the project is not a whale’s game. 

Lucie made the assertion yesterday in response to the widespread skepticism about the upcoming DAO. For context, Lucie hinted at the DAO launch last week, stating that the project will allow all Shiba Inu holders to participate in the network’s governance and determine the future trajectory of its ecosystem. 

While most community members received the update enthusiastically, others believe whales will be more influential in Shiba Inu’s decision-making process due to their enormous holdings. 

Shiba Inu DAO Isn’t a Whale’s Game 

However, Lucie dismissed this speculation, highlighting how small holders can effectively outweigh these whales. She emphasized that 1,000 smaller holders can nullify any whale’s influence in the DAO. 

She added that the team designed the DAO to be fair, ensuring that people with more investments have a major say. According to her, an investor with a $100,000 investment will likely make better decisions than someone with only $100 invested. 

However, she asserted that the collective power of small holders in the DAO will ensure that the community remains in control, emphasizing the importance of community strength. 

“The DAO is on the horizon, and with it, the community has more opportunities to shape the future,” Lucie remarked.

Lucie Addresses Welly’s 37.5 ETH Donation 

Furthermore, she dedicated a section of the post to address issues relating to the handling of the 37.5 ETH ($93,787) Shiba Inu’s food partner Welly’s donated to the community two years ago. 

According to Lucie, the Shiba Inu community will decide the fate of the funds. However, she acknowledged a worst-case scenario in which the wallet owner holding the 37.5 ETH could choose not to return the assets. 

In the meantime, voting is still ongoing for the proposal created to determine how Welly’s donation will be allocated.

With voting expected to end on September 4, most participants prefer that the funds be held in a multi-sig wallet controlled by some team and community members. This option accounts for 85.77% of the total votes the proposal has recorded since its introduction on August 31. 

AAVE Eyes $150: Will the Post-Retest Reversal Propel the DeFi Token Higher?

Albert Brown
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AAVE Eyes $150: Will the Post-Retest Reversal Propel the DeFi Token Higher?

Following the recent $130 breakout, the triple crow setup marks a retest phase for AAVE. Will a post-retest reversal reach $150?

As the altcoins market gains momentum, the DeFi space is back in action. With AAVE entering the top gainers list, a breakout rally teases a bull run in September. 

Will this bull run reach the $150 psychological barrier in September?

AAVE Breakout Rally

With a market cap of $1.95 billion, AAVE is on the verge of hitting the $2 billion mark. The DeFi token has increased by 9.23% in the past 24 hours and is currently trading at $131. 

On the 4-hour chart, Aave’s price action exhibits a robust uptrend, punctuated by a minor pullback. After reaching a 30-day peak of $148, the AAVE token later retreated to the $117 support level, where it bounced back multiple times.

Notably, it has also found support at the 200-period exponential moving average (EMA) on the 4-hour chart, suggesting a strong foundation for potential future growth.

AAVE Price Chart
AAVE Price Chart

According to trend-based Fibonacci levels, the AAVE token is facing resistance at the 38.20% level, approximately $137, struggling to break above it. Over the past 12 hours, the DeFi token has experienced a 3.14% decline, forming three consecutive bearish candles.

However, the recent V-shaped rebound, which successfully surpassed the 23.60% level at $129, suggests that the current correction is more of a retest phase rather than a reversal.

The MACD momentum indicator is displaying a positive trend, with both the MACD and signal lines crossing into positive territory, lending credence to the ongoing bullish trend.

Moreover, the 50 and 200 EMAs in the 4-hour chart continue to exhibit a bullish trend, maintaining a sideways trajectory despite the recent pullback.

Chances of a Successful Post-retest Reversal AAVE 

The underlying demand for AAVE is gaining momentum, with key indicators in the 4-hour chart aligning to support the DeFi token’s upward trajectory. Notably, the token’s impressive 143% return over the past year underscores the strength of the ongoing bull run.

Against this bullish backdrop, the recent price rejection at lower levels suggests a potential post-retest reversal, setting the stage for a resumption of the uptrend. In this scenario, the 38.20% and 50% Fibonacci levels at $137 and $143 emerge as critical target zones.

On the downside, the $130 and $117 levels serve as crucial support zones, providing a potential safety net in the event of a bearish reversal.

Analyst Sees “Candle 133” Propelling XRP To $17, Reflecting Bent Fork Highs

Sam Wisdom Raphael
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Analyst Sees “Candle 133” Propelling XRP To $17, Reflecting Bent Fork Highs

Market analyst EGRAG identified a pattern on the XRP monthly chart that he believes could signal a major price breakout.

Central to this analysis is the appearance of a “Bullish Hammer Candlestick” (BHC), which EGRAG has highlighted at key points in XRP’s history. He calls the latest instance of this pattern “Candle 133” and suggests it could push XRP’s price to new heights.

XRP’s Hammer Candlesticks

Notably, EGRAG centered his analysis on BHCs, typically indicating bullish reversal patterns. These candlesticks often form at the end of a downtrend, indicating that the market is rejecting lower prices and that a potential reversal to the upside could be on the horizon. 

EGRAG identified four previous instances of these patterns throughout XRP’s historical price action, where the formation of a BHC preceded significant price increases. He termed these Candles 1, 22, 42, and 96.

Candle 1, the first BHC on XRP’s monthly chart, was followed by a 750% price increase. Candle 22 resulted in a more modest 40% rise, while Candle 42, the most explosive of them all, led to a jaw-dropping 43,000% surge, which led to the $3.31 all-time high in January 2018.

Meanwhile, Candle 96 saw an 80% gain, resulting in the $1.96 high in April 2021. Now, with Candle 133 having recently formed, EGRAG and many within the XRP community believe history could repeat itself.

XRP Bent Fork Sets $17 High 

The market analyst also called attention to the “Bent Fork,” a structure he believes could bolster XRP’s bullish outlook. According to EGRAG, the Bent Fork indicates that XRP’s next major resistance level is around $17. 

Achieving this target would represent a 2,400% increase from current prices. However, EGRAG also suggests the possibility of XRP climbing even higher, with a potential peak at $27—a staggering 5,000% gain from its current levels.

In response to EGRAG’s disclosure, one investor expressed that while $17 or $27 would be incredible, he would be content if XRP could break the $1 barrier and potentially reach $4-5.

However, EGRAG maintained its bullish stance. He revealed that his own profit-taking strategy involves selling some of his holdings if XRP reaches $5. This approach is rooted in the principle of dollar-cost averaging (DCA), a strategy where an investor spread out their investments over time to mitigate the impact of volatility.

During the last market cycle, he sold XRP at $1.90 but re-entered at $1, expecting a rally to $5-7 that never materialized. This experience taught him the risks of rotating profits within the same asset class during volatile periods, leading him to now prefer rotating between different cryptocurrencies.

Shiba Inu Team Launches Agent Shiboshi on iOS 

Lele Jima
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Shiba Inu Team Launches Agent Shiboshi on iOS 

iPhone and iPad users can now download Shiba Inu’s new game Agent Shiboshi on their iOS devices.

PlayWithShib, Shiba Inu’s gaming channel, announced the development yesterday, noting that the Agent Shiboshi action is now available for iPhone users.

This comes less than a week after the game made its official debut on Android, with positive responses from players. Consequently, Shiba Inu’s Gaming team has now launched the game on iOS-supported devices, allowing players to participate in the adventure of saving the world.

Agent Shiboshi boasts over 500 downloads on the Google Play Store at press time. Despite this, the game does not have any reviews yet. While the Android version is available for devices running on Android 6.0 and above, the iOS version supports devices with at least iOS 13.0.

Agent Shiboshi Features 

For context, Agent Shiboshi is the second game in the Shiba Inu ecosystem after Shiba Eternity. The game requires players to take on the role of Agent Shiboshi, whose mission is centered on hunting down Shadowcats. Upon seeing any vile shadowcats, players are expected to aim with precision and eliminate the enemy. 

The Agent Shiboshi game offers tap and swipe controls, eye-catching graphics, offline play, unlockable skins, endless levels that increase in difficulty as the game progresses, and in-app purchases. 

Players can purchase certain items within the game, including skins and in-game currency. For instance, Skins 4 and 5 cost $0.99 and $1.99, respectively.

Although Agent Shiboshi is available for mobile users, the Shib Game team stated that the game is still in development. This suggests the team will provide new updates based on players’ feedback.

Agent Shiboshi to Eventually Launch on Shibarium 

Like Shiba Eternity, Agent Shiboshi will integrate with Shibarium, becoming the blockchain’s second Web3 game. 

In the meantime, the Web3 version of Shiba Eternity is in beta testing and is currently available exclusively for LEASH stakers. Recall that Shiba Eternity’s mobile version launched in October 2022, marking nearly two years before it was integrated with Shibarium. 

It remains to be seen whether a similar wait will occur before the team transitions Agent Shiboshi to Shibarium. 

Ripple CEO Says Gary Gensler Would Be Fired Even if Kamala Harris Wins

Mark Brennan
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Ripple CEO Says Gary Gensler Would Be Fired Even if Kamala Harris Wins

Ripple CEO Brad Garlinghouse has targeted Gary Gensler in a recent press conference, stating he would be fired even if Kamala Harris becomes president.

The US Securities and Exchange Commission (SEC) chair, Gary Gensler, may be fired regardless of who is elected president in November. According to Ripple’s CEO, Brad Garlinghouse, Kamala Harris’s victory wouldn’t guarantee that Gensler would remain in office.

The Ripple boss said this at a press conference in Seoul on Tuesday, citing discussions with key players in both the Democrats and the Republicans. Garlinghouse stated that both parties are utterly displeased with Gensler’s activities as the SEC boss.

Reports revealed Garlinghouse’s confidence during his assertion, with the Ripple boss stating that anyone could bet their money that Gensler would be out of the job soon. Garlinghouse, who has been in a years-long battle with the SEC, also criticized the SEC boss over his iron-handed approach toward digital assets.

Major Stakeholders Unpleased with Gensler

Garlinghouse stated that Gensler’s handling of cryptocurrencies in the US has turned the leaders of both the Democrats and Republicans against him. It is worth noting that two US lawmakers submitted an SEC Stabilization bill last year to fire Gensler.

The Ripple CEO cited a comment by Gensler that has not gone down well with prominent judges. Gralinghouse stated that the SEC chair used the word “digital asset securities,” which brought widespread criticism from members of the judiciary system.

These comments came amid growing speculation that Harris intends to pick Gensler as Treasury Secretary if elected in November. Although the unconfirmed rumors would see the SEC chief vacate his current position, the power of the new office may create more avenues to continue his clampdown on digital assets.

Recently, Harris has shown interest in cryptocurrencies. Hence, she may consider doing away with the Gensler if it means gaining the sector’s trust. Republican presidential candidate Donald Trump had already publicly declared he would fire Gensler on his first day in office and provide a friendlier environment for digital assets.

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