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Expert Says Those Who Claim XRP Is Going to Zero Have Low IQ

Abdulkarim Abdulwahab
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Expert Says Those Who Claim XRP Is Going to Zero Have Low IQ

The debate around the future of XRP took a heated turn recently when Tony Edward, the founder of the Thinking Crypto Podcast, fired back at skeptics who believe XRP is destined for failure. 

In a bold tweet, Edward dismissed those predicting XRP’s demise as uninformed. He suggested that these pessimistic commentators are either overly focused on Bitcoin or motivated by self-interest due to XRP’s competition with their preferred cryptocurrencies. 

Specifically, Edward criticized those claiming that “XRP is going to zero” as having low IQ scores. His remarks reflect a deep confidence in XRP’s potential, challenging doubters to reconsider their views.

Notably, Edward expressed this sentiment following a forecast suggesting that XRP is on the brink of a significant price increase. 

XRP Preparing for Uptrend

Based on recent technical analysis, CRYPTOWZRD indicated that XRP is poised to move toward the $0.65 price level soon. The analyst believes XRP’s attainment of this threshold could trigger a swift rally to further highs. 

This optimism builds on the positive trend XRP has been printing over the last 24 hours. Today, XRP has advanced significantly by over 8% to recapture the $0.61 price range. At press time, XRP set an intraday high at $0.6145 and continued to defend the $0.6 level.

Notably, this positive movement comes after XRP briefly declined to $0.5475 last week, which now represents a rebound of 12.23%. Observing this commendable turnaround, analysts believe XRP is poised to sustain the uptrend and potentially reclaim long-lost price thresholds. 

Factors Influencing Critical Views on XRP

Critics who project a bleak future for XRP often base their statements on XRP’s broader underperformance. Before recent weeks, XRP rarely saw significant uptrends that endured, leading some to label it stagnant or a stablecoin with limited upward potential. 

For instance, XRP rallied to $0.64 after Ripple won its lawsuit but declined to $0.545 days later. Moreover, market data shows that among the top 100 crypto assets with the biggest valuation, XRP ranks behind 84 others in yearly performance. 

In other words, despite its prominence, XRP’s performance over the past year has not matched the growth seen by 84% of its peers. 

XRP risk analysis Coincodex
XRP risk analysis Coincodex

This trend, coupled with the fact that XRP last reached an all-time high six years ago, has led some critics to describe it as dead.

Meanwhile, proponents like Edward argue that such judgments are premature. They believe XRP is positioned to benefit as the broader crypto market expands.

SunPump Creation Triggers 124% Tron Transaction Surge

Mark Brennan
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SunPump Creation Triggers 124% Tron Transaction Surge

The Tron network continues to benefit from the SunPump launch, seeing transaction and revenue boosts.

Transactions on the Tron Network have seen a significant nudge amidst the hype around SunPump, a memecoin creation tool based on the blockchain. Data from IntoTheBlock shows that transactions worth between $100 and $10,000 have grown by 124%.

Per the data, the uptrend resumed on Tuesday, two days after the Aug. 13 SunPump Beta launch. On Saturday, transactions between $100 and $1,000 crossed $100 million, while transactions between $1,000 and $10,000 moved past $50 million.

Tron Tranaction Volume IntoTheBlock
Tron Tranaction Volume | IntoTheBlock

Recently, the Tron network hit a yearly high in the number of transactions settled. Amid the network’s affordable fees, users have scrambled to launch memecoins. These factors have been major catalysts for the increased adoption.

The SumPump Craze Continues

Similar to the scenario seen from Pump.fun in the Solana network, Tron’s SunPump has seen massive user adoption, boosting the network’s daily usage. This is observed in the spike in transactions between $100 and $10,000.

Since SunPump launched, over 12,200 new tokens have been deployed on the Tron network. Creators launched the highest number of memecoins yet on August 19, with about 4,450 tokens created on the day. At press time on Tuesday, users had made about 700 tokens, more than what was created each day between August 13 and 15.

This unusual user influx has seen SunPump generate substantial token launch revenue. Data from Dune showed that the platform has yielded 4,234,066 TRX ($609,706) in launch revenue. Launch activities on Monday alone brought in 1,450,925 TRX ($208,933), about 34% of the total revenue.

Dune
Dune

Tron Flips Cardano

Meanwhile, TRX’s price has seen a significant boost from the increased on-chain activity, growing over 14% in the past seven days. This boost has seen it overtake Cardano’s native token, ADA, in the market cap ranking.

With a market cap of $12.5 billion, Tron entered the top 10 largest crypto assets, switching eleventh place with ADA. TRON has grown 6.5% in the past 24 hours, changing hands for $0.144 at press time.

Floki Trading Bot Officially Goes Live on Mainnet

Lele Jima
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Floki Trading Bot Officially Goes Live on Mainnet

The team behind meme-based cryptocurrency Floki (FLOKI) has announced the mainnet launch of its Telegram-based Trading Bot. 

According to a recent announcement, the team launched the Trading Bot on the mainnet of three blockchains- Ethereum, BNB, and Base. The team also disclosed plans to support other networks like Solana and more EVM blockchains in the future.  

The Trading Bot allows users to purchase cryptos across three blockchains directly from their Telegram messaging platform. The bot conveniently bypasses the problems associated with purchasing cryptos from decentralized exchanges (DEX), especially slippage issues and slow transaction times.  

It bears mentioning that the development comes more than a month after Floki launched the bot’s open beta version. 

Features of Floki Trading Bot 

Notably, the X post highlighted some key features of the Trading Bot. Specifically, the bot is equipped with multiple languages, including Russian, Turkish, Chinese (simplified and traditional), Dutch, English, and Spanish. 

Users can integrate the bot with their favorite DEX aggregator to get the best prices when purchasing tokens. The Trading Bot supports up to five wallets, which can be exported and created directly from Telegram. 

Interestingly, users can conveniently withdraw funds from the wallets to other third-party platforms, including centralized exchanges and on-chain wallets. Other features include fast purchases, multi-chain support, and a referral program where users earn commission by referring friends and family. 

Furthermore, Floki Trading Bot users enjoy special incentives, including airdrops, special deals, and other incentives for consistently using the service. In particular, Floki Trading Bot users have been given exclusive access to 1.5% of Simon’s Cat supply. 

“In the highly anticipated Simon’s Cat launch, 1.5% of the $CAT supply—potentially valued in the high seven to eight figures—will be reserved solely for Floki Trading Bot users. And this is just the beginning,” Floki said in a follow-up blog post. 

The announcement stated that the team behind Simon’s Cat did not give this unique opportunity to users of other trading bot. As reported earlier, a portion of Simon’s Cat will be distributed to Floki (FLOKI) holders. 

Floki Utility Soars 

The launch of the Trading Bot further expands the utility of the Floki project. In addition to the Trading Bot, the Floki ecosystem has a play-to-earn (P2E) game. 

Last month, Floki became the world’s biggest P2E gaming cryptocurrency, surpassing projects like Axie Infinity (AXS) and Decentraland (MANA). 

At press time, FLOKI is ranked as the 56th biggest cryptocurrency, with a market cap of $1.19 billion. The token is priced at $0.0001243, up 9.3% over the past 24 hours. 

This Dogecoin Breakout Could Spark 513% Surge Toward $0.6533 Target

Albert Brown
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Dogecoin has recently shown signs of upward momentum, drawing attention from analysts who see a significant opportunity for potential gains. 

With a notable breakout from a previous resistance trendline, experts suggest that the meme coin may be entering a new phase of bullish activity. Javon Marks, an expert in chart analysis, points out that Dogecoin’s current price action, along with its Relative Strength Index (RSI), indicates that a major bull move could be imminent.

Hidden Bullish Divergence

Per Marks, the RSI indicator is signaling hidden bullish divergence. This occurs when the RSI forms higher lows while the price experiences lower lows, suggesting that bearish pressure is weakening. 

Screenshot 89
DOGE price chart / Javon Marks

Dogecoin to Rally 513%

Marks believes this divergence is a strong signal of underlying market strength. He notes that the RSI is approaching a breakout from a downward-sloping triangle, which could propel prices higher.

If the RSI confirms this breakout, Dogecoin’s price might move rapidly toward the projected target of $0.6533, representing a potential gain of over 513% from its current level.

In an earlier analysis, Javon Marks highlighted Dogecoin’s ongoing recovery to the same levels as in the recent analysis. He emphasized that the recent pullback resembled a temporary shakeout and suggested that Dogecoin’s price could be on the verge of a significant continuation towards the $0.6533 target. 

At the time, he estimated that the potential climb could see an increase of 378%, with the possibility of pullbacks. Marks also noted that a break and hold above the $0.6533 level could pave the way for an additional 90% surge to $1.25.

Dogecoin’s Investor Profitability

Recent data from IntoTheBlock has further reinforced the positive sentiment around Dogecoin. According to the blockchain analytics platform, as of August 15, Dogecoin led in investor profitability among top meme coins.

The report showed that 72.75% of Dogecoin holders were in profit, a figure that has since climbed to 80% following a price increase of over 5%. In comparison, rival meme coins such as Shiba Inu and Floki have lagged behind in profitability among holders.

Screenshot 88
DOGE IOMAP / IntoTheBlock

Multi-Breakout Stage For XRP Eyes $1 Ahead

Albert Brown
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Multi-Breakout Stage For XRP Eyes $1 Ahead

With a triangle breakout run, XRP prepares for an inverted head and shoulder pattern in the daily chart. Will the XRP price hit $1 as the buying pressure shoots up?

Amid the broader market recovery, XRP finds a massive demand inflow as investor confidence builds up. Having surpassed the $0.60 mark, XRP gives buy signal in multiple timeframes. Will this sudden increase in demand skyrocket XRP to $1?

Early Bullish Signals with Triangle Break For XRP

In the 4-hour chart, XRP continues its bullish trend after a minor slump. Further, the recent failure of the V-shaped reversal to surpass $0.62 led to a pullback to $0.55. This pullback phase established a strong resistance trendline, forming a triangle pattern. 

XRP price chart
XRP price chart

During the consolidation near the support trendline, a surge in momentum became evident through a bullish divergence in the RSI. Further, the XRP recovery has now broken above the overhead resistance trendline.

In the 4-hour chart, a golden crossover between the 50 and 200 SMAs further supports the bullish sentiment. Additionally, the price has surpassed the 78.60% Fibonacci level at the psychological resistance of $0.60, currently trading at $0.60935.

Second Breakout Stage For XRP 

In the daily chart, the bullish reversal forms a potential inverted head-and-shoulder pattern, with the neckline at $0.62, below the 78.60% Fibonacci level at $0.64. The actual breakout trade for price action traders would occur with a break above $0.64. 

The daily chart also shows two consecutive bullish candles, with a 6.29% jump overnight and an additional 1.74% intraday gain.

XRP price chart
XRP price chart

Furthermore, the 50 and 200 SMAs are on the verge of a bullish crossover, while the MACD indicator shows a similar positive crossover, indicating increasing bullish pressure.

Rising XRPL Open Interest Bounces Off of $400M

In the derivatives market, XRP open interest has shown a consistent reversal between $350 to $400 million. Recently, open interest has increased overnight from $400 million to $415 million, now sitting at $469 million. 

XRP ledger Open Interest
XRP ledger Open Interest

This rise in open interest, alongside surging XRP prices, strengthens the likelihood of a bullish trend pushing the price towards the $1 mark.

Will XRP Hit $1?

A breakout above the $0.64 resistance level could push XRP towards $0.72, potentially reaching a new all-time high. Optimistically, the Fibonacci levels suggest a target at the 1.618% Fibonacci level, around the psychological $1 mark.

On the downside, a bearish reversal could invalidate the inverted head-and-shoulder pattern, pushing the price down to $0.55 or the 50% Fibonacci level. Further, the next support levels are at the 23.60% Fibonacci level at $0.4771 and the 0% baseline at $0.41965.

Ripple Important Level of Contact with IMF Revealed in Fresh Palau Report

Abdulkarim Abdulwahab
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Ripple Important Level of Contact with IMF Revealed in Fresh Palau Report

A recently released report on Palau’s National Government Payment Service has revealed a significant level of contact between Ripple and the International Monetary Fund (IMF). 

Prominent XRP community member WrathofKahneman (WoK) unearthed this observation and highlighted it in a recent post on X.

Notably, the report from Palau highlighted the successful completion of Phase 2a of the country’s digital payment initiative. For context, this initiative focuses on developing a stablecoin service, “PSC.” Palau is carrying out this project in collaboration with Ripple, utilizing the XRP Ledger (XRPL). 

This recently completed phase analyzed stakeholder requirements in six key socioeconomic areas to develop a framework for a convenient and accessible national payment ecosystem, especially for the unbanked and underbanked. 

Additionally, the Palau digital payment system seeks to emulate the services of PayPal and Alipay in ways that precisely fit the context of Palau’s needs. Its goals are reducing cash reliance, lowering fuel consumption and travel time, and offering lower fees. The report also reviews the pilot program, incorporating feedback and recommendations for a phased nationwide rollout.

Ripple’s Important Level of Contact with IMF

What stands out in this latest report is the inclusion of the IMF Technical Assistance Team among the stakeholders consulted for the project. According to WrathofKahneman, this points to an important level of technical engagement between Ripple and the IMF.

WoK emphasized the significance of this connection, noting that while the XRP community has long been aware of Ripple’s discussions with the IMF, this report serves as tangible evidence of their collaboration on a practical level. 

Furthermore, WoK strengthens his argument by pointing out that the IMF’s recommendations align closely with the objectives of Palau’s National Payment System, which Ripple is helping to develop. 

The IMF’s focus on enhancing financial resilience, improving payment systems, and carefully approaching fintech innovations mirrors the goals of the Ripple-Palau collaboration. 

WoK believes this alignment suggests that Ripple’s involvement is not just incidental but deeply integrated with IMF-led financial strategies in the region, reinforcing the idea of meaningful contact between Ripple and the IMF.

Essentially, this revelation reinforces the idea that Ripple is not just working in isolation but is actively engaging with major global financial institutions like the IMF. Such collaborations could pave the way for Ripple to play a more central role in future financial systems, particularly in regions where digital innovation and financial modernization are priorities.

XRP Bollinger Bands Squeeze for a Year, Expert Says Many Not Ready for What’s to Come

Sam Wisdom Raphael
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XRP Bollinger Bands Squeeze for a Year, Expert Says Many Not Ready for What’s to Come

The XRP monthly Bollinger Bands have continued to squeeze for a year, with the prospect of a rally similar to previous upsurges.

According to market pundit The Great Mattsby (TGM), XRP’s monthly Bollinger Bands have been undergoing a prolonged squeeze, with a duration that surpasses all prior occurrences. 

Analysts typically use the Bollinger Bands squeeze to anticipate significant price moves. When the bands tighten to an extreme, it indicates decreased volatility and a potential for a breakout. However, such a breakout could move in an upward or downward direction.

XRP’s Bollinger Bands Squeeze

For XRP, the bands began squeezing in August 2023, following a price correction from a high of $0.93 in July of that year. The persistence of this squeeze, which has now lasted for over a year, marks the longest such duration in the history of XRP’s price action.

Interestingly, past performance reveals that similar patterns led to monumental price increases. The first notable occurrence of a Bollinger Bands squeeze for XRP happened between August 2016 and February 2017. 

XRP Monthly Bollinger Bands The Great Mattsby
XRP Monthly Bollinger Bands | The Great Mattsby

As the squeeze ended, XRP’s price skyrocketed from $0.00661 in February 2017 to $3.317 in January 2018, a massive 50,081% gain. 

The second instance occurred between December 2019 and October 2020. Notably, shortly after the squeeze, XRP registered an impressive 760% rise from $0.2286 in October 2020 to a high of $1.966 in April 2021.

Amid these historical patterns, the current year-long squeeze has triggered optimism. Analysts like TGM now prepare for what could be a surge in XRP’s valuation. However, it remains to be seen if this breakout will mirror the explosive upward trends of the past.

XRP Active Addresses Surge Amid Reduced Volatility

Meanwhile, data sourced by Santiment reveals that XRP’s volatility has also dropped to a floor level that has historically preceded price surges. 

XRP Volatility Santiment
XRP Volatility | Santiment

For instance, in January 2017, XRP’s volatility fell to 0.0345 before the monumental price rally of 2018. Similarly, in October 2020, volatility collapsed to 0.0271, paving the way for the April 2021 peak.

Most recently, XRP’s volatility dipped to 0.02207, one of the lowest levels observed in recent times. This decline in volatility is consistent with the ongoing Bollinger Bands squeeze, bolstering expectations of XRP’s potential for a significant price movement.

Interestingly, XRP is now witnessing a renewal of interest amid increased activity. CryptoQuant data suggests that active addresses rise from 7,967 on Aug. 17 to 12,440 on Aug. 19. Moreover, XRP has now set out on a recovery path, up 6.21% over the past 24 hours to trade at $0.6073 at press time. 

XRP Active Addresses CryptoQuant
XRP Active Addresses | CryptoQuant

Top Expert Sees Cardano Surging 365% to $1.6 

Lele Jima
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Top Expert Sees Cardano Surging 365% to $1.6 

Famous market watcher STEPH IS CRYPTO projects that Cardano (ADA) could surge to an unprecedented level amid the ongoing market recovery.  

ADA, the native token of the Cardano ecosystem, has witnessed a slight increase in the ongoing relief rally across the broader market. According to data from CoinMarketCap, the price of ADA has surged 3.29% over the past 24 hours to $0.3438. Notably, ADA has also recorded a weekly gain of 1.87%. 

Despite its remarkable performance in the daily and weekly charts, ADA is down 21.91% over the past 30 days. Most of this decline was witnessed on August 5, 2024, when ADA’s price tanked to $0.2799. However, the token has made significant efforts to recover these losses, as it currently trades at $0.3438. 

ADA to Hit $1.6 This Year 

Interestingly, famous pseudonymous market watcher “STEPH IS CRYPTO” predicted that ADA could surge to greater levels before the end of this year. 

Specifically, they projected that ADA could surge to $1.60 before the end of 2024. To hit the $1.60 target, ADA must surge 365% from its current price of $0.3438. 

To put it into perspective, an investor who commits $1,000 into ADA today at the current price of $0.3438 could make a return of $4,653 if the token’s price surges to $1.60.  

Besides ADA, the analysts also set price targets for other cryptocurrencies like Bitcoin (BTC), XRP (XRP), JasmyCoin (JASMY), Internet Computer (ICP), and Algorand (ALGO). According to STEPH, BTC, XRP, JASMY, ICP, and ALGO will hit $100,000, $2.50, $0.30, $50, and $0.50 by year-end, respectively. 

Meanwhile, STEPH did not outline the potential catalysts that could propel ADA for a 365% surge to $1.60. Nonetheless, the prediction reflects the positive sentiment across the market, where many experts have expressed confidence in an imminent rally for major assets like ADA, BTC, and XRP, among others. 

Similar Prediction and Catalyst for Potential Surge 

It bears mentioning that other experts have also set similar targets for Cardano. Earlier this year, popular Cardano bull Dan Gambardello envisaged a breakout that could take ADA’s price to $1.5. 

In the meantime, there are indications that ADA could witness positive updates, including a spot-based ETF, that could potentially pave the way for a major rally. As reported in May, Ripple CEO Brad Garlinghouse speculated that the SEC will approve multiple ETFs for different altcoins, such as ADA, SOL, and XRP. 

US SEC Pauses Solana ETF Approval Process, Here’s Why

Albert Brown
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US SEC Pauses Solana ETF Approval Process, Here’s Why

The SEC pauses Solana ETF approval process after discussions on its security classification, as withdrawal of filings delays any immediate prospects.

As noted by Colin Wu, the U.S. Securities and Exchange Commission (SEC) has paused the approval process for Solana-based exchange-traded funds (ETFs). Recent discussions with potential issuers raised concerns about whether Solana (SOL) should be classified as a security, a classification that has previously led to significant regulatory challenges. 

As a result, filings submitted to initiate the approval process were withdrawn by Cboe BZX, stalling any immediate prospects for Solana ETFs.

This decision comes after Ethereum and Bitcoin ETFs were successfully approved, further emphasizing the hurdles for Solana under the current administration. Market observers had anticipated this delay, considering the SEC’s stance that Solana may be a security. 

For instance, Nate Geraci, president of The ETF Store, and James Seyffart, a prominent ETF expert, previously suggested that approval for Solana ETFs is unlikely during the Biden administration.

Geraci indicated that the administration’s stance could impact any new developments, with Seyffart noting the first possible chance for a Solana ETF might not arise until 2025 or later.

Removal of Filings Halts Approval Process

The removal of the 19b-4 filings for Solana ETFs has effectively frozen the approval process. According to familiar sources, these filings are critical for securing regulatory clearance and starting the clock for the SEC’s formal review.

By withdrawing the forms, Cboe BZX and the SEC have avoided initiating any countdown toward a decision. Market participants noticed the absence of these filings over the weekend, with related documents no longer appearing on the Cboe website or the Federal Register.

Meanwhile, VanEck’s S-1 registration statement for its Solana ETF remains on the SEC’s EDGAR system, although other issuers’ filings, such as 21Shares, are less accessible. Despite the paused filings, some issuers are likely to regroup and attempt another push for approval.

To do so, they must navigate complex listing requirements, including the establishment of a Commodity Futures Trading Commission (CFTC)-regulated market for Solana, which remains a barrier.

VanEck’s Solana ETF Proposal

It is important to remember that VanEck, known for its Bitcoin and Ethereum ETFs, officially submitted a Solana ETF application in July. The firm believed that Solana’s blockchain offers distinct advantages in scalability, low transaction costs, and speed.

By drawing comparisons to Ethereum, VanEck positions Solana as a strong candidate for a commodity-based classification, arguing that SOL shares characteristics with Bitcoin and Ethereum, which are not considered securities.

However, experts like Seyffart suggest that while demand for a Solana ETF is expected to grow, it will take several years and may depend on a new regulatory landscape.

Bull Run in Chainlink Defies Pennant, Eyes Key Fibonacci Level

Albert Brown
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0
Bull Run in Chainlink Defies Pennant, Eyes Key Fibonacci Level

With a bearish pennant in the daily chart, the recovery rally in Chainlink teases a massive trend reversal. Will this reversal lead to a breakout run to $14?

As Bitcoin reclaims the $61,000 level, the broader market sentiment jumps, with the Fear and Greed Index up by 7%. Amid the top performers in the recovering market, Chainlink projects a buy low, sell high possibility with a breakout at the cusp. Will this breakout run in Chainlink prices skyrocket for a 40% rally this week?

Engulfing Candle in Chainlink hints at a Breakout Run

In the daily chart, Chainlink witnesses a shift in underlying sentiment, showing signs of a bullish recovery. After a massive 56% correction, the Chainlink price fell from $21.71 to $9.48, below the $10 psychological mark. 

However, the recent recovery run has reclaimed the $10 level, with Chainlink now trading at $10.508.

COINBASE:LINKUSD Chart Image by Trojan69420

In the short term, LINK’s price action forms a triangle pattern, which leads to a bearish pennant with the prevailing downtrend. Despite this, the ongoing recovery in Chainlink hints at a potential bullish breakout. 

Over the past 24 hours, Chainlink has seen a 3.76% price increase, forming a bullish engulfing candle. This price action completes a morning star pattern within the triangle, challenging the overhead trendline.

The MACD indicator on the daily chart shows a bullish crossover, while the RSI line is trending upward, approaching the 50% mark.

The Early Signals in 4-hour Chart

A closer look at the 4-hour chart reveals that LINK is poised to break above the overhead trendline with a rounding bottom reversal. Chainlink has found consistent support at the $10 level, forming four consecutive bullish candles.

COINBASE:LINKUSD Chart Image by Trojan69420

Additionally, LINK has surpassed the 20 and 50 EMAs on the 4-hour chart, hinting at a potential EMA crossover.

According to the Fibonacci retracement levels drawn from the correction phase in early August, LINK is heading toward the 50% Fibonacci level at $10.85. A bullish breakout at this critical point could strengthen market sentiment. 

Looking ahead, if the bullish trend continues, LINK could challenge the high of $13.93, last seen on July 29. Based on the 1.618 Fibonacci level, a less optimistic target places the price at $8.859 for a correction.

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