Very Important Cardano (ADA) Update, Bullish Ripple (XRP) Price Outlook, and More: Bits Recap August 26
TL;DR
- One analyst believes XRP could see a further surge, potentially reaching $2 if it breaks key resistance levels.
- Cardano’s ADA saw a price surge, briefly surpassing $0.40, driven by anticipation of the upcoming Chang Hard Fork upgrade.
- Bitcoin (BTC) surged near $64,500 following expectations of a potential interest rate cut by the US Federal Reserve.
Cardano’s Change of Plans
Cardano’s ADA made the headlines last week when registering a substantial price increase and briefly surpassing $0.40 for the first time since the end of July. The price has since retraced to where it currently trades at around $0.378.
One factor fueling the rally could have been the anticipation of a major upgrade on the Cardano network known as the Chang Hard Fork.
The development, which focuses on complete decentralization and community-driven governance within the ecosystem, was initially scheduled to go live on the mainnet on August 27. Nonetheless, it was recently rescheduled for September 1.
XRP About to ‘Go Crazy?’
Ripple’s XRP experienced a severe collapse during the crypto market crash on August 5, when its price plummeted below $0.50. However, the negative trend was reversed following a major development on the Ripple v. SEC front.
Judge Torres ruled that the company must pay a $125 million fine for violating certain securities laws. The sum might sound substantial, but in fact, it represents a 94% deduction from the regulator’s demand for $2 billion. Many industry participants viewed the decision as a victory for Ripple, while the price of XRP shot above $0.60.
Over the past week, the token’s valuation hovered between $0.57 and $0.62 before settling at its current level of approximately $0.59 (per CoinGecko’s data).
One well-known analyst who believes that XRP is gearing up for a bull run is DustyBC. He presented a rather simple price chart that shows the asset trading towards the upper boundary of a flag pattern. If broken to the upside, it could trigger a violent move toward $2, he assumed.
BTC’s Resurgence
The primary cryptocurrency has been the talk of the town lately, with its price soaring by nearly $5K in a matter of 24 hours. The rally started on August 23 following an announcement from the Chairman of the US Federal Reserve, Jerome Powell.
He assured that the entity will start lowering interest rates as the timing of the move would depend on “incoming data, the evolving outlook, and the balance of risks.” Many industry participants expect such a pivot as early as next month.
Cutting interest rates would make money-borrowing cheaper and could increase the investor appetite for risk-on assets such as Bitcoin (BTC). As such, it is no wonder that the leading digital asset spiked to almost $64,500 following that speech.
Meanwhile, the independent presidential candidate Robert F. Kennedy suspended his campaign and endorsed the Republican Donald Trump. This was seen as a positive factor for BTC, considering the latter’s pro-crypto stance.
Currently, BTC trades at around $63,800, slightly retracing from the local top of $64,700 registered several hours ago.
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