TLDR

• Solana (SOL) price is showing signs of a bullish trend, with recent support at $140.
• SOL saw $4.5 million in inflows according to CoinShares’ weekly report, indicating rising investor interest.
• Technical analysis suggests potential targets of $180 and $200 if bullish momentum continues.
• Some analysts compare Solana’s current price action to Ethereum’s performance in late 2020.
• A crypto trader predicts Solana could reach $1,000, based on comparisons to Ethereum’s previous bull run.

Solana (SOL), the fifth-largest cryptocurrency by market capitalization, is showing signs of bullish momentum as it rebounds from recent support levels. Analysts and traders are closely watching SOL’s price action, with some drawing parallels to Ethereum’s historical performance and making ambitious price predictions.

Recent data from CoinShares’ weekly report reveals that Solana saw $4.5 million in inflows, suggesting growing investor interest. This uptick in investment comes as the broader crypto market experiences increased activity, with total inflows reaching $176 million across various digital assets.

Solana’s price recently found support at the $140 level, reinforced by the 200-day Exponential Moving Average (EMA). This bounce has sparked optimism among traders, with some technical analysts eyeing potential targets of $180 and $200 if the bullish momentum continues.

The cryptocurrency’s recent performance is noteworthy given the historical low trading volumes typically seen in August. Despite this seasonal trend, SOL has demonstrated resilience and potential for significant recovery.

Adding to the positive sentiment, short-position liquidations for Solana have been increasing. According to Coinglass data, traders have forcefully closed $4.92 million worth of short positions compared to $3.27 million in long positions. This imbalance in liquidations often signals bullish momentum, as forced buying from liquidated short positions can amplify price rallies.

From a technical analysis perspective, key resistance levels to watch include the confluence at $155 formed by the 20-day and 50-day EMAs, last week’s resistance at $160, and the weekly target of $180. The Moving Average Convergence Divergence (MACD) indicator is showing a stubborn sell signal, suggesting that traders may want to wait for additional confirmation before entering long positions.

Some analysts are drawing parallels between Solana’s current price action and Ethereum’s performance in late 2020. CryptoKaleo, a crypto trader and analyst, has pointed out similarities in the price structures of the two cryptocurrencies. Based on this comparison, he has made the bold prediction that SOL might hit $1,000 in this bull market.

The current $SOL chart looks incredibly similar to what $ETH did in late 2020 prior to sending to new ATHs.

If Solana manages similar growth from the previous ATH that ETH did last cycle during this bull market, $1K SOL is a reasonable target. pic.twitter.com/JYqaLtomUs

— K A L E O (@CryptoKaleo) August 12, 2024

CryptoKaleo’s analysis is rooted in historical price patterns and market cycles observed in Ethereum’s past performance. He suggests that if Solana manages similar growth from its previous all-time high as Ethereum did in the last cycle, a $1,000 price target for SOL could be reasonable.

Supporting the bullish outlook, Solana continues to lead in the decentralized physical infrastructure network (DePIN) sector, hosting 78 projects—more than any other blockchain network.

This growing dominance in DePIN, coupled with recent achievements such as the approval of its first spot ETF in Brazil, has further fueled positive sentiment around SOL.

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Love it or loathe it, XRP has cemented itself as a prominent player in the crypto market. Ranked seventh by market capitalization, XRP has held a spot among the top-ranking cryptocurrencies for more than 10 years.

Created by Ripple Labs, XRP is more than just a cryptocurrency—it’s an ambitious project aimed at transforming how money is moved worldwide. Ripple’s vision is to provide an efficient and cost-effective alternative to the existing SWIFT banking system. Using XRP, Ripple aims to enable faster, low-cost international transactions, making money transfers as easy as sending an email.

As cryptocurrency was created to move away from financial middlemen—such as banks—XRP has been a divisive project over the years. The project is known for its cult-like following, with members keen to silence naysayers and defend their belief in XRP, with some boosters making wildly unrealistic predictions about its growth potential.

To provide a balanced opinion on the project, we’ve sought the expertise of Grzegorz Drozdz, a market analyst at Conotoxia.

XRP’s Price History

Incredible highs, steep falls, and long periods of steady decline mark XRP’s journey so far.

The project launched its token in 2013 but saw little significant price action until the bull run of 2017. However, after this period, listings on popular exchanges became pivotal to the coin’s considerable price rises.

“The history of XRP cryptocurrency listings begins in 2018, a pivotal year for Ripple (the company behind XRP),” Drozdz tells Forbes Advisor. Ripple’s launch of the xRapid product was a defining moment, ushering in a new era where XRP cryptocurrency aimed to revolutionize money transfer, including within the banking system. The response from the market was phenomenal.

“Within a very short time, the price of XRP skyrocketed by as much as 1820%,” Drozdz says. From a humble $US0.2, XRP soared to $US3.84, an all-time high that naturally thrilled investors. However, as Drozdz notes, this jubilation was short-lived. “The cryptocurrency then fell by 93% in a matter of months, leaving a stark reminder of the volatile nature of the crypto world.”

But XRP wasn’t finished. In 2021, as the entire cryptocurrency market was caught in a bull market frenzy, XRP again provided significant returns to investors who got in at the right time. “Within six months, the cryptocurrency had increased by an impressive 710% to $US1.96,” Drozdz recounts. Yet the following period was a steady downward trend, as XRP’s value gradually declined to $US0.3.

Ripple has been engaged in a multi-year legal battle with the US Securities and Exchange Commission (SEC) which has impacted the price of XRP for the past few years, although the company has been on a winning streak of late. The first win, despite only being a partial victory, occurred when a judge ruled last year that Ripple had not violated existing securities laws by selling XRP to exchanges for retail investors. However, it did break the law by selling directly to institutional investors. This first victory caused XRP to soar over 80% in price overnight.

The second win came when a judge blocked the SEC’s attempt to appeal the ruling, again causing positive price action for XRP. The third win came in October last year when the SEC dismissed its own case against the company’s CEO and executive chairman. As of August 2, 2024, XRP sits at $US0.57771 with a market capitalization of $US32.30 billion.

As Drozdz points out, the past may not necessarily predict the future, but it can offer valuable insights to help guide investment decisions.

Related: Bitcoin Price Prediction

How Will XRP Perform?

Many investors are wondering about the future after Ripple’s recent winning streak against the SEC last year. The most significant victory, despite being only a partial win, involved the court ruling that the sale of Ripple’s XRP tokens on exchanges and through algorithms did not constitute investment contracts, while the institutional sale of the tokens violated federal securities laws.

“The partial resolution of the dispute with the US Securities and Exchange Commission (SEC) could potentially spur growth for XRP in the near future,” explains Drozdz. This legal battle has been a significant factor in XRP’s performance, with developments closely watched by investors and the wider crypto community.

Yet, Drozdz offers a note of caution. “The dispute has not yet been fully resolved. While the recent developments are certainly encouraging, we cannot be completely certain about XRP’s future trajectory.”

In March, the SEC requested around $US2 billion in remedies against Ripple for the institutional sale of XRP. Ripple responded to the request in late April, arguing that a penalty of more than $US10 million was unjustified in this situation. The SEC has since responded and the final ruling will be handed down by the judge.

Understanding the correlation between legal resolutions and market performance is crucial. If the dispute with the SEC reaches a favorable final conclusion, it’s reasonable to anticipate that investor interest in XRP could spike. This would likely fuel new growth and potentially lead to an uptick in its price.

However, it’s important to remember, as Drozdz points out, that these projections are just that—projections. They offer a potential path for XRP’s performance in 2024, and beyond, but do not provide a definitive guarantee. Much hinges on the outcome of the SEC dispute and how the crypto market fares in the coming months.

What Does the Future Hold for XRP?

Forecasting the future of any cryptocurrency can be like trying to predict the weather: many variables are at play, some predictable, others less so.

Over the years, many price predictions have been made regarding XRP.

Crypto hedge fund manager, Thomas Kralow, previously predicted that XRP would hit $US30 a coin in 2023. This prediction fails to consider the mathematical improbability of XRP reaching this price, as the total supply of 100 billion coins means the project’s market cap would be $US3 trillion dollars. That is more than double the current market cap of all cryptocurrencies combined.

To avoid the sensationalist views often provided by XRP fanatics, Drozdz provides a balanced insight into two scenarios: a bullish outlook, driven by increased popularity and positive legal outcomes, and a bearish view, potentially impacted by declining interest, token design and broader market sell-offs.

The Bull Case

“Cryptocurrencies, in general, are driven largely by news, popularity, and in the case of XRP, court decisions,” says Drozdz. These currencies lack intrinsic value, like physical assets or cash flows. Therefore, their value largely depends on the sentiment of investors.

The recent winning streak against the SEC has already created a ripple effect, pardon the pun, on its price. However, the trend back to the baseline price before the ruling indicates that the market thinks the project might not be out of the woods just yet.

The end of the SEC case in the coming months, especially if the penalties for the institutional sales of XRP are light, could boost XRP’s price, but whether the price will stay high or fall afterwards is yet to be seen.

Beyond the legal realm, the general state of the cryptocurrency market can significantly impact XRP. Drozdz notes: “A large-scale upswing in the crypto world could be a boon for XRP. If other cryptocurrencies rise, XRP could well ride the wave.”

The Bear Case

However, not all potential scenarios are rosy. The resolution of the ongoing litigation could, paradoxically, lead to a decline in XRP’s price.

“Once the excitement around the lawsuit fades, we could see a drop in interest for XRP. That could, in the medium term, negatively impact its price,” Drozdz explains.

While the price currently remains above the level the token was at prior to the ruling, if XRP continues on the trend, it won’t be long before it drops to a new low.

The broader market also presents possible challenges. If a significant sell-off in the cryptocurrency market occurs, this could also depress the value of XRP. “Just as XRP can benefit from a bull market, it’s susceptible to bearish trends in the wider cryptocurrency space,” Drozdz says.

There are also concerns about using XRP in Ripple’s cross-border payment system. The currency is largely redundant and potentially isn’t necessary for the payments system to function. Even if XRP is used to settle payments, the value of XRP does not affect the system’s functionality, as the payments are settled in fiat value. This means that the payment can still be sent as usual whether XRP is $1 or 1 cent, providing little incentive for positive price action.

For this reason, it is easier to perceive long-term value if the token’s design and utility in the system is improved.

What Is Going On With XRP?

XRP has experienced a decline of almost 15% since the start of January, concerning investors as the rest of the market marks 12-month highs. The decline has been attributed to investors taking profits elsewhere amid uncertainty about the project and better opportunities in the market.

The recent approval of bitcoin exchange-traded funds (ETFs) in the US has fuelled interest in other cryptocurrencies, including Ethereum, which is set to have its own set of ETFs approved later this year. However, while Ether has seen a price rally due to anticipated decisions on its ETFs, similar optimism is not evident for XRP, which is not expected to attract an ETF any time soon. This disparity in market expectations contributes to the current price dip for XRP.

Is XRP a Good Investment?

Investing in cryptocurrencies, including XRP, isn’t a decision to be taken lightly. As Drozdz notes, while current events suggest a positive outlook for XRP, particularly with the new bull market in cryptocurrencies, inherent risks are involved.

However, the world of cryptocurrencies is known for its wild swings and unpredictability.

“Investing in XRP is risky and may not be suitable for most investors due to the high price volatility and the difficulty in predicting future trends in the cryptocurrency market,” Drozdz says.

This advice highlights the need for prospective investors to consider their own risk tolerance and financial goals carefully.

“Investment decisions should be made with a clear understanding of the risks involved,” Drozdz says. “For some, XRP could present an exciting opportunity. For others, it may not align with their risk appetite or investment strategy.”

However, erring on the side of caution is always recommended.

“In the world of cryptocurrency, a dash of caution is always wise. Keep a keen eye on the developments surrounding XRP and make informed decisions based on the evolving landscape,” he says.

Whether XRP is a good investment depends mainly on an individual’s financial situation, risk tolerance, and investment goals. As always, it’s imperative to do thorough research and consider seeking advice from a financial advisor before diving into cryptocurrency of any kind.

This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency or CFDs as an investment class.  Cryptocurrency is unregulated in India and your capital is at risk. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital. You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency, and seek advice from an authorized financial advisor.

Related: Ethereum Price Prediction

Frequently Asked Questions (FAQs)

To clear such doubts, we bring Dogecoin price prediction for 2024 – 2025. Let’s take a look at this well-researched and detailed DOGE price prediction for the upcoming moves.

Overview

DOGE Price Prediction August 2024

With a bullish revival from the support trendline struggling near the $0.1040 level, Dogecoin witnesses a death cross. Further, the bull cycle in the falling wedge struggles to reach the 50D EMA despite the MACD and signal lines ready for a positive crossover.

Considering the bull run picks up momentum, the DOGE price could hit the $0.15167 mark. On the downside, DOGE could hit the $0.07763 level.

DOGE Price Prediction Q3 2024

With a growing bearish influence, Dogecoin is struggling near the $0.10 psychological mark as meme coins are growing volatile. However, a highly anticipated bull cycle in the falling wedge could start a breakout run this quarter.

A bullish breakout could hit the 1.618 Fibonacci level at $0.27 by the end of Q3 2024. On the downside, a risk to $0.05 is possible if the broader market crashes.

Dogecoin Price Prediction 2024 

With a bullish trend in the last quarter of 2024, Dogecoin is likely to skyrocket with the October rally, known for igniting massive jumps in the altcoins.

Further, the meme coin could witness an additional boost from the broader market recovery fueled by a potential rate cut in September. Hence, by the end of 2024, DOGE is likely to hit the $0.3751 mark for a price jump of 270% from current prices.

DOGE Price Prediction 2025

If the fear of missing out (FOMO) on Dogecoin continues to grow and if the coin is promoted by influencers, then its price could reach $1.07.

However, if Dogecoin cannot maintain its current growth rate, its price will likely average out at $0.845 in a highly competitive market.

On the other hand, if Dogecoin fails to stay relevant in 2025, the price of DOGE can plunge to a low of $0.62.

Also Read: Worldcoin Price Prediction 2023 – 2030: Will WLD Price Surge Above $10 by 2025?

Dogecoin Price Prediction 2026 – 2030

Dogecoin price prediction 2026: 

Dogecoin’s price for 2026 is projected to range between $0.8 to $1.3, with an average price of approximately $1.05.

Dogecoin price prediction 2027: 

Dogecoin’s price for 2027 is expected to fluctuate between $1.053 to $1.568, with an average price of around $1.3105.

DOGE price prediction 2028: 

Dogecoin’s price for 2028 is anticipated to lie within the range of $1.349 to $1.967, with an average price of about $1.658.

DOGE price prediction 2029: 

Dogecoin’s price for 2029 is projected to vary from $1.591 to $2.634, with an average price of roughly $2.1155.

DOGE price prediction 2030: 

Dogecoin’s price for 2030 is expected to fluctuate between $2.52 to $3.035, with an average price of approximately $2.7775.

Dogecoin (DOGE) Price Prediction 2024 – 2030 

Market Analysis

CoinPedia’s DOGE Price Prediction

According to CoinPedia’s formulated Dogecoin price projections for 2024, if the trading volume of Dogecoin rises further to support the bounce back, then we can expect the DOGE price to surge to $0.3751 as the year ends.

On the other hand, if the market is hit again by external forces like regulations or negative statements by influencers. Hence, the meme coin might trade at a potential low of $0.10.  

We expect the DOGE price to reach a new swing high of $0.3751 by the end of 2024.

Dogecoin Historical Market Sentiments 

Can DOGE Break the $1 Barrier?

Given DOGE’s success so far, driven mainly by hype with some technical progress, crossing $1 is an ambitious target but remains a realistic possibility by 2024-2025 if certain conditions are met. Of course, predicting cryptocurrency prices comes with huge uncertainties due to their innate volatility.

Sustained media frenzy on social platforms and growing endorsement deals could maintain bullish momentum for DOGE. Similarly, significant exchanges actively promoting and listing it may bring in enough fresh capital to surpass $1. Expanded merchant adoption would strengthen believers in its long-term viability.

However, negative macro factors like a regulatory crackdown on meme coins or a broad crypto bear market would seriously jeopardize any rally. Also, technical issues or lack of proper development could fade current hype. Competition from comparable meme coins launching may siphon interest.

If new investors continue pouring in recreationally and large businesses accept payments without limitations, $1 could become a reality despite DOGE’s limited use cases.

However, its price may be easier to sustain for a long time by addressing scaling issues and adding value as more than digital collectibles collectibles. Still, given its resilience, $1 is well within reach by 2025 if the stars align favorably. 

Dogecoin’s Tokenomics and Long-Term Outlook

Unlike most cryptocurrencies, Dogecoin has an unlimited supply as it mines blocks indefinitely. This unlimited inflation could dampen price appreciation over the long haul versus coins with capped circulating supplies.

However, the inflation rate does decline annually. Also, DOGE’s popularity means new users outweigh lost coins, mitigating dilution. Upgrades aim to scale the network better to handle growing demand.

Looking ahead, Dogecoin’s future depends on its potential utility. Meme popularity alone may only sustain it for a while. However, progress in lower transaction fees, speed, and business collaboration could see it thrive as a mainstream digital currency. Its large and passionate community will likely continue to evolve the coin positively.

While long-term predictability is difficult, Dogecoin shows signs of being more than a temporary phenomenon. As long as upgrades and adoption progress address technical challenges, it stands a fair chance of enduring as a widely used cryptocurrency with upside price potential in the coming years.

Conclusion

Given Dogecoin’s past price behavior driven mainly by online hype and media coverage, it can reach over $1 in the next few years. DOGE has proven remarkably resilient. Essential considerations include expanded merchant adoption, growth of the community, and protocol upgrades to enhance viability.

However, DOGE is also a highly speculative and volatile crypto investment. Meme popularity alone may only sustain it for a while. Its unlimited supply model presents long-term risks versus established coins. The broad crypto market performance will also impact DOGE.

It’s vital for any potential investors to fully understand the technology, tokenomics, and investment risks of speculative assets like meme coins. Conclusively, DOGE topping $1 by 2024-2025 cannot be ruled out, but is also uncertain.

Its future depends on mainstream utility and addressing scaling challenges through a dedicated developer community. Conduct extensive independent research and invest carefully based on your risk tolerance.

FAQs

DOGE

BINANCE

Solana’s Bullish Signals: Growth Amid Market Volatility

Despite a generally bearish crypto market, Solana has managed to capture investor interest, surging by nearly 22% over the past month. This growth was partly fueled by the approval of the first-ever Solana ETF in Latin America by Brazil’s Comissão de Valores Mobiliários (CVM). The ETF’s approval marks a significant milestone, positioning Brazil ahead of the United States, where several Solana ETFs are still under review by the SEC.

The announcement of this ETF spurred optimism among investors, driving SOL’s price into a consolidation phase. Analysts, such as World of Charts, have identified a bullish pennant pattern, suggesting that Solana might be poised for further upward movement. The current price range of $131-$147 is viewed as a stable foundation for future gains, with potential targets of $171 or even $186 in the coming months.

Solana’s Bearish Signals: Challenges Amid The DEX Space

However, not all is rosy for Solana. The blockchain has faced significant challenges in the decentralized exchange (DEX) space. Over the past week, Solana’s DEX trading volume has plummeted by 72%, reaching a 42-day low of $897 million on Sunday. This decline mirrors a broader drop in network demand, with user activity decreasing by 19%.

The decline in DEX volume is concerning, particularly when compared to the rising activity on other blockchains like Ethereum, Base, and Sui. While Ethereum’s DEX volume soared to $16.5 billion, Solana’s activity remained stagnant, with just over $11 billion in DEX trading volume.

Solana’s Mixed Signals

Despite the downturn in DEX trading volume, Solana continues to capture institutional investor interest. Zeta Markets’ Founder, Tristan Frizza, highlighted that Solana still commands nearly 10% of the DEX market. Institutional investors are gradually increasing their exposure to Solana, diversifying from Bitcoin and other altcoins. This growing interest could bring substantial capital into the Solana ecosystem, potentially driving innovation and demand.

However, the future of institutional DeFi adoption on Solana will heavily depend on broader economic conditions and regulatory developments. As the market evolves, Solana’s ability to navigate these challenges will determine its long-term success.

Solana’s current trajectory presents a mixed picture. On one hand, the blockchain is making strides in institutional adoption and has shown resilience in the face of market downturns. On the other hand, declining DEX activity and network demand raise concerns about its short-term prospects. Investors should closely monitor Solana’s developments, as the blockchain navigates a path filled with both opportunities and challenges.

BTC/USD

The rate of Bitcoin (BTC) has fallen by 1.7% over the last 24 hours.

Despite today’s decline, the price of BTC has not dropped after yesterday’s bearish closure. If bulls can hold the gained initiative and the candle closes around the current prices, one can expect a test of the resistance level of $62,151 soon.

Bitcoin is trading at $60,193 at press time.

ETH/USD

Unlike Bitcoin (BTC), the price of Ethereum (ETH) has gone up by 1.03% since yesterday.

On the daily chart, one should pay attention to the nearest level of $2,724. If it breaks out, the accumulated energy might be enough for a blast to the $2,800-$2,900 zone.

Ethereum is trading at $2,689 at press time.

XRP/USD

The price of XRP has dropped by almost 1% over the last day.

From the technical point of view, the rate of XRP is far from the key levels, which means neither buyers nor sellers have accumulated enough strength for a sharp move. In this regard, ongoing sideways trading in the range of $0.56-$0.60 is the more likely scenario for the next few days.

XRP is trading at $0.5745 at press time.

Also Read: Dogecoin: Can $1000 Worth of DOGE Become $1 Million by 2030?

Factors Influencing DOGE’s Price

Why The Latest Dip?

DOGE’s latest drawdown follows the larger bearish market sentiment. Investors may be worried about an escalation in conflicts in the Middle East. Traders are also likely on edge about the Federal Reserve’s ambivalence about an interest rate cut in September.

Also Read: Crypto Events: Stay Ahead by Watching Key Events This Week

Can DOGE reclaim $0.14?

According to CoinCodex’s price prediction, Dogecoin (DOGE) will continue to trade at the $0.10 level until Aug. 19, 2024. The platform anticipates DOGE facing another correction later this month, falling to $0.09 on Aug. 20, 2024.

Changelly analysts also present a similar price prediction for DOGE over the next few days. The platform anticipates the meme coin continuing to trade at $0.10 until Aug. 20, 2024, before dipping to $0.09 on Aug. 21, 2024.

If market sentiment improves and the Federal Reserve decides to cut interest rates, we may experience a surge in inflows into the cryptocurrency market. In such a scenario, Dogecoin could experience a rebound from its current price.

Will Dogecoin be accepted on X?

There is much talk about DOGE making its way to X’s upcoming payment feature. X owner Elon Musk is an avid DOGE fan and has supported the meme coin numerous times.

Also Read: Dogecoin Forecasted To Hit $2, Here’s When

If X starts accepting DOGE payments, it could boost the coin’s use and value. But right now, this is just a rumor.

Although XRP has not managed to sustain the bullish momentum following the recent conclusion of the long-running courtroom battle between Ripple and the United States Securities and Exchange Commission (SEC), a newly released artificial intelligence (AI) assistant is fairly optimistic.

As it happens, Finbold has tasked the AI assistant by Meta Platforms (NASDAQ: META), called Llama 3.1, a.k.a Meta AI, with providing insights into the possible price range of the currently seventh-largest asset in the cryptocurrency sector by market capitalization, from the viewpoint as of August 12.

Notably, Meta’s advanced AI platform has offered a quite diverse potential XRP price range in 2025, “reflecting various expert opinions and predictions,” with those on the lower end suggesting a price target between $0.71 and $0.96 and the more optimistic ones suggesting a range between $0.80 and $4.12.

In other words, the Meta AI chatbot expects the price of this crypto asset to grow by 23.93% to 67.56% in 2025 from its current situation – if the more bearish sentiment prevails or to continue increasing by 39.64% to a whopping 619.12% in a best-case scenario.

Among the sources of information that Llama 3.1 used to draw its XRP price prediction is AMBCrypto, which suggests a price target of $1.33 by 2025, “based on the overall positive sentiment surrounding XRP in the long term, while analysts at Changelly have set a minimum price target at approximately $1.00.

Furthermore, as Meta AI observed:

“Coin Price Forecast anticipates Ripple’s price to reach $0.46 by the end of 2025. PricePrediction.Net shares a 2025 bullish outlook for XRP, projecting a potential high of $1.00. Margex’s technical analysts speculate that Ripple (XRP) could reach a maximum price of $4.00, possibly reading new all-time highs.”

XRP price analysis

For the time being, XRP is changing hands at the price of $0.57292, which indicates a 2.42% decline in the last 24 hours but a 23.20% gain across the previous seven days and an accumulated advance of 11.54% on its monthly chart, according to the latest data retrieved on August 12.

Elsewhere, crypto trading expert Alan Santana has recently pointed out that XRP has been accumulating since June 2022, setting the stage for a massive rally in the upcoming bull market in 2025 as it follows a cyclical chart pattern, with $5.13 as a new all-time high (ATH), as Finbold reported on August 10.

All things considered, XRP might, indeed, end up trading in one of the ranges suggested by Meta AI. However, trends in the crypto market can change, so doing one’s own research, keeping up with any Ripple news and XRP news today and in the future, and weighing all the risks is critical when investing.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

However, compared to last month’s performance, the Cardano’s token is down more than 20% in the charts. The development indicates that the altcoin is on a slippery slope as its price remains under pressure.

This article will highlight a new price prediction for Cardano’s ADA and how it could perform in the indices this week.

Also Read: Ripple: XRP Price Prediction Turns Bullish This Week

Cardano Price Prediction: Will ADA Rise This Week?

Current Market Performance

Leading on-chain metrics and price prediction firm CoinCodex has painted a bearish picture for Cardano’s ADA this week. According to the price prediction, ADA has more chances of heading south in the charts than north.

Also Read: Shiba Inu: How To Make $1 Million If SHIB Reaches $0.01

Price Forecast

The latest price prediction for Cardano’s ADA is pessimistic. The forecast indicates it could fall by 7% this week. Therefore, an investment of $1,000 could wipe out $70 and turn into $930 this week.

The forecast estimates that ADA could fall to $0.30 and trade at a nominal price of $0.32. Cardano’s native token could remain in the red with little to no price spurts throughout the week. This move will test investors’ patience, as the cryptocurrency will deliver nothing but losses.

Also Read: Shiba Inu: New Price Prediction Targets 150% Upside For SHIB

“According to our Cardano price prediction, ADA is forecasted to trade within a price range of $ 0.329849 and $ 0.312103 this week. Cardano will decrease by 5.38% and reach $ 0.312103 by August 18, 2024, if it reaches the higher value target,” read the prediction.

Investment Advice

Therefore, it is advised to stay cautious and not take an entry position into Cardano’s ADA this week. The pessimistic price estimation could wipe out your investments in the next few days, and it could be among the least-performing altcoins in the cryptocurrency market this week.

Its price is now consolidating in the indices, and another leg-up could generate double-digit returns to investors. The latest price estimates for Ripple’s XRP have turned bullish this week, indicating a surge of double digits.

Also Read: Shiba Inu: How To Make $1 Million If SHIB Reaches $0.01

XRP: Ripple Price Prediction This Week Turns Bullish

Bullish Price Prediction by CoinCodex

Leading on-chain metrics and price prediction firm CoinCodex has painted a bullish price prediction for Ripple’s XRP this week.

According to the price prediction, XRP could climb between $0.63 and $0.74 in the charts this week. The forecast predicts an upside swing of approximately 20% to 35% this week.

Also Read: Shiba Inu: New Price Prediction Targets 150% Upside For SHIB

Potential XRP Returns for Investors

The maximum high XRP could trade this week is $0.74, and the minimum low is $0.59. If the leading altcoin spikes 34%, an investment of $1,000 could turn into $1,340 this week.

That’s phenomenal returns for a short period and could make Ripple’s native token the top-performing cryptocurrency this month.

“According to our XRP price prediction, it is forecasted to trade within a price range of $ 0.554343 and $ 0.657163 this week. It will increase by 18.55% and reach $ 0.657163 by August 18, 2024, if it reaches the higher value target,” read the price prediction.

Market Sentiments and Bitcoin Influence

The bullish sentiments come as Bitcoin is recovering from its slump and looking to climb above $60,000.

Bitcoin dipped to the $52,000 level during last week’s crash and is now at the $58,000 mark.

Also Read: Shiba Inu: How Long Should I Wait For It To Reach $0.01?

If BTC catapults above $60,000 this week, it will pull the broader cryptocurrency market up along with it. Therefore, the cryptocurrency market is primed for a good week this time in August, allowing investors to make profits.