Ripple will be paying a fine of $125 million, contrary to SEC’s wishes of $2 billion
The company is prohibited from violating any securities law
The Ripple vs US Securities and Exchanges Commission (SEC) battle has finally come to an end with XRP taking the trophy home. Today, District Judge Analisa Torres has concluded that Ripple’s fine would be set at $125.035 million.
The fine was imposed for violating securities law on the institutional front. On top of finalizing on the penalty, the legal ruling states that Ripple is “permanently restrained and enjoined from violating Section 5 of the Securities Act”.
Notably, this fine is a far cry from SEC’s sought after price of $2 billion for the partial securities violation. And, this is not the first time the SEC has taken the ‘L’ on its legal battle with Ripple. Earlier, Judge Torres had rendered a partial win to Ripple Labs by deeming the programmatic sales of XRP to retail investors as not a violation of securities law.
In a post made by Defense Lawyer James K Filan on X, today ruling read,
“IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is liable for a civil penalty in the amount of$125,035,150pursuant to Section 20(d) of the Securities Act [15 U.S.C.§77t(d)].Defendant shall satisfy this obligation by paying$125,035,150to the Securities and Exchange Commission within 30 days after entry of this Final Judgment.”
Joining in on the celebration, Ripple’s CEO Brad Garlinghouse said,
“The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company. This is a victory for Ripple, the industry and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone.”
XRP gleams on the latest ruling
The new ruling has given the price of XRP as massive push. According to CoinMarketCap, XRP has skyrocketed by 22% in the past hour, with the coin trading at $0.6123 at press time. The past 24-hour chart registered a uptrend of over 19%. The market cap for the coin was at over $34 billion, while the trade volume stood at over $2 billion.
Notably, the coin has lost much since the SEC filed a lawsuit against the Ripple Labs by asserting that the token was a security. Since then, the coin faced a exodus from multiple crypto-exchanges based in and providing services in the United States.
Moreover, the coin had also witnessed its position fall from the top 3rd position to below the 5th position in terms of market cap. Now, the ending of the years long battle might revive the coin’s performance in the market.
While Solana’s intraday day recovery on August 5th, 2024, was nothing short of spectacular, the much more important data point is scheduled for Sunday, August 11th, 2024. As always, what truly matters in markets remains underexposed. Here is why August 11th matters to SOL investors.
As an individual token, it is clear that Solana remains very popular.
What matters most, however, is how SOL behaves on the time and price axes of its chart.
In summary, while Solana’s price movements on August 5th were dramatic, they do not yet signify a robust bullish trend.
The chart structure indicates that more time is needed for the market to stabilize and form a solid base.
Investors should remain cautious and patient, keeping an eye on critical support levels and the broader timeline.
Solana’s potential is evident, but it needs time and space to mature into a sustained uptrend.
While the intraday bullish reversal was powerful and meaningful, it is too early to get too excited. The reason? The volatility window in crypto and broad markets is not complete.
Solana (SOLBTC) on August 11th
One on of the things to look for is the structure of SOL priced in BTC (SOLBTC).
As seen, the long term chart structure has the form of a bullish reversal.
However, equally important are the details. As indicated with yellow circles, we are on the lookout for rejection setups. This is characterized by weekly candles with the same height but different color, suggesting strong fights between bulls and bears.
This is why it matters – the subsequent weekly candles, coming out of a strong fight between bulls and bears, will determine who eventually wins in the medium term. Carefully checking the occurrences we indicated on below chart illustrates our point.
SOLBTC – weekly closing price of August 11th, 2024, is really important
Solana in 2024 and beyond
It is certainly impressive to notice the fundamental and foundational progress that Solana is making.
Just scrolling through recent achievements on the Solana X feed is making the point about Solana’s progress.
While we remain very positive about Solana’s future, we prefer to stick to chart readings:
SOL price readings.
SOL time readings.
SOLBTC relative strength readings.
We continue to track those three data points.
For our premium crypto followers, we have prepared a Solana ecosystem review with a list of 3 to 5 tokens in Solana’s ecosystem that have the highest probability of becoming multi-baggers. This list will be shared in the coming weeks as a premium crypto alert to complement the top two Solana tokens we already tipped recently in The Next Big Wave + Two Solana Token Tips.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Bears are back in the game, however, there are some exceptions, according to CoinMarketCap.
Top coins by CoinMarketCap
DOGE/USD
The rate of DOGE has increased by 1.40% over the last 24 hours.
On the daily time frame, one should pay attention to the nearest level of $0.09136. If the rate returns to it, the accumulated energy may be enough for a dump to the $0.08 area. Such a scenario is relevant until the end of the week.
On the bigger chart, traders should also focus on that level. If the weekly candle closes far from it, there is a possibility of a bounce back to the important zone of $0.1 and above.
Grayscale announced on Wednesday the establishment of two new crypto Trust funds for Bittensor (TAO) and Sui (SUI) tokens. The move adds to the firm’s growing list of decentralized AI funds.
Ripple (XRP) made a comeback above key support at $0.50 after the recent correction in the crypto market. On-chain data shows traders losing interest in the altcoin after a massive sell-off event on August 5.
Santiment data shows traders realized millions in losses, a likely sign of capitulation.
Bitcoin trades above $57,000 early on Wednesday, as Morgan Stanley advisors gear up to offer BTC Spot Exchange Traded Fund (ETF)to their clients.
The cryptocurrency market has staged a dramatic comeback in the past 24 hours, rebounding sharply from a recent plunge. Amidst this volatility, Solana (SOL) has emerged as a standout performer, capturing the attention of crypto enthusiasts worldwide with its astonishing price surge.
Could this be the beginning of a new bull run for SOL? Let’s dive in and explore what’s driving this rally.
Solana Technical Analysis: It’s Looking Bullish!
During the crash, SOL dropped to a low of $109.66. Since then, it has surged over 33%, breaking through the crucial $145 level on the 4-hour chart. This breakout is a key sign of its bullish trend.
Experts indicate that SOL is looking bullish as it trades above the 200 Exponential Moving Average (EMA). The recent breakout above the $145 resistance level further supports this positive outlook.
Source: Trading View
Following this breakout, SOL has strong potential to climb another 10% to reach the $161 level. If investor interest and market sentiment remain strong, SOL could potentially rise to $185, hitting its next resistance level. The surge in open interest is likely to drive a bullish rally in the coming days.
Current Trading Status
As of press time, SOL is trading near $147, marking a notable 15% increase in the last 24 hours. Despite this substantial rise, its trading volume has decreased by 56% during the same period.
Meanwhile, SOL’s open interest (OI) has jumped over 17% in the past 24 hours, indicating growing interest from investors and whales.
Solana outperforms BTC, ETH, and BNB
With its massive price surge, SOL has outperformed top assets including Bitcoin (BTC), Ethereum (ETH), and BNB (BNB) in terms of price increase. According to Coinmarketcap, SOL has experienced a price jump of over 15%, whereas, BTC, ETH, and BNB have seen only 7%, 4.5%, and 7.5%, respectively, in the last 24 hours.
Key Liquidation Levels to Watch
As of now, SOL’s major liquidation levels are at $136 on the lower side and $153 on the upper side, according to an on-chain analytic firm CoinGlass.
If market sentiment stays positive and SOL rises to $153, nearly $86 million worth of short positions could be liquidated. Conversely, if sentiment shifts and SOL drops to $136, approximately $162.5 million worth of long positions could be liquidated.
XRP seems ready to extend recovery and net an extra 10% gain.
However, there was still overall market caution as sell pressure was still present.
Ripple [XRP] looks set to reverse some of its recent losses after bouncing from a crucial high-time frame chart demand level above $0.4.
Between the recent lows of $0.43 and press time value of $0.51, XRP was up over 18%. Further market improvement could boost bulls to tap an extra 10% after flipping a potential resistance into support.
XRP price prediction shows a potential 10% hike
Source: XRP/USDT, TradingView
The recent drop, as shown by the long candlestick wick, rebound from the weekly bullish order block, marked cyan. This reinforces the $0.4 as a crucial level for bulls since it has been holding XRP dumps since June 2023.
A signal for bulls was the reclaim of the breaker block ($0.47 – $0.48), white, which could make a restest of the immediate target of $0.54 likely. An upswing between the breaker block and the immediate bullish target would lead to a potential 10% recovery gain, especially if Bitcoin extends recovery to $60k.
The RSI (Relative Strength Index) and CMF (Chaikin Money Flow) showed upticks, with the latter bouncing above the average level. The CMF uptick meant that capital inflows surged into XRP markets.
The RSI bounce also meant that buying interest improved, but it remained below average to give bulls a strong conviction. That said, clearing the $0.54 hurdle could be a challenge without strong buying pressure.
Should the XRP weaken again, the price could drop again to the weekly bullish order (OB) above $0.4.
XRP price appreciation attracts sellers
Source: Santiment
The recent slight recovery also attracted a surge in sell pressure, as indicated by spikes in exchange inflows. It demonstrated that more XRP tokens were moved to exchanges for sell-off amidst the recovery.
Additionally, the uptick in network activity, as shown by an increase in daily active addresses, also eased after the light bounce. This meant that interest in the altcoin waned slightly.
Taking the readings collectively, the picture painted was one of overall market caution still present in XRP markets despite the recovery prospects.
Dogecoin is, without a doubt, one of the most popular cryptocurrencies across the world. It is one of the largest crypto assets by market capitalization, and has managed to maintain that status for years despite being a meme cryptocurrency with no clear use case or a big platform backing it. However, Dogecoin also celebrated its 10th anniversary in December 2023, and there are more and more new similar crypto projects being launched every week. So, some investors naturally ask themselves: Is it too late to buy Dogecoin? Is Dogecoin a good investment? Well, let’s find out!
Is DOGE a Good Investment in 2024?
Short answer: it depends on your risk tolerance. Long answer: Dogecoin can be a good investment, but it’s important to understand what kind of investment it is. As a cryptocurrency, it obviously cannot be compared to traditional assets like gold and stocks, and as a meme cryptocurrency, it isn’t as stable as Bitcoin and Ethereum. That said, with its massive community, top 10 market cap, and high trading volume it is still one of the more reliable cryptocurrencies out there – but prospective investors have to keep in mind that it is still an incredibly, incredibly risky investment.
Another important point that needs to be brought up is DOGE’s profit-making potential. For many meme cryptocurrencies, their biggest chance to shine are random news or celebrity endorsements that can all cause massive upward price swings. However, Dogecoin is a relatively mature meme cryptocurrency with an unlimited supply that has already had a lot of journeys to the moon, and may not have enough fuel left in its tanks for another huge rally. That said, as a top cryptocurrency, it will still likely follow all market-wide bull runs.
So, if you’re asking yourself “should I buy Dogecoin in 2024 or not”, the answer is “yes, as long as you’re aware of DOGE’s shortcomings, especially compared to other cryptocurrencies or asset classes”.
Dogecoin Price History
Dogecoin was launched back in 2013. Throughout its history, this digital asset has experienced a lot of ups and downs. Dogecoin hit its lowest price when it briefly plunged to $0.0000869 on May 6, 2015. On the contrary, DOGE reached its highest price of $0.682 on May 8, 2021. As of now, its market cap exceeds 12B. Not creating any conspiracy theory here, but is May an important month for Dogecoin? Well, we’ll see.
Let’s get back to history. Dogecoin’s price was relatively flat and stable for almost 7 years, from 2013 to 2020. Sure, DOGE had its ups and downs in those years. Its behavior correlated with the market: the coin went up in 2014 and collapsed in 2018, as Bitcoin did.
However, at the beginning of 2021, Elon Musk made a couple of remarks about Dogecoin on his Twitter. Right after that, the coin’s value boosted by 340%, reaching the price of $0.032642. This event gave rise to the era of DOGE speculation since whenever the businessman mentioned this crypto, its price went up.
In 2022, Dogecoin didn’t have any special highlights. Most of the time, the meme coin followed the general market trend. However, at the end of October, DOGE started its bullish move, reaching $0.1425 on November 1. This might have been a reaction to Elon Musk’s Twitter acquisition.
2023 was also a quiet year for Dogecoin: although the coin had some ups and downs, it mostly followed the general market trends and didn’t have any major rallies. The maximum price it achieved during the year was recorded back in February, but the original meme coin also had some price spikes later on in the year. Other key Dogecoin price points in 2023 occurred in April, July, and November.
DOGE price rose back up at the beginning of 2024 as the industry got caught up in the anticipation of Bitcoin halving, but soon lost some of its steam as correction started settling in.
How Did Dogecoin Perform in 2023?
Dogecoin’s price has remained mostly stable throughout 2023. The maximum price it achieved during the year was recorded back in February, but the original meme coin also had some price spikes later on in the year. Other key Dogecoin price points in 2023 occurred in April, July, and November.
Does DOGE still have a future?
Dogecoin is far from being dead, so it really has good prospects.
In terms of recent developments for Dogecoin, there have been several notable advancements aimed at increasing its utility and adoption. The Dogecoin Foundation has been actively working on projects like GigaWallet, LibDogecoin, and RadioDoge.
GigaWallet aims to facilitate Dogecoin transactions for businesses and has been integrated with WooCommerce, with plans to expand to platforms like Shopify.
LibDogecoin has been updated to enhance its functionality and now includes support for Android.
RadioDoge is an initiative to enable Dogecoin transactions in areas with poor or no internet connectivity using LoRa technology and the Starlink satellite network.
All these new updates to Dogecoin are really about making it more useful and widespread. By improving its technology and reaching out more within the community, Dogecoin is not just trying to increase its value but also aiming to play a bigger role in the wide world of cryptocurrencies.
How Much Is Dogecoin Right Now?
Here’s the current price of Dogecoin.
Is It Too Late To Buy Dogecoin?
Dogecoin can still be a good investment in 2024 and beyond. As with any digital asset, however, you will need to make sure it fits into your investment portfolio and that you’re aware of all the potential risks.
DOGE, like other cryptocurrencies without a clear use case, is best thought of as a speculative asset. This means that its price can be very unpredictable. If you want to invest in Dogecoin, you need to ready yourself for the fact that it won’t follow market price predictions.
It’s important to understand that there is more than one way to invest, and while you can chase underpriced coins to find that one big rally to profit from, you can also choose to go for other strategies, like short selling assets that you think are over-performing and/or are likely to decline in price in the future.
Overall, as far as crypto assets go, Dogecoin is not a bad choice — it has a big, loyal community, an established reputation, high market capitalization, and it is listed on a wide variety of crypto exchanges. It has solid fundamentals and future price potential.
There’s nothing wrong with buying DOGE. However, it’s important to understand the pumps and dumps experienced by the coin. Since this cryptocurrency is very vulnerable to news and Elon Musk’s endorsements, you shouldn’t fall for DOGE when it’s hyped. Wait until the price gets stable, so you won’t invest in overpriced coins.
It should be noted that the roots of this crypto were no more than just a joke. While the history of this popular cryptocurrency can call its worth into question, eventually, its market cap reached an estimate of a big company with thousands of employees. So, after ten years of market games, it seems like DOGE is here to stay.
Crypto Market Struggles
They say that crypto markets are volatile and risky. Believe it or not, investing in DOGE itself is a lot riskier. Nonetheless, nothing ventured, nothing gained. The Dogecoin price depends not only on unpredictable outside factors like Elon Musk but also on the general movement of the market. The asset price correlates with the price of the main cryptocurrency, Bitcoin.
So, DOGE’s main struggles lie in its extreme volatility and overall correlation with the market. But isn’t volatility made up for speculations? Let’s see.
Speculative Investments
Many people buy DOGE and then trade it, believing that someday it will make them rich. By the way, have you ever heard the story of Glauber Contessoto, known as the DOGE millionaire? It’s a real rags-to-riches story. And back to rags.
This guy had invested about $180K in Dogecoin only. After Elon Musk’s tweets and TikTok hype, his initial investment grew to over $1 million. Then, the DOGE rate dropped by nearly 90%, and Glauber’s profit was $180K.
Glauber’s story is really all about market speculation that anyone can encounter. What does this mean for DOGE? This is another reminder that one should evaluate all potential risks when investing in Dogecoin and other such cryptocurrencies. It is crucial to be able to recognize when you should exit your position and sell your crypto — that is, if you want to sell and not hodl, of course.
Dogecoin Price Prediction 2024–2030
Are you looking for a Dogecoin price forecast? We’ve collected all the essential info you need to know about DOGE future prices and answer questions like “will Dogecoin go back up?” in this article.
Will Dogecoin Go Back Up — What the Experts Say
The recent dip in Dogecoin’s price seems to align more with general trends in the cryptocurrency market than with any specific issues within Dogecoin itself. Cryptocurrencies typically go through cycles that mirror broader economic conditions, tech developments, and shifts in how investors feel. If the market trends upward, it’s likely Dogecoin will follow suit.
As for what the experts are predicting, opinions are generally upbeat. Many market analysts are optimistic about Dogecoin’s prospects, anticipating significant growth within the next five years, and even predicting it could surpass the $1 threshold.
The investment and markets analyst experts made their own predictions about Dogecoin’s price. At the time of writing, the Doge Fear and Greed Index rating for the token was “neutral.”
Most Dogecoin price predictions are very positive, as they see DOGE experiencing rapid growth in the next 5 years and crossing over the $1 mark in the future. At the same time, many experts remind investors to be cautious and warn against blindly following trends and FOMO.
How Could Dogecoin be Used in the Future?
While Dogecoin started as a meme cryptocurrency, its future utility extends beyond just internet fun. Currently, it’s popular for microtransactions, tipping content creators, and donations due to its low transaction fees and fast processing times.
Despite being inflationary by design, which challenges its role as a store-of-value, Dogecoin’s developments suggest a broader vision.
The Dogecoin Foundation’s initiatives like the expansion of GigaWallet aim to integrate it more deeply into e-commerce platforms such as Shopify, enhancing its functionality as a payment method. Furthermore, the RadioDoge project seeks to extend Dogecoin’s accessibility, enabling transactions in regions with poor internet connectivity, leveraging technologies like Starlink and LoRa.
These efforts indicate that Dogecoin is being tailored for greater real-world application, suggesting that its primary role as a medium for payments is likely to expand and solidify further in the future.
Where to Buy Dogecoin
There are plenty of ways to buy Dogecoin since many cryptocurrency exchanges, such as Binance, OKEx, and Coinbase, offer appealing rates. However, consider Changelly as your entry point to get DOGE. We provide you with a great variety of fiat partners who are thrilled to deliver you the best possible rate on the market. Crypto purchases have never been easier!
Is It Too Late to Buy Dogecoin? Our Conclusion
Taking everything into consideration, it’s not too late to buy DOGE in 2024 and beyond. Dogecoin remains a promising investment — this cryptocurrency can still rally in the future. Of course, it is still a volatile asset, but in the context of the crypto market, this can make it an even better investment. You can use it as an asset for both long- and short-time investments. However, be extremely cautious with the sharp ups and downs that its price may experience.
Please remember that this article does not constitute investment advice. Always DYOR before buying any asset, especially one as much of a risky investment as DOGE.
Which One Is Better, DOGE or Shiba?
Both coins feature the iconic Shiba Inu dog and have gained fame as meme coins, but they operate on fundamentally different technologies and philosophies.
Dogecoin, much like Bitcoin, is primarily viewed as a digital currency. It’s considered as the more ‘established’ meme coin, has been adopted by a wide range of users and has seen substantial price increases due to social media hype and celebrity endorsements.
In contrast, Shiba Inu is often seen as a ‘rising star’, a token that could potentially grow through its developing ecosystem and applications on the Ethereum blockchain.
Both coins are influenced by major holders and are highly volatile, reflecting market sentiments and trends.
As always, your decision should align with your investment strategy and risk tolerance, considering both coins’ market positions and technological foundations.
Which Cryptocurrencies Will Make Good Alternatives to Dogecoin?
Well, we actually think that Dogecoin is quite affordable for everyone. In case you are looking for another coin that can become an alternative to DOGE, check out these three options. The broader market, the more investment options it brings!
Pepe Coin
Pepe Coin
Pepe Coin is one of the biggest meme cryptocurrencies in the market. It had a triumphal launch in 2023 and remained one of the top 100 cryptos by market capitalization since. Just like Dogecoin, PEPE is associated with a popular meme, and also has a loyal community. The market sentiment towards this token is fairly positive, and it can prove to be a good investment in the future.
Shiba Inu
Among other crypto projects, Shiba Inu is one more adorable alternative to DOGE. The Shiba Inu cryptocurrency was created by an anonymous developer under the pseudonym “Ryoshi” and named after the dog breed. The crypto was launched in 2020 and intended to become a “Dogecoin killer.” The community loved this meme token and started to invest in it after some tweets by prominent figures like Elon Musk (God, why?!) and Vitalik Buterin.
All in all, SHIB is a nice alternative to DOGE in the current crypto market. Despite being a meme coin, it has turned into a multibillion dollar project. Since its price is less than a cent, it can be a cheap option for your investment portfolio.
dogwifhat (WIF)
The original dogwifhat meme
A newcomer in the world of meme cryptocurrencies, dogwifhat has taken the crypto market by storm, rising to claim a spot within the top 50 crypto assets by market cap in just a few months. This token has started growing in February 2024, and since has managed to reach an ATH of $4.85. This Solana-based token’s success is partly attributed to SOL’s insane price gains in early 2024, as well as NBA star LeBron James wearing a pink knitted cap in a press conference – similar to the hat worn by the god in WIF’s meme origin.
Wondering what other crypto you can invest in? See our list of the best shitcoins to invest in 2024.
FAQ
Is it too late to buy Dogecoin?
If you are contemplating if it’s too late to buy DOGE in 2024, we have good news: it’s not! Many experts believe that the crypto market is going to enter another bull run soon and think that altcoins like Dogecoin are going to rally alongside Bitcoin. And, of course, there are the unexpected factors, like another Elon Musk – Dogecoin incident.
Should I still buy Dogecoin right now in 2024?
Dogecoin is one of the cheapest coins on the market. Also, it’s very popular in the community. You don’t need to invest thousands of dollars to get DOGE, so why don’t you give it a try?
Is DOGE still worth investing in 2024?
If DOGE is your only investment option, you should probably add some more serious cryptocurrencies (e.g., Bitcoin or Ethereum) to your portfolio. As for us, we consider DOGE a great trading tool: its price is so volatile that you might win from Dogecoin trading.
A lot of people are wondering why Dogecoin price is so low these days – but that is mostly a cryptocurrency market-wide issue. There’s no saying whether Dogecoin will go back up in 2024 – you should be aware of this risk before deciding if Dogecoin is worth buying for you.
What is Dogecoin all time high?
Dogecoin reached its all-time high price of approximately $0.74 on May 8, 2021. This peak came during a period of heightened interest and enthusiasm for cryptocurrencies, with Dogecoin receiving significant attention from social media and celebrity endorsements, notably from figures like Elon Musk.
Will Dogecoin ever reach $1?
Even though Dogecoin is one of the most popular coins in the community, it has never reached the $1 price. In fact, to reach this point, crypto investors would have to make $10 billion more investments than now.
Can Dogecoin reach $1 in 2025?
Some industry experts think it’s possible! There are a bunch of optimistic forecasts out there suggesting that Dogecoin might not just reach, but could even surpass the $1 threshold within a couple of years. For example, optimistic predictions suggest a possible high of $1.95 by 2025, fueled by a growing interest in Dogecoin and a boost in market excitement that might follow the Bitcoin halving in 2024.
Can you still mine Dogecoin?
You definitely can mine Dogecoin in 2024. To start the process, you need to purchase the mining hardware, choose and install the software, join the mining pool (solo mining is nearly pointless), and connect your devices to the pool. Don’t forget to connect your Dogecoin wallet to get your mining reward. Voilà!
Is it a risk to buy Dogecoin?
The price of Dogecoin directly depends various highly unpredictable factors such as Elon Musk’s endorsements and crypto bull runs. Thus, price volatility is the main risk when buying DOGE.
Should I still hold Dogecoin in 2024?
Why not? It’s up to you whether to hold or short the investment. You can definitely make money from market fluctuations. But who knows what heights can Dogecoin reach? So, you can wait and hold as long as you want.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
Bitcoin price shows signs of slight recovery before resuming its downward trend.
Ethereum price is set for a brief rise before the downtrend continues.
Ripple price suggests a modest recovery, although a potential decline remains on the horizon.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are currently showing indications of modest recoveries, with each cryptocurrency experiencing brief upward movements. However, these recoveries appear to be temporary, as technical analysis and market conditions suggest that the broader downward trends for these assets are likely to resume in the coming days.
Bitcoin price is likely to have a relief rally
Bitcoin price broke below the ascending trendline (drawn from multiple swing lows starting July 5) on August 2, leading to a 12% decline over the following three days. However, it tested support at $49,917, bounced back with a 3.7% increase on Tuesday, and showed a slight recovery to trade 1.5% higher at $56,694 by Wednesday.
In this scenario, BTC might see a dead-cat bounce — a short-lived price increase amid a broader downtrend — potentially encountering resistance at the 61.8% Fibonacci retracement level of $62,066 (drawn from the swing high of $70,079 on July 29 to Monday’s low of $49,101). This level aligns with the broken trendline and the 100-day Exponential Moving Average (EMA) at around $63,022, marking it a critical reversal zone.
Failure to break above $62,066 might trigger a 19% crash, back to retest the $49,917 daily support level.
The daily chart’s Relative Strength Index (RSI) indicator is around 36, just above the oversold threshold. This indicates the possibility of a temporary relief rally before the downward trend resumes.
BTC/USDT daily chart
However, a close above the August 2 high of $65,596 would change the market structure by forming a higher high on the daily timeframe. Such a scenario might drive a 6% rise in Bitcoin’s price to retest its weekly resistance at $69,648.
Ethereum price primed for temporary upsurge before downtrend resumes
Ethereum price closed below the daily support level of $2,927 on August 3, dropping 16.5% over the next two days. However, after testing the weekly support at $2,118, it bounced back with a 1.7% increase on Tuesday and showed further recovery, trading 1.8% higher at $2,505 by Wednesday.
If Ethereum’s price continues to recover, it could face a rejection around the 50% retracement level (drawn from the swing high of $3,562 on July 22 to Monday’s low of $2,124) at $2,843. This level roughly aligns with the daily resistance level at $2,927, making it a key reversal zone to watch.
If ETH fails to surpass the $2,843 level, it could crash 25% to retest its weekly support at $2,118.
The RSI and the Awesome Oscillator (AO) on the daily chart have fallen below their neutral levels of 50 and zero, respectively, indicating an overarching bearish trend based on these momentum indicators.
ETH/USDT daily chart
On the other hand, if Ethereum’s price closes above the $3,396 daily high of July 29, it would change the market structure by forming a higher high on the daily timeframe. Such a scenario might drive a 5% rise in Ethereum’s price to retest the July 22 high of $3,562.
Ripple price poised for relief rally before potential resumption of downtrend
Ripple’s price fell below the daily support level of $0.544 on August 4, resulting in a 6.7% drop on Monday. However, it rebounded with a 3.7% increase on Tuesday after testing support of roughly $0.413. As of Wednesday, it shows signs of recovery, trading 0.6% higher at $0.509.
In this situation, XRP may undergo a dead-cat bounce, possibly encountering resistance at the previous daily support level of $0.544. This level now coincides with the 200-day Exponential Moving Average at approximately $0.539, highlighting it as a key reversal point.
If XRP fails to surpass the $0.544 level, it could lead to a 25% decline, potentially revisiting the $0.413 weekly support level.
The RSI and the AO on the daily chart have fallen below their neutral levels of 50 and zero, respectively, indicating a primarily bearish trend based on these momentum indicators.
XRP/USDT daily chart
Conversely, if Ripple’s price closes above the $0.643 daily resistance level, it would alter the market structure by establishing a higher high on the daily chart. This could lead to a 12% increase in XRP’s price, targeting the next daily resistance at $0.724.
In the recent crash, Solana lost almost 40% of its valuation but suddenly regained strength after testing a five-month low yesterday. The price appeared strong today as it trades back in a green zone.
Sol saw a noticeable growth last month following a major bounce off a critical support level. The bounce brought the bulls back in the market with a double-bottom pattern and the price increased significantly.
Unfortunately, it failed to break out of the structure and quickly lost grip near $194 in the late month. It initiated a drop and broke down daily until the price hit a low of $110 yesterday.
Since then, Sol’s trading level has changed positively due to a sudden rejection and the price increased to $146 today following a 17% gain. The crypto has retraced briefly to where it is priced at $145.
Meanwhile, the bears are still much around the corner. The market’s daily outlook is still weak. If the bulls fail to commit strongly, the bears will continue to dominate the market.
Now that the double-bottom pattern is invalidated with a fake-out, Sol must climb back to its previous monthly peak price before we can consider a bullish break. For now, it is technically trading in a range.
Due to the recent bearish break, which has brought some recovery in the market, Sol is now facing the $155 resistance. If it passes through this resistance, higher levels to watch for an increase are $165.4 and $175.6.
Currently, Sol is trading back above the $140 and $120 supports while the $110 level stands as a weekly low. Losing these price levels in the future could trigger a dip to $100 and beyond.
Key Resistance Levels: $155, $165.4, $175.6
Key Support Levels: $140, $120, $110
Spot Price: $145.3
Trend: Bearish
Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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The cryptocurrency market is slowly recovering from its dramatic price pitfall. With Bitcoin touching a stable price threshold of $55K, the altcoin market is now healing, slowly returning to its stable price position. Cardano and Toncoin are next up for a price prediction.
Cardano (ADA) and Toncoin (Ton) have also reported slight price hikes in their values. Let’s determine how the two crypto tokens will fare in August 2024.
Cardano is undergoing a massive transformation as the token has yet to deliver a bullish price haul. ADA has reported a sluggish price approach over the past six months, unable to break past the critical price juncture of $0.50.
However, the token is gearing up for some monumental changes with the Chang Hard Fork update underway. The Chang update is set to bring new community participation facilities on Cardano, helping users access elements such as a Treasury and voting ordeals.
According to CoinCodex, Cardano may surge nearly 14% to hit the $0.37 level by the end of August.
“According to our current Cardano price prediction, the price of Cardano is predicted to rise by 14.94% and reach $0.377661 by September 6, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 29 (fear). Cardano recorded 14/30 (47%) green days with 8.28% price volatility over the last 30 days.”
Similarly, another notable crypto platform, Changelly, adds a similar price projection for ADA. The platform shared that ADA may surge by 7% to hit the $0.35 price level.
“Crypto analysts expect that at the end of summer 2024, the ADA price will be around $0.332. In August 2024, the Cardano cost may drop to a minimum of $0.306. The expected peak value might be $0.358 in August 2024. Potential ROI: 7.2%.”
Toncoin has lately been attracting heavy attention and volume within the crypto realm. The token has played a central role in defining Telegram’s prowess in the advertising domain.
Toncoin has been integrated with the Messenger app Telegram and has often been endorsed by its CEO, Pavel Durov. The platform has always been quite vocal about promoting TON and accepts TON payments from users in the realm of ads.
According to CoinCodex, Toncoin may experience a remarkable price ascent this August. The token may spike by an impressive 229% to hit the $19 price level.
“According to our current Toncoin price prediction, the price of Toncoin is predicted to rise by 229.28% and reach $19.14 by September 6, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 29 (fear). Toncoin recorded 13/30 (43%) green days with 7.77% price volatility over the last 30 days.”
Similarly, Changelly predicts TON to hit $10 by August 2024.
“Crypto analysts expect that at the end of summer 2024, the TON price will be around $10.11. In August 2024, the TON token cost may drop to a minimum of $10.29. The expected peak value might be $9.93 in August 2024.”
Both Cardano (ADA) and Toncoin (TON) have some promise for growth in August 2024. Explore our prediction analysis and make an informed decision.
