Bitcoin Price Analysis, Big XRP Rumor, Chainlink Adoption, & more!

Another exciting week for crypto! There is serious speculation that the recent price surge for XRP is due to a possible settlement between Ripple and the SEC. And yes, there is more!

I’m Wendy O. and I’m proud to bring you the most important crypto news on The Street this week.

XRP has been pumping in the last 24 hours, with the price reaching above $0.64, its highest point since March 25, 2024. There were no recent updates that could have triggered this price action, but many are speculating that a deal with Ripple and the SEC is imminent. A little insider information for all investors: Ripple is set to release 1 billion XRP worth $641 million in August.

Earlier this week, according to multiple crypto media outlets, the SEC may be scrapping the claim that Solana is a security in the Binance case. The SEC wants to stop claims that SOL, ADA, MATIC, and many other crypto assets are unregistered securities. The important takeaway is that while this is exciting news, it doesn’t mean the SEC is dropping the claims or that a judge has dismissed them. The court’s ruling that these tokens are securities has simply been delayed.

This next story is for all Link Marines. 21Shares has integrated Chainlink Proof of Reserve into the Ethereum mainnet to increase transparency for the 21Shares Core Ethereum ETF. $CETH is backed by ETH and tracks ETH’s performance. Chainlink was chosen because of its track record of providing over $12 trillion in total value for on-chain markets. The integration provides clear visibility into CETH’s ETH reserves. Remember, DeFi doesn’t work well without oracles, and Chainlink provides that technology.

Let’s do a little market update now!

Bitcoin is trading between $65,000 and $70,000, which is nice. I personally like this price action; to me, it’s more like a cooldown before the next big move up (hopefully).

Not only was Ethereum’s 9th birthday on July 30, 2024, but this week, ETH ETFs saw net outflows of $340 million in the first week, while Bitcoin ETFs saw net inflows of $1 billion, despite outflows from Grayscale’s fund. ETH fell 5% last week, while Bitcoin rose 2%. New ETH ETFs attracted inflows of $1.15 billion, excluding Grayscale’s ETF. Ethereum is currently holding support above $3,200, but more importantly, I think this is a good sign given the outflows from Ethereum spot ETFs in their first week.