Very Important Cardano (ADA) Update, Bullish Ripple (XRP) Price Outlook and More: Bit Summary August 26

TL;DR

One analyst believes XRP could see a further rally, potentially reaching $2 if it breaks key resistance levels. Cardano’s ADA saw a surge in price, briefly surpassing $0.40, driven by anticipation of the upcoming Chang Hard Fork update. Bitcoin (BTC) rose near $64,500 on expectations of a possible interest rate cut by the US Federal Reserve. Change of Cardano plans

Cardano’s ADA made headlines last week when it posted a substantial price increase and briefly broke above $0.40 for the first time since late July. Since then, the price has returned to where it is currently trading around $0.378.

One factor driving the rally may have been anticipation of a major upgrade to the Cardano network known as the Chang Hard Fork.

The development, which focuses on complete decentralization and community-driven governance within the ecosystem, was originally slated for the mainnet on August 27. However, it was recently rescheduled for September 1st.

XRP About To Go Crazy?

Ripple’s XRP experienced a severe collapse during the crypto market crash on August 5, when its price fell below $0.50. However, the negative trend reversed after a major development on the Ripple vs. SEC front.

Judge Torres ruled that the company must pay a fine of $125 million for violating certain securities laws. The sum may seem substantial, but in fact it represents a 94% deduction from the regulator’s $2 billion demand. Many industry participants saw the decision as a victory for Ripple, while the price of XRP rose above $0.60.

Over the past week, the token’s valuation hovered between $0.57 and $0.62 before settling to its current level of approximately $0.59 (according to CoinGecko data).

XRP Price, Source: CoinGecko

One well-known analyst who believes XRP is getting ready for a bull run is DustyBC. He presented a fairly simple price chart that shows the asset trading towards the upper limit of a flag pattern. If it breaks to the upside, it could trigger a violent move toward $2, he surmised.

Resurgence of BTC

The major cryptocurrency has been the talk of the town lately, with its price increasing by almost $5,000 in a matter of 24 hours. The demonstration began on August 23 after an announcement by the chairman of the Federal Reserve of the United States, Jerome Powell.

He assured that the entity will start lowering interest rates, as the timing of the move will depend on “incoming data, the evolution of the outlook and the balance of risks”. Many industry participants expect this pivot next month.

Lower interest rates would make it cheaper to borrow money and could increase investor appetite for risk assets like Bitcoin (BTC). As such, it’s no wonder the leading digital asset surged to nearly $64,500 after that speech.

Meanwhile, independent presidential candidate Robert F. Kennedy suspended his campaign and endorsed Republican Donald Trump. This was seen as a positive factor for BTC, considering the latter’s pro-crypto stance.

BTC is currently trading around $63,800, retreating slightly from the local high of $64,700 recorded several hours ago.

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