UpGate

Tag: Positive

  • Bitwise XRP ETF Reaches $500M AUM Milestone Amidst Investor Demand and Price Volatility

    Bitwise XRP ETF Reaches $500M AUM Milestone Amidst Investor Demand and Price Volatility

    The Bitwise XRP ETF has surpassed $500 million in assets under management (AUM) just nine months after its launch, signaling sustained investor interest in XRP-focused investment products. The fund’s net assets were reported at $502.7 million on the preceding Friday and $507.23 million after Monday’s market close.

    This milestone underscores a broader trend of robust demand for XRP ETFs. In the past week, US XRP funds collectively attracted $110.49 million in inflows, contributing to a record $1.66 billion in cumulative net inflows by Friday. The Bitwise fund is a significant driver of this trend, boasting over $600 million in cumulative net inflows.

    The XRP ETF market is increasingly competitive. Canary Capital’s XRP ETF (XRPC) has accumulated $483 million in cumulative net inflows, while Franklin Templeton’s XRPZ holds $462.86 million.

    Despite strong fund inflows, the underlying asset, XRP, has experienced price depreciation. Over a six-month period, the trust recorded a net decrease from operations of $176.6 million, primarily attributed to XRP’s price decline from $1.82 on December 31, 2025, to $1.04 on June 30, 2026. The XRP token itself saw price swings, trading around $1.00 on August 19 before rising to $1.70 by August 22, closing at $1.40 on Friday and $1.38 on Monday.

    Bitwise expressed gratitude for the opportunity to expand mainstream access to XRP. The Bitwise XRP ETF, which was the firm’s 49th investment product at launch, charges a 0.34% sponsor fee. This fee is waived on the first $500 million of trust assets through December 19, 2025.

    Early performance data indicated significant initial demand, with the fund recording $25.9 million in trading volume on its first day. Canary Capital’s XRPC debuted with nearly $60 million. By December 1, cumulative inflows for Bitwise’s new funds had reached $756 million. The trust’s net assets grew from $241.4 million at the end of December to $299.1 million by June 30. In the first half of the year, investors added approximately 181.5 million XRP, valued at $269.9 million, through share creations. During the June quarter alone, investors added about 105.3 million XRP worth $137.9 million.

    The Bitwise XRP ETF’s rapid ascent to over $500 million in AUM, coupled with substantial inflows across the XRP ETF market, highlights persistent investor interest in the asset class, even as the price of XRP itself has faced downward pressure.

    Why This Matters

    The materials describe a narrow update: The Bitwise XRP ETF reached over $500 million in assets under management (AUM) approximately nine months after its inception. The exact date of the ETF’s launch is not explicitly stated, only that it was nine months prior to the $500 million AUM milestone.

    Broader Context

    Source materials place the factual news in this context: The article is from CryptoPotato.

  • XRP Breakout Confirmed? Analyst Eyes Next Target

    XRP Breakout Confirmed? Analyst Eyes Next Target

    Ripple’s cross-border token, XRP, has seen a nearly 7% decline over the past week, yet many analysts remain optimistic about a potential renewed uptrend. Some foresee XRP entering an “up-only” phase, while others anticipate a significant pullback before any substantial price increase.

    Price Action and Analyst Outlook

    As of press time, XRP is trading around $1.38, according to CoinGecko, with a market capitalization of approximately $86 billion. While this represents a notable drop from its August peak, popular analyst Ali Martinez views the current level as a constructive development. Martinez observed that XRP’s price action confirmed a breakout after clearing resistance, setting a potential next target at $1.70.

    Martinez further highlighted strong institutional interest in XRP, indicating a “notable increase in demand.” Spot XRP Exchange-Traded Funds (ETFs) have recently attracted significant capital. Last week, inflows exceeded $110 million for the first time since December 2025, and the ETFs have recorded nine consecutive days of gains, a streak not seen in eight months.

    Further Bullish Predictions

    Other analysts, including X users Diana and XRP Update, are also making bullish calls on XRP. Diana suggests that XRP is currently positioned at the $1.38 support level, with Elliott wave targets pointing to a short-term surge to $1.88 and a potential long-term explosion to $7.07. She noted that the Relative Strength Index (RSI) on the 4-hour chart has recovered to around 47.5 and moved back above its signal line, indicating a potential shift towards bullish momentum while XRP remains near support.

    XRP Update, meanwhile, believes the token has broken out of a downtrend and could be preparing for a significant rally, with potential targets at $2.50, $3.50, $6, and ultimately $13.

    Contrasting Views and Potential Corrections

    However, not all analysts share this optimistic outlook. Crypto Lens, for instance, expects XRP to experience a decline before posting new gains. Their analysis suggests a potential retreat to $1.17, followed by a new bull run towards $1.90, $3.10, and $5.20.

    ChartNerd pointed out that XRP has failed to reclaim its 50-week Exponential Moving Average (EMA) for two consecutive weeks. They warned that sustained weekly closes below the 50-week EMA could trigger a deeper correction, noting that XRP has already retraced 22%. The 20-day EMA is currently acting as short-term support at $1.27.

  • XRP Price Forecast by ChatGPT AI Tied to Ledger Upgrades and Adoption, Analysts Note Uncertainties

    XRP Price Forecast by ChatGPT AI Tied to Ledger Upgrades and Adoption, Analysts Note Uncertainties

    ChatGPT AI has predicted that XRP could reach between $2.20 and $3.00 by the end of 2026, with a base case of $2.50. This forecast is reportedly driven by anticipated upgrades to the XRP Ledger (XRPL) and increasing institutional adoption.

    Why This Matters

    The materials describe a narrow update: ChatGPT AI has predicted a future price range for XRP based on anticipated upgrades to the XRP Ledger (XRPL) and increasing institutional adoption. The extent to which adoption will convert into sustained XRP demand.

    Broader Context

    Source materials place the factual news in this context: Ledger upgrades do not trend on social media, but they change what a network can hold.

    XRPL Enhancements and Potential Utility

    The XRPL is undergoing development, with version 3.3.0 introducing proposed upgrades for atomic transactions and permission delegation. These enhancements, alongside sponsored fees and confidential token transfers, could potentially make the ledger more suitable for institutional assets beyond simple payments. Ripple is also developing supporting infrastructure, with investments in projects like ZILO and Licuido aimed at tokenized issuance and collateral mobility on the XRPL.

    Current Market Performance and Technical Indicators

    In the current market, XRP closed at $1.44925, marking a gain of 1.85% for the session. Trading data indicates a session range between $1.38912 and $1.47438. Technical indicators show a cooling momentum, with the Relative Strength Index (RSI) at 73.73 against a signal line at 62.73. This narrowing gap between the RSI and signal line suggests a stabilization after a recent price spike. Support levels are identified around $1.38912 and $1.30, with a significant structural base at $1.00. Resistance is noted at $1.47438, followed by $1.55, and a recent spike high of $1.70.

    Uncertainties and Broader Ecosystem Developments

    However, the future trajectory of XRP faces several uncertainties. The extent to which anticipated adoption will translate into sustained XRP demand remains a key variable. According to the article, the ability of XRP to hold the $1.20 support level is also a point of consideration, with a failure to do so potentially exposing it to lower levels around $0.90 to $1.00. The long-term impact of XRPL upgrades on institutional asset utility is yet to be fully realized.

    Broader market dynamics also play a role. The increasing institutional activity on-chain can highlight the costs associated with fragmented blockchain ecosystems, where assets like Bitcoin, Ethereum, and Solana operate as separate liquidity environments. Solutions like LiquidChain are emerging, aiming to build a unified execution layer to connect these ecosystems, potentially reducing the complexity and cost of cross-chain operations. LiquidChain is currently in its presale phase, priced at $0.01454, and has raised over $920,000.

    While AI predictions offer a glimpse into potential future price points, they are subject to numerous variables. The development of the XRPL and the broader adoption of blockchain technology are critical factors that could influence XRP’s price, but the conversion of potential utility into actual demand remains the most significant determinant. Current technical indicators suggest a stable trend, but the market’s reaction to upcoming developments and broader economic factors will ultimately shape XRP’s performance.

  • XRP ETFs Accumulate $1.6 Billion Amidst Token Price Cooling

    XRP ETFs Accumulate $1.6 Billion Amidst Token Price Cooling

    Spot XRP exchange-traded funds (ETFs) in the U.S. have accumulated approximately $1.6 billion in net inflows since their launch, marking nine consecutive days of sustained demand. This trend has occurred even as the XRP token’s price has cooled.

    The inflow streak for XRP ETFs began in mid-August. On Aug. 28, the funds saw $26.2 million in net inflows, according to data from SoSoValue. Over the last nine days alone, these ETFs have drawn in over $725 million. With total net assets across XRP ETF products reaching roughly $1.6 billion, recent daily inflows have ranged from $2.4 million to over $28 million.

    In contrast to the consistent ETF demand, the XRP cryptocurrency has experienced price declines. On Monday, the XRP token traded around $1.39, down 2.7% over the preceding 24 hours. The token’s price was also down approximately 7.6% over the past week, though it remains up about 38% over the past 14 days.

    Decrypt’s ETF flow tracker maintains a “bullish” sentiment reading for XRP. Analysts have noted the steady demand for XRP ETFs, particularly given the XRP token’s recent price performance. Bloomberg Intelligence analyst James Seyffart noted on X that XRP ETF flows have been surprisingly resilient, with cumulative net inflows reaching approximately $1.8 billion by his count. This figure is considered particularly impressive when stacked against the token’s price over the same stretch.

    Analysis of second-quarter 13F filings reveals significant institutional involvement. Goldman Sachs holds approximately $87.4 million in spot XRP ETFs, making it a top holder. Jane Street and Millennium Management are also notable holders. Investment advisers represent the largest holders and allocators of XRP ETFs by category, significantly outpacing hedge funds and brokerages.

    The first XRP ETFs in the U.S. launched in November 2025. The current inflows into XRP ETFs contrast with Bitcoin, where spot funds recently ended a nine-day inflow streak, while Ethereum products continued to attract cash.

    The broader XRP ecosystem has also seen fresh institutional interest, with XRP treasury firm Evernorth recently clearing the SEC and heading towards a Nasdaq listing. The divergence between resilient fund inflows and soft spot prices for XRP presents a key tension heading into September. Traders are currently focused on potential actions by the Federal Reserve regarding interest rates, which could influence the cryptocurrency market.

    It remains uncertain how the XRP token’s price will move in the future, and the impact of Federal Reserve interest rate decisions on XRP is also a point of consideration.

    Why This Matters

    The materials describe a narrow update: Spot XRP exchange-traded funds have recorded nine consecutive days of net inflows, totaling approximately $1. The future direction of XRP’s price.

    Broader Context

    Source materials place the factual news in this context: Spot XRP exchange-traded funds are on a roll, stringing together nine straight days of net inflows even as the token’s price has cooled.

  • Former Officials Urge Balanced U.S. Crypto Regulation to Stem Offshore Trading

    Former Officials Urge Balanced U.S. Crypto Regulation to Stem Offshore Trading

    A bipartisan group of former U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) officials is advocating for a more balanced and consistent regulatory approach to the cryptocurrency industry, particularly concerning derivatives and custody rules. They argue that the current regulatory landscape risks driving significant market activity offshore, while a risk-based framework could encourage onshore trading and mitigate risks.

    The core message from these former officials is that regulatory approaches can inadvertently push trading elsewhere, but the underlying demand and associated risks do not disappear. “If we calibrate federal regulation to actual risk instead of maximum burden, that liquidity comes onshore,” stated former CFTC Chairman Chris Giancarlo, as quoted by Crypto In America. He added, “Every year we wait, it gets harder to bring to America.”

    This call for regulatory clarity comes as both the SEC and CFTC are actively developing new rules for the approximately $2.5 trillion crypto industry. In June, the agencies sought public input on how to define various crypto products, including swaps and security-based swaps, and to clarify jurisdictional boundaries. The officials’ comment letter emphasizes that similar risks should face similar regulatory treatment and that overlapping rules should be avoided to prevent additional compliance costs.

    Derivatives and Offshore Markets
    The issue is particularly relevant for crypto derivatives, a market some signatories have argued U.S. regulation has largely driven overseas. Prediction market platform Kalshi estimates that offshore perpetuals trading could exceed $90 trillion by 2025, a significant increase from an estimated $28 trillion in 2023. Earlier this month, former President Donald Trump indicated that CFTC Chairman Michael Selig is working to bring the popular offshore perpetuals platform Hyperliquid into the United States. Kalshi sponsored the comment letter by retaining the law firm Bellementis PLLC for drafting, though the signatories stated they were not compensated and Kalshi had no influence over the letter’s content.

    Evolving Custody Rules
    Meanwhile, the SEC is also revisiting its approach to crypto custody rules. Last week, the agency sent a planned rewrite of its custody rules for investment advisers and investment companies to the White House Office of Information and Regulatory Affairs (OIRA) for review. This initiative aims to clarify how SEC-regulated investment firms can provide custodial services for digital assets while adhering to federal securities laws. The specific details of this rewrite are not yet public, leaving uncertainties about which firms might qualify as crypto custodians and what requirements they would need to meet.

    This marks a notable shift from the SEC’s previous attempt to address crypto custody three years ago. At that time, then-Chairman Gary Gensler proposed a broad “safeguarding” rule that would have extended existing custody requirements beyond traditional funds and securities to encompass virtually all client assets, including crypto. The SEC later scrapped that proposal last year.

    Separately, the SEC’s “Reg Crypto” proposal, which outlines new rules for certain crypto asset offerings, is open for public comment until October 20. The bipartisan nature of the officials submitting the comment letter is significant, especially at a time when neither the SEC nor the CFTC has bipartisan representation. The signatories contend that these are not inherently partisan issues, pointing to historical common ground between commissioners of both parties on investor protection and market competitiveness.

    The current regulatory environment presents a critical juncture for the U.S. crypto market. The former officials’ input highlights the potential consequences of regulatory complexity and the opportunity to attract substantial offshore market activity by adopting a more harmonized and risk-focused approach.

    Why This Matters

    The materials describe a narrow update: A bipartisan group of former SEC and CFTC officials has submitted a comment letter advocating for regulatory clarity and consistency in the crypto market, especially for derivatives and custody. Details on which firms could qualify as crypto custodians under the SEC’s revised rules.

    Broader Context

    Source materials place the factual news in this context: While crypto market structure legislation sits in summer recess limbo, the SEC and CFTC are getting a head start on writing the rules for the $2.5 trillion industry.

  • Armstrong: Incumbents Target Crypto Competition

    Armstrong: Incumbents Target Crypto Competition

    Coinbase CEO Claims ‘Entrenched Incumbents’ Lobbying Against Crypto Bill

    Coinbase CEO Brian Armstrong has accused “entrenched incumbents” of actively lobbying against the CLARITY Act, asserting that established financial players are attempting to prevent cryptocurrency companies from competing within the U.S. financial services sector.

    Armstrong framed the legislative battle over the bill as a direct contest between traditional firms seeking to preserve their market position and crypto businesses striving for clearer regulatory frameworks.

    He recalled the sentiment that led to the Trump administration’s rise, suggesting that millions of Americans felt “disenfranchised” by the previous administration’s approach to cryptocurrency. Armstrong highlighted Donald Trump’s 2024 campaign promise to remove former SEC Chair Gary Gensler, referencing the strong reaction when Trump stated at a Bitcoin conference that he would fire Gensler “on day one.”

    Armstrong then outlined what he perceives as progress since Trump took office, including an executive order mandating clearer crypto rules, the appointments of SEC Chair Paul Atkins and CFTC Chair Mike Selig, and the passage of the GENIUS Act concerning stablecoins. He positioned the CLARITY Act as the next crucial step.

    “Make no mistake, there are people out there actively fighting against this,” Armstrong stated. “There are entrenched incumbents who don’t want competition from crypto companies that would provide better financial services.”

    He further alleged that some of these firms are “actively lobbying against it, trying to kill it.” The Coinbase chief also specifically named Senator Elizabeth Warren as someone seeking to block the legislation. His remarks come as the bill approaches a September 15 Senate vote on a motion to proceed.

    As previously reported, Armstrong had indicated on August 21 that regulatory clarity was imminent, either through congressional action or directives from the SEC and CFTC. He identified September 15 and 16 as potential dates for such developments.

    The Senate requires 60 votes for cloture, and with Republicans holding 53 seats, they would need at least seven additional votes from Democrats or independents to advance the measure, even if all Republican senators support it.

    Moreover, the bill faces ongoing disputes concerning ethics rules, anti-money laundering provisions, and the permissibility of crypto companies offering rewards on customer stablecoin holdings.

    The banking industry’s concerns regarding stablecoin rewards align closely with Armstrong’s argument about competition. This particular provision has encountered resistance from traditional lenders, who contend that such products could divert deposits away from banks.

    This dispute underscores that the CLARITY Act debate extends beyond determining which regulator oversees cryptocurrency. The legislation aims to establish federal rules for digital assets, including token classification and the delineation of responsibilities between the SEC and CFTC.

    Amidst these developments, Armstrong’s message is clear: the bill should be passed to provide consumers and crypto firms with much-needed regulatory clarity, and established financial companies should not be allowed to stifle competition through lobbying efforts.

    “It’s time to get the Clarity Act, which will protect consumers, over the finish line,” he wrote on X. “There’s something in it for everyone: banks, law enforcement, crypto companies, and most importantly the American people.”

  • Hyperliquid in Talks with Kraken Parent for US Crypto Derivatives

    Hyperliquid in Talks with Kraken Parent for US Crypto Derivatives

    Hyperliquid Eyes U.

    S. Market Entry Via Kraken Parent Company

    Singapore-based cryptocurrency derivatives platform Hyperliquid is reportedly in advanced discussions to offer its perpetual futures contracts to American traders through Payward, the parent company of U.S. exchange Kraken. The move, detailed in a Bloomberg report citing individuals familiar with the matter, would involve routing U.S. customers to a select offering of Hyperliquid’s crypto-linked perpetual futures via Bitnomial, Payward’s U.S.-regulated digital asset exchange and clearinghouse.

    Representatives for both Payward and Hyperliquid Labs declined to comment on the report.

    This potential partnership would signify Hyperliquid Labs’ first foray into the U.S. market, a region where its rapidly expanding platform has thus far been inaccessible to customers. It could also establish a blueprint for other offshore, unregistered trading venues seeking to establish a presence within the United States.

    Any such agreement would necessitate regulatory approval. Bloomberg reported that Payward has already submitted a proposal to the Commodity Futures Trading Commission (CFTC) outlining the fundamental structure of the arrangement, though financial terms remain undisclosed.

    The proposed structure aims to overcome a significant hurdle that has prevented Hyperliquid from operating in the U.S. As a decentralized platform with daily trading volumes exceeding $4 billion, Hyperliquid lacks a central operator. Its permissionless design allows anyone to trade, a characteristic that regulators have expressed concerns about due to potential exposure to market manipulation, money laundering, and sanctions evasion. By channeling access through Bitnomial’s regulated infrastructure, the arrangement would introduce the operator and oversight mandated by regulatory frameworks.

    This development follows recent remarks by former President Donald Trump, who indicated earlier this month that his administration was working to bring such platforms onshore. Trump’s comments at a White House event, suggesting that CFTC Chairman Michael Selig was exploring a pathway for Hyperliquid, had previously caused a sharp increase in the platform’s HYPE token.

    The ongoing discussions also occur amidst intensified efforts by the Securities and Exchange Commission (SEC) and the CFTC to implement rules that could potentially shift offshore perpetual futures trading, a market considerably larger than its U.S. counterpart, back to domestic platforms.

  • Polygon Crypto Deploys Austin and Kyoto Hard Forks to Bolster Network Security

    Polygon Crypto Deploys Austin and Kyoto Hard Forks to Bolster Network Security

    Polygon Crypto has implemented two coordinated hard forks, named Austin and Kyoto, to address critical security vulnerabilities in its Bor and Heimdall clients. These upgrades, designed to mitigate denial-of-service, resource-exhaustion, and consensus-hardening risks, were deployed privately and validated on the Amoy testnet before being activated on the mainnet, according to a Polygon forum post published August 27.

    The Austin hard fork, integrated into Bor client version v2.10.0, resolved two denial-of-service vectors. Firstly, it introduced an explicit per-block gas bound for state-sync events, which previously lacked metering and could potentially cause temporary chain stalls. Secondly, Austin removed Bor’s TxDependency wire field, an unbounded hint for parallel execution that posed a risk of crashing block-processing peers.

    Concurrently, the Kyoto hard fork, applied to Heimdall client version v0.11.0, targeted consensus-edge-case risks. Its primary focus was on deeply nested google.protobuf.Any fields within Heimdall transactions. To prevent potential exploitation where a single transaction could impose disproportionately high decode work on all validators, Kyoto now enforces a byte-level pre-scan for these fields at both mempool admission and on the consensus path.

    Kyoto also incorporated several smaller hardening fixes, including a cap on fee-coin counts and normalized checkpoint signature recovery bytes, contributing to overall protocol resilience. These layered validation hardening measures align with broader industry efforts to secure transaction-processing edge cases.

    Both hard forks were activated on the Amoy testnet and Polygon PoS mainnet prior to the public disclosure. Austin activated at Amoy block 44,120,000 and mainnet block 91,949,700, while Kyoto activated at Amoy height 42,252,000 and mainnet height 51,533,000.

    Participation in these upgrades is mandatory for network integrity. Bor v2.10.0 is required for all nodes, and Heimdall v0.11.0 is mandatory for all validators and full nodes. These are plain binary upgrades, meaning operators already running current versions do not require state migration or genesis changes. However, nodes operating on pre-fork binaries past the activation heights have diverged from canonical consensus and must upgrade and roll back to resync.

    Polygon Crypto clarified that the vulnerabilities addressed were primarily resource-exhaustion and consensus-edge-case risks, rather than fundamental correctness failures. Crucially, no mainnet disruption or exploitation was observed in connection with these issues. The network’s security management approach involved fixing the issues, confirming fleet safety, and then disclosing the details.

    This proactive and private deployment of critical security patches by Polygon Crypto underscores a commitment to maintaining network integrity and stability, effectively mitigating potential risks before they could impact the network.

    Why This Matters

    The materials describe a narrow update: Polygon Crypto implemented two coordinated hard forks, Austin (Bor v2. The exact nature and severity of potential exploits if the vulnerabilities had not been patched.

    Broader Context

    Source materials place the factual news in this context: Polygon Crypto deployed two coordinated hard forks , Austin on Bor v2.10.0 and Kyoto on Heimdall v0.11.0, to close denial-of-service, resource-exhaustion and consensus-hardening risks across its Polygon PoS client stack.

  • Cardano Integration Enhances Supply Chain Verification on Blockforce Platform

    Cardano Integration Enhances Supply Chain Verification on Blockforce Platform

    Cardano’s ADA blockchain has been integrated as the public proof layer in Blockforce’s supply-chain traceability platform, enabling independent verification of records. This integration allows for the anchoring of cryptographic proofs of supply-chain data onto the Cardano blockchain, while sensitive commercial details remain on a permissioned network, specifically Hyperledger Fabric.

    The dual-ledger approach ensures that while the integrity of supply-chain records can be independently verified by auditors, regulators, or customers, the underlying commercial data is not exposed. This addresses a key challenge in supply chain management: the need for transparency and verifiability without compromising business confidentiality.

    More than 500,000 supply-chain records have already been anchored using this model. Joint engineering efforts between Cardano and Blockforce have resulted in a significant cost reduction, with the cost per record for public verification cut by 92%. This substantial reduction is critical for making large-scale public verification economically viable for enterprises.

    Guilherme Pereira, from the Cardano Foundation, framed this integration as a milestone in fitting blockchain technology naturally into enterprise infrastructure, delivering the verifiability, traceability, and scale that companies require. Suelen Joner highlighted the importance of a public network for maintaining the integrity of supply chain records over their full lifecycle, especially when records are questioned years after they are written.

    The Blockforce platform utilizes Hyperledger Fabric for managing detailed records on a permissioned network, accessible only to involved parties. Only the cryptographic proofs of these records are then anchored to the Cardano blockchain. This architecture is detailed in a case study by the Cardano Foundation.

    While the announcement highlights the capability for auditors and regulators to independently verify record integrity, it does not certify compliance with any specific regulatory regime. Broader references to EU sourcing rules circulating in trade coverage should be considered market context rather than direct claims made by the Cardano Foundation or Blockforce.

    The system is already in use with some of Brazil’s largest fashion groups. Azzas 2154, for instance, aims to trace 100% of the leather across its brands by 2030, utilizing this dual-ledger structure. The solution is designed to work with existing data suppliers produce, turning it into a single auditable record without requiring new systems from them.

    Expansion of this model is planned for other sectors, including automotive, agribusiness, pharmaceuticals, and cosmetics, all leveraging the same dual-ledger structure for enhanced traceability and verification.

    Why This Matters

    The materials describe a narrow update: Cardano’s ADA blockchain has been integrated as the public proof layer within Blockforce’s supply-chain traceability platform. The specific regulatory regimes for which this model provides verification capability are not named.

  • Monero Surges to 7-Month High: Analysis and Outlook

    Monero Surges to 7-Month High: Analysis and Outlook

    Monero Surges to 7-Month High, Defying Broader Market Downturn

    Most major digital assets experienced minor losses over the past 24 hours, with the overall cryptocurrency market capitalization also seeing a slight retreat. However, the privacy-focused token Monero (XMR) bucked the trend, posting a significant double-digit gain and inching closer to the top 10 cryptocurrencies by market value.

    XMR’s Impressive Performance

    Monero emerged as the top performer among the top 100 cryptocurrencies on August 31, with its price briefly soaring to nearly $530. This marks the highest valuation for XMR since January of this year. According to CoinGecko, the token is currently trading around $525, representing a substantial 43% increase over the past month.

    The asset’s market capitalization has climbed to nearly $10 billion, surpassing prominent altcoins such as Chainlink (LINK) and Cardano (ADA), and positioning it as the 13th-largest cryptocurrency.

    Key Catalysts for the Rally

    A primary driver behind Monero’s upward momentum appears to be an upgrade to the THORChain network, which reportedly introduced native support for XMR swaps.

    On social media platform X, user Nebrasangooner identified breaking above the $410 resistance level as a crucial bullish trigger, suggesting the asset is poised for further ascent. Meanwhile, commentator David Gokhshtein expressed surprise at Monero’s significant gains, noting its absence from many major exchanges.

    It is worth recalling that at the start of 2024, Binance discontinued all services related to Monero, which led to a considerable price drop. XMR also remains unavailable on Coinbase. Among the few prominent platforms that still support the token are Kraken, KuCoin, and MEXC.

    Other X users, including Mav and Sweep, have weighed in on the price surge. Mav suggested that the move above $500 confirms Monero’s comeback, while Sweep described it as “an absolute sleeping giant” and “the real privacy token.”

    On-Chain Data Signals Potential for Further Gains

    Recent exchange net flow data for Monero indicates a potential for continued upward movement. CoinGlass data reveals that outflows have exceeded inflows in recent days. This trend suggests that investors are shifting away from centralized exchanges in favor of self-custody, thereby reducing immediate selling pressure.

    Technical Indicators Hint at Caution

    Despite the bullish sentiment and on-chain signals, Monero’s Relative Strength Index (RSI) suggests a potential for an upcoming correction. The RSI, a technical analysis tool that ranges from 0 to 100, typically indicates an overbought condition when it exceeds 70, signaling a possible downward price adjustment. Conversely, readings below 30 suggest an oversold territory, which can be interpreted as a buying opportunity. As of this report, the RSI for XMR stands at approximately 77.