What are the crypto news and price performances of Bitcoin, Ripple, and Ethereum? Here is the latest analysis.
Bitcoin, Ripple and Ethereum: the prices of the three crypto assets
Taking a look at the prices of the three crypto assets Bitcoin, Ripple and Ethereum, there is a glimpse of a slight bear market over the past seven days.
And indeed, at the time of writing, BTC is worth $29,104, dumping only -1% from last week. Next, there is ETH worth $1837, dumping almost -2% and then, XRP with its $0.62 and price dump of -11% from seven days ago.
However, when looking at the monthly chart, only the latter appears to be in a bullish trend, i.e., in a +33% pump compared to thirty days ago.
Specifically, on 13 July, the price of XRP skyrocketed from $0.47 to $0.81, thanks in part to a ruling by US District Judge Analisa Torres that would give partial reason to Ripple in its never-ending lawsuit with the US Securities and Exchange Commission (or SEC).
That ruling, however, which affects the entire crypto industry given that it clarified that XRP is not a security, failed to move the crypto queen much. And indeed, 13 July saw BTC skyrocket to $31,675 but soon after began its descent again, hitting $28,000 on 1 August.
Ethereum experienced the same trend as well. On the day of 13 July, ETH had surpassed the $2,000 price, but soon afterwards it went back down to its low for this month of $1820.
The rally of Ripple (XRP) appears to be disappointing
Ripple’s rally, which has also affected the other major crypto assets, appears to be quite disappointing.
In this regard, the pro-XRP attorney John Deaton seems to remain optimistic, predicting that the crypto’s price may break through the $1 resistance level, which has not happened yet.
Here is his tweet on the matter:
On the flip side, the fact that BTC hit its monthly low below $28,000 on 1 August had always been linked to the Ripple-related lawsuit, as new doubts were raised about it.
And indeed, federal judge Jed Rackoff had provided detailed interpretations of the Howey test that is used to define whether or not an asset is a security. Here, in doing so, Rackoff would cast doubt on Torres’ final decision, perhaps affecting the entire crypto market.
Bitcoin, Ripple and Ethereum in “full bull” next month? Cole Garner’s analysis
In a roundup of tweets, analyst Cole Garner showed seven indicators that would lead him to think that a “full bull” for Bitcoin and the entire crypto market could occur next month.
First among them is what he called, “Whale accumulation trends are the backbone of a bull market.” Here, Garner refers to the findings of the Jarvis Labs analysis team.
Not only that, Garner points out in addition to the infamous whales, smaller investors, known as fish, have also increased their exposure to BTC.
Another indicator used by Garner concerns the Bitfinex ratio between Bitcoin and Stablecoin. The analyst noted that this ratio usually explodes a few weeks before any big bullish move in BTC.
Ethereum futures ETFs in the hands of the SEC
As far as Ethereum is concerned, it has recently emerged that there would be as many as four applications for ETFs based on futures contracts on the price of Ethereum in the hands of the SEC.
The well-known VanEck companies, ProShares, Bitwise and Roundhill, are already in the loop with their applications, along with the earlier Volatility Shares initiative.
One interesting fact about this is that the four applications came to the SEC almost all at once, in early August.
While the SEC is about to evaluate and consider the four products, it must be said that the ETFs based on BTC futures that are already established in the traditional financial markets do not seem to be enjoying a great deal of success.
At any rate, who knows, maybe the approval of ETH futures ETFs in the US could be a reason for a price pump of the smart contract crypto par excellence.