Ripple (XRP) Price Explosion, Next Targets for Cardano (ADA), and More: Bits Recap August 8th

TL;DR XRP jumped by double digits after Ripple’s legal battle with the SEC officially ended. ADA climbed $0.80, with analysts eyeing breakouts toward $1.30, $1.60, or even $2.90 if bullish momentum continues. BTC briefly topped $117,500 before easing to $116,500, with historical trends suggesting further gains might be incoming. XRP Takes Center Stage Again Ripple’s cross-border token once again made the headlines thanks to its significant price increase. It pumped by 12% on a 24-hour scale, hitting almost $3.40 (its highest point since the end of July). XRP Price, Source: CoinGecko The main reason behind the resurgence is the official conclusion of the legal tussle between Ripple and the US Securities and Exchange Commission (SEC), which began in December 2020.  With that chapter now closed, many analysts believe XRP faces fewer obstacles on its path to reaching new peaks in the near future. X user Bark said “the manipulation is over” and envisioned a price explosion to as high as $10. They also predicted that “this weekend will be historic.” JAVON MARKS was also bullish, albeit setting a more modest target. Next wave up into ~$4.80 could already be in-effect for $XRP! https://t.co/noxq64p64U pic.twitter.com/krICGo7AH9 — JAVONMARKS (@JavonTM1) August 7, 2025 What’s Next for ADA? Cardano’s native cryptocurrency is also well in the green today (August 8), jumping by 8% to $0.80 (per CoinGecko’s data). ADA Price, Source: CoinGecko Earlier this week, the popular analyst Ali Martinez forecasted a potential price increase to an eight-month peak of $1.30. However, he believes ADA must first confirm a breakout above $0.84.  CryptoBullet and JAVON MARKS were even more optimistic. The former expects ADA to rise to $1.60, while the latter predicts a possible surge to $2.90. What to Expect From BTC? The primary cryptocurrency also headed north, briefly surpassing $117,500 and later retracing to its current level of $116,500. Some key factors suggest BTC has yet to rally hard this month. For example, August has historically brought gains when it follows a halving year. Recall that the latest halving occurred in the spring of 2024 and slashed the miners’ rewards for adding new blocks in half. The analyst, using the X moniker CRYPTOWZRD, set $120,000 as the next key resistance target, following which “we should see a rapid rally” to $131,000.  The post Ripple (XRP) Price Explosion, Next Targets for Cardano (ADA), and More: Bits Recap August 8th appeared first on CryptoPotato. Powered by WPeMatico

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This Ripple (XRP) Metric Flashes Critical Warning Sign

Ripple’s native token, XRP, could be facing significant challenges, as recent on-chain data indicates a sharp decline in whale flows, which is typically considered a warning sign for significant price corrections. Large holders are unloading tokens at a pace not seen since February’s local top, raising concerns that the current consolidation above $2.70 may give way to deeper downside unless buyer momentum returns. Technical Pressure Meets Whale Exodus Data from CryptoQuant, highlighted by pseudonymous analyst The Enigma Trader, shows XRP’s 90-day moving average whale flow has plunged into negative territory, indicating sustained outflows from major wallets. This pattern closely resembles behavior from deep-pocketed investors observed in January and February this year, which coincided with a local price top and a subsequent correction. “Unless we see sustained positive whale flows, the market may remain structurally weak,” the analyst warned, noting a current absence of consistent accumulation by heavyweight holders. This wave of selling comes just weeks after XRP’s July rally saw the token pump by 70%, briefly breaching $3.40 and triggering a wave of retail FOMO. As detailed in CryptoPotato’s latest XRP health check, that move above $3.40 likely acted as a bull trap, tapping into buy-side liquidity before a swift reversal. On-chain dynamics are also reflecting a tug-of-war. While the token’s exchange reserves have plunged from 3.02 billion to 2.3 billion since July 24, suggesting that some traders are moving tokens off platforms to hold, the lack of whale accumulation may be a sign that distribution is dominating. This divergence, paired with a surging NVT ratio, up 44% in 24 hours, highlights a growing mismatch between market valuation and actual network use. Sideways Drift or Deeper Correction? At the time of this writing, XRP was changing hands for $3.30, up 10.8% in 24 hours and 11% on the week. In the last 14 days, the token is up by 7%, but the monthly chart still shows a strong 42% gain, largely driven by July’s breakout. Relative to the all-time high recorded in that period, the asset is now down over 15%. Despite the bearish whale signals and technical caution, there are still some significant catalysts looming that could give XRP a boost. Institutional adoption is increasing. Major news emerged from South Korea yesterday, where licensed institutional custodian BDACS launched XRP custody services in a market where the cryptocurrency is widely held. The post This Ripple (XRP) Metric Flashes Critical Warning Sign appeared first on CryptoPotato. Powered by WPeMatico

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Paxos Settles with NYDFS for $48M Over Binance and AML Violations

Paxos has agreed to pay $48.5 million to the New York Department of Financial Services (NYDFS). This is to resolve allegations related to inadequate due diligence on its former partner, Binance, and failures in its anti-money laundering program. NYDFS Probe Finds Paxos Lacked Oversight According to an August 7 press release, the terms of the settlement require the stablecoin issuer to pay a $26.5 million fine and invest $22 million in its compliance program. Paxos previously issued the Binance USD (BUSD) stablecoin until 2023, when the NYDFS ordered it to stop over the exchange’s poor geofencing and sanctions controls. According to the regulator, the action was the “first orderly wind down of a stablecoin.” “Regulated entities must maintain appropriate risk management frameworks that correspond to their business risks, which includes relationships with business partners and third-party vendors,” said Superintendent Adrienne A. Harris. Paxos, licensed in 2015 as a limited-purpose trust company, was authorized to operate in the virtual currency space. It later entered a partnership with Binance to issue, market, and distribute BUSD. As part of its regulatory obligations, the firm was required to conduct regular due diligence on Binance. However, New York’s financial watchdog found that it did not have proper controls in place to monitor for serious illegal activity happening on or through the exchange. It also failed to escalate red flags to its senior management and board. One key issue was Binance’s “lax geofencing,” which allowed users in the U.S. to access its unlicensed exchange. A review of historical transactions between 2017 and 2022, focusing on selected digital assets, revealed that approximately $1.6 billion that moved through it was linked to criminal activity. The investigation also found that the platform had processed payments involving entities that had already been sanctioned by the U.S. Office of Foreign Assets Control (OFAC). Compliance Issues Beyond its shortcomings with Binance, the New York regulator also found that Paxos had been running a weak compliance program for years. The company’s Know Your Customer (KYC) procedures were described as “unsophisticated,” allowing users with shared addresses, overlapping documents, and suspicious behavior to open multiple accounts undetected. Its poor transaction monitoring system also failed to catch clear signs of money laundering. Authorities noted that the firm had no clear rules for launching investigations after receiving law enforcement requests, which further delayed the detection of illicit activity on the platform. Paxos has since moved to rebrand itself as a compliance-focused blockchain infrastructure provider. The company has stated that the issues identified were historical, have been fully resolved, and did not impact customer accounts. It continues to operate other regulated stablecoins, including Pax Dollar (USDP) and PayPal USD (PYUSD). The post Paxos Settles with NYDFS for $48M Over Binance and AML Violations appeared first on CryptoPotato. Powered by WPeMatico

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