Latest Updates on Cardano (ADA), Intriguing ETH Price Forecasts, and More: Bits Recap for May 30

Summary

• The SEC has postponed its ruling on Grayscale’s spot ADA ETF, while large investors accumulated millions of tokens in the past week.
• Despite short-term fluctuations, ETH has risen by 45% over the month, with predictions pointing towards a rise past $3,000 in June.
• XRP has increased by 322% over the last year, but with 98% of its supply currently profitable, analysts caution about a potential uptick in profit-taking that could lead to a short-term dip.

Recent Developments for ADA

Members of the Cardano community observed earlier this week that the US Securities and Exchange Commission (SEC) had set May 29 as the preliminary deadline for deciding on Grayscale’s application for America’s first spot ADA ETF.

However, the SEC decided to extend its review period until July 15, with a total of 240 days available for consideration, culminating in a final deadline of October 22.

Currently, ADA’s value has decreased by 7% in a single day, a trend that may be linked to the SEC’s choices and the broader downturn in the cryptocurrency market.

On a more positive note, various indicators hint at a potential resurgence for Cardano’s token. Reports indicate that whales acquired over 180 million ADA last week, reflecting a robust confidence in the asset.

Moreover, Cardano’s development continues to progress, with Input Output announcing recently that Bitcoin Ordinals can now be wrapped and transferred to the Cardano blockchain via Fairgate’s BitVMX system.

“This innovation signifies a notable step forward in decentralized finance, allowing for cohesive interaction between two leading blockchain systems,” the team remarked.

Future of ETH

Despite a slight decline within the past day, Ethereum (ETH) has posted a 45% rise over the month, currently trading just above $2,600.

Notable figures in the industry, such as X users Daan Trades and Michael van de Poppe, anticipate that ETH may experience further increases under specific conditions.

Daan Trades identified a significant resistance level at $2,800, suggesting it may be difficult to surpass that hurdle quickly. Meanwhile, Michael van de Poppe commented on the situation when the price stood above $2,700, stating:

“Ethereum above $2,700 is a promising sign. I believe we’ll observe levels exceeding $3,000 in June.”

For those interested in exploring even more optimistic price forecasts for the second-largest cryptocurrency, additional resources can be found in our comprehensive article.

Update on XRP

Ripple’s token has shown a downward trend recently but boasts an impressive yearly increase of 322%. Currently, it trades around $2.20, reflecting a 10% drop over the past week.

As noted by Santiment, the overall supply in profitability exceeded 98% this week when the asset was valued at $2.3.

Consequently, XRP performed better compared to ADA (71%), ETH (71.5%), DOGE (77.9%), and LINK (80.5%). Although these statistics appear encouraging, Santiment has issued a cautionary note:

“When substantial portions of a network find themselves significantly in profit, the likelihood of profit-taking and a resulting short-term retraction increases.”

This scenario aligns with renowned investor Warren Buffett’s advice from years ago, recommending that investors should remain optimistic when others are apprehensive, and cautious when others are overly confident.