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).

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.

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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).

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.