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• Whales have dumped $1.9B in XRP, sparking fears of a 30% price crash.
• SEC ruling and ETF news could trigger a major price reversal.
• XRP must hold $2.65 or risk falling toward $2 support.

XRP price is down 15.7% from its recently set all-time high, slipping from $3.65 to around $3.07, as heavy whale sell-offs and looming regulatory developments send ripples through the market.

Despite holding above $3, the broader sentiment remains fragile, with analysts warning of a potential 30% drop if support levels give way.

As investors await a critical US SEC decision that could redefine XRP’s regulatory status, large holders are quietly exiting the market in volumes not seen since the last major correction earlier this year.

The timing of these outflows, combined with weakening momentum indicators and fading volume, has traders on edge.

Whales offload billions as fear returns

Over the past month, XRP whales have unloaded more than 640 million tokens, worth approximately $1.91 billion, according to on-chain data analysed by The Enigma Trader on CryptoQuant.

These outflows, most of which occurred while XRP traded between $2.28 and $3.54, have raised serious concerns among market observers.

Notably, this pattern of distribution during price rallies mirrors earlier activity in January and February, when a similar sell-off preceded a sharp correction.

This time, however, there is a broader structural weakness across altcoins, with XRP increasingly showing signs of fatigue.

Santiment data also shows $6 billion in XRP was dumped by whales since the July 18 peak.

Even Ripple co-founder Chris Larsen reportedly sold $26 million worth of XRP in July, adding to concerns that insiders and early holders are taking profits ahead of potential downside.

XRP momentum stalls, support levels under pressure

While the XRP price recently managed to push above the $3 mark, rising from $2.91 to $3.08 before closing at $3.07 at press time on August 7, technical momentum remains flat.

Buying pressure came largely from Korean exchanges, especially Upbit, which processed over $95 million in XRP trades within one day.

However, despite the short-term surge, the token failed to hold above $3.02, with volume quickly fading.

Currently, the $2.98 level serves as immediate support. If this level fails, the next critical floor lies at $2.65.

Analysts warn that a sustained breakdown below this support could trigger a fall to $2.06, a key mean-reversion point aligned with XRP’s 50-week EMA.

Adding to bearish concerns, XRP’s relative strength index (RSI) has been printing lower highs since January, even as the price reached new peaks.

This bearish divergence typically signals weakening momentum and has historically preceded sharp pullbacks.

SEC decision and ETF hopes bring volatility

Much of the current uncertainty also stems from the upcoming SEC decision regarding Ripple’s appeal withdrawal.

The agency is expected to deliberate on the matter this week, with a broader ruling likely by mid-August.

If the SEC formally recognises XRP as a non-security under US law, it could eliminate a longstanding regulatory risk.

However, until that ruling is finalised, market participants remain cautious. A favourable outcome could revive bullish momentum, but any delay or ambiguity may intensify current selling pressure.

Meanwhile, international developments offer a glimmer of hope. Japan’s SBI Holdings recently filed for a Bitcoin-XRP ETF, signalling renewed institutional interest.

Reports suggest corporates are exploring up to $1 billion in XRP allocations for treasury diversification, which could add significant demand if market conditions stabilise.

Eyes on $3.05 as key XRP price breakout level

Despite the bearish overhang, derivatives data show traders are positioning for a potential breakout.

According to Coinglass, bullish bets on XRP perpetual contracts currently outnumber shorts nearly 2-to-1, far more aggressive than positioning seen in Bitcoin or Ethereum markets.

Options traders, too, are focused on the $3.20 strike for contracts expiring in late August, suggesting expectations of a rebound if key levels hold.

However, without renewed accumulation from whales — at least 5 million XRP per day, according to analysts — the market may continue to struggle.

Until then, the $3.05 level remains the next test. A clean break above it could open a path to $3.14 and $3.25, especially if the SEC decision or ETF momentum breaks in XRP’s favour.

The post XRP on the edge: whale dump sparks free-fall fears as SEC ruling looms appeared first on CoinJournal.

• Cardano launches NIGHT airdrop to 30M wallets across 8 blockchains.
• Treasury vote and CBCA course boost Cardano’s ecosystem growth.
• Cardano’s ADA eyes breakout as it retests key resistance zone $0.74–$0.76.

Cardano (ADA) is riding a wave of renewed investor interest following the highly anticipated launch of the Midnight Network’s NIGHT token airdrop.

The toke airdrop, described by many as one of the most ambitious token distributions in the crypto space, has reignited bullish momentum within the Cardano ecosystem.

With strong fundamentals, favourable technical setups, and growing community engagement, ADA may now be on the verge of a significant breakout.

NIGHT airdrop ignites ecosystem excitement

The Midnight Network, Cardano’s privacy-focused sidechain, officially launched the NIGHT token airdrop — known as the “Glacier Drop” — on August 5.

The drop targets up to 30 million wallets across eight major blockchain ecosystems, including Ethereum, Bitcoin, and Solana.

However, Cardano wallets received the lion’s share, with 50% of the total allocation reserved for ADA holders.

This strategic move not only reinforces Cardano’s dominance in the airdrop but also rewards long-term supporters.

Eligibility was based on a snapshot taken on July 11, targeting wallets with at least $100 in native assets.

Over 23,000 redemptions, totalling more than 470 million NIGHT tokens, were processed within the first few days — an early sign of high user engagement.

Despite some technical glitches involving Ledger wallet signatures and destination address issues, the overall process has been praised for its smooth user experience.

Midnight’s phased distribution strategy, including a thawing period and a scavenger phase, aims to reduce speculative dumping and support steady adoption.

Cardano (ADA) price breakout from descending triangle

While the airdrop has drawn significant attention, the technical charts for Cardano (ADA) have quietly become increasingly bullish.

Technical analysis points to a successful breakout from a long-standing descending triangle, followed by a textbook retest at the $0.72 level.

This level now serves as a critical support zone. Cardano’s ability to hold above it suggests that the rally may be structurally sound.

Currently, ADA is retesting a key resistance area between $0.74 and $0.76. Multiple analysts agree that a break above this zone could open the door to $0.84, a crucial breakout point.

If ADA clears this level with volume, momentum could quickly push the price toward $1.00, and potentially $1.30 in the coming months.

Some market analysts, including CryptoBullet and Ali Martinez, have identified $1.35 as a potential liquidity target.

The long-term bullish scenario sees ADA extending toward $1.60 if broader market sentiment improves and key resistance levels are decisively broken.

Community governance adds more fuel

While technicals and airdrops have grabbed attention, Cardano’s recent developments in community governance have also helped boost investor sentiment.

The community recently approved its first-ever treasury funding proposal, greenlighting Input Output Engineering’s plan for core upgrades.

The approval marked a historic shift, enabling decentralised decision-making for future ecosystem development.

Additionally, Cardano has ramped up its global education initiatives. On August 6, it launched the CBCA blockchain certification course in Portuguese, targeting Brazil’s rapidly growing crypto market.

With Brazil reporting $7 billion in crypto volume and a 30% market growth last year, the move is viewed as a strategic attempt to onboard new developers and users.

Future course releases in languages like Hindi and Swahili could further expand Cardano’s global footprint.

Can ADA ride the Q4 wave again?

Historically, Cardano has shown a strong tendency to rally in the final quarter of the year.

In both 2023 and 2024, Q4 saw significant price increases for ADA following mid-year consolidations.

Current patterns suggest 2025 may follow a similar path. Seasonality, combined with bullish technical indicators and a major ecosystem event like the NIGHT airdrop, has set the stage for a potential surge.

With momentum quietly building, traders are now closely watching the $0.84 resistance level.

A breakout from this point could validate the multi-month reversal and propel ADA toward its next leg up.

The post Cardano price boost as Midnight’s NIGHT token airdrop goes live appeared first on CoinJournal.