Altcoin
ETH Supply Surge Casts Shadow on Spot Ethereum ETF Excitement

We are just three days away from the approval of the spot Ethereum ETF, and the excitement among investors is pretty high. However, rapidly increasing ETH supply over the past two months is one of the major concerns going ahead.
ETH Supply Increasing by 60K Per Month
Popular market analyst Benjamin Cowen stated that the Ethereum supply has been increasing by 60K per month since April. He added that if this continues to happen until December this year, the ETH supply in circulation will be similar to that before the Merge event back in September 2022.
Over the last 30 days, the supply of ETH is up by almost 60,000 ETH. pic.twitter.com/3XuFUjZDPC
— Benjamin Cowen (@intocryptoverse) July 19, 2024
In the last three months, the Ethereum supply has surged by 150,000. “Currently, since the merge the supply is -298,000. But that will only take 5 months to revert at this pace,” said Cowen.
Cowen added that the major driver for the Ethereum price surge moving ahead would be nothing but the monetary policy. Unless and until the Fed pivots and moves to quantitative easing, Cowen doesn’t expect a major surge in Ethereum going ahead.
According to Cowen’s analysis, the ETH/BTC trading pair experienced a false breakdown below its lows in Q2 2016, followed by genuine capitulation in Q4 of the BTC halving year. If the current pattern mirrors 2016, Cowen suggests that the final capitulation for ETH/BTC may not commence until September 2024. This timeline would allow sufficient time for the initial excitement surrounding the spot ETF, relative to BTC, to diminish.
“If you follow monetary policy, last cycle ETH/BTC broke support the same month that the Fed cut rates,” said Cowen. Well, reports suggest that the Fed Rate cuts could commence sometime around September this year.
Also read: Fed To Mirror ECB Rate Pause? Here’s What It Means For Bitcoin
Citing historical charts, Cowen explains that the ETH/BTC pair wicked down to the lows in August, while making a substantial rally the next month in September. He believes that a similar pattern could repeat this time as well.


Will spot Ethereum ETF Absorb the Supply?
With the spot Ethereum ETF hitting the market next week, investors are excited about strong inflows that could follow. Issuers like BlackRock, Fidelity, Grayscale, and others announced their fee structure earlier this week.
Many market analysts have been expecting multi-billion dollar inflows coming into Ethereum ETF by the end of 2024. However, this may not happen immediately after the approval. Some analysts also believe that there’s a chance of a sell-the-news kind of event to occur.
Also Read: Is Ethereum ETF Launch “Sell The News” Event Like Bitcoin ETF?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Cardano Price Eyes Massive Pump In May Following Cyclical Patern From 2024

Cardano price is repeating a pattern from 2024 that experts say is a signal for a massive pump in the coming weeks. While present figures are largely underwhelming for ADA, investors are brimming with confidence for a strong reversal in the near future.
Cardano Price Can Reach $2.5 In May
According to pseudonymous cryptocurrency analyst Master Kenobi, Cardano price is exhibiting cyclical behavior. In a post on X, Master Kenobi notes that ADA’s consolidation in recent days mirrors its price action from Q3 of 2024.
At the time, Cardano’s price suffered a steep correction in early August and endured a lengthy consolidation period before rallying. Presently, Cardano’s price is consolidating after the deep in early February that sent prices to $0.49.
“ADA is currently in a consolidation phase that resembles its behavior from August-September 2024,” said Master Kenobi. “Since the dip on August 5, it hasn’t recorded a new low – just as it hasn’t now, following the dip on February 3.”
According to Master Kenobi, a lengthy consolidation phase will be the precursor for an impressive rally for Cardano’s price. The analyst theorizes that the incoming rally will send Cardano to impressive levels in May. In the short term, analysts are eyeing ADA to hit $1, citing rising whale activity and positive fundamentals.
“If this pattern holds, May could bring a massive pump, potentially pushing the price toward $2.5,” said Master Kenobi.
ADA Ripples With Bullish Activity
At the moment, Cardano price is trading at $0.6646, a far cry from its all-time high of $3.10. Despite the lull in price action, the ecosystem is brimming with bullish activity for higher valuation.
Investors have their eyes on $10 after ADA outperformed top S&P 500 companies in a strong show of resilience. Futhermore, increased whale activity in the space is signaling an impending rally for ADA as community sentiment reaches an all-time high.
Analysts have opined that an ADA rally to $10 is not a crazy prediction, citing a slew of positive fundamentals for the network. However, pundits are urging investors to brace for multiple corrections in the march to reach a valuation of $10.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Analyst Reveals Why The XRP Price Can Hit ATH In The Next 90 To 120 Days

Crypto analyst Egrag Crypto has again provided a bullish outlook for the XRP price. This time, he alluded to historical trends to explain why the altcoin can hit a new all-time high (ATH) in 90 to 120 days.
Why The XRP Price Can Hit ATH In 90 To 120 Days
In an X post, Egrag Crypto alluded to historical patterns to explain why the XRP price can hit a new ATH in the next 90 to 120 days. He noted that the RSI chart shows important historical patterns and stated that the altcoin usually has two peaks during its bull runs.
The crypto analyst further revealed that in 2021, the second peak occurred after 90 days, while in 2017, it occurred after 120 days. Based on this, Egrag Crypto affirmed that this historical timeframe provides market participants with a potential for a “great opportunity,” hinting at the altcoin hitting a new ATH.
In another post, he raised the possibility of the XRP price reaching a new ATH of $3.9 by May. This came as he identified an Inverse Head and Shoulder pattern, which was forming for the altcoin. The crypto analyst stated that the measured move is $3.7 to $3.9.
For now, an XRP analysis has shown that the altcoin is struggling at $2.15 amid regulatory uncertainty over SEC Chair nominee Paul Atkins. In his update on this Inverse Head and Shoulder pattern, Egrag Crypto remarked that a close above $2.24, the Fib 0.888, is the next minor target. He affirmed that the pattern is still unfolding as anticipated.
Ripple’s Native Token Could Still Drop Below $2
Crypto analyst Dark Defender has predicted that the XRP price could still drop below $2 before the next leg up. In an X post, he stated that Ripple’s native token is in the 4th Wave of the Monthly Elliott Wave structure.
His accompanying chart showed that XRP could drop to as low as $1.88 on this Wave 4 corrective move. Once that is done, the altcoin will witness its next leg up, rallying to as high as $5.8, which would mark a new ATH.
Dark Defender assured that Wave 4 will end soon and that XRP will continue to reach its targets. The crypto analyst recently affirmed that the altcoin is the “one” and explained why it would dominate Bitcoin and Ethereum.
Crypto analyst CasiTrades also suggested that XRP could further decline before its next leg to the upside. She noted that after the drop to $2.27, the altcoin showed no bullish RSI divergence, which signaled that the drop wasn’t quite done yet.
She added that the coin is now likely heading down to test the 0.618 golden retracement at $2.17, or possibly the golden pocket at $2.15 for a final low before “lift-off.” However, CasiTrades also mentioned that RSI is starting to build the bullish divergence and that the selling pressure is exhausting.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Gemini Crypto Exchange Announces Rewards For XRP Users, Here’s How To Get In


Gemini, the crypto exchange founded by the Winklevoss twins, is promoting its previously launched XRP cashback program, which offers crypto rewards to users. This initiative allows eligible participants to earn rewards on their XRP transactions. Here’s a look at the program details and the steps required to join.
Gemini Founder Unveils XRP Cashback Rewards
On March 27, Tyler Winklevoss reminded the XRP community and Ripple army on X (formerly Twitter) that they can earn rewards in the token whenever they use the Gemini Credit Card for purchases. The Gemini credit card, launched in partnership with Mastercard in 2021, allows users to choose cryptocurrencies from Bitcoin, Ethereum, XRP, and over 50 other digital assets for cashback.
Since adding XRP to its long portfolio of crypto cashback offerings in August 2023, Gemini has continued to support the third-largest cryptocurrency as an option for crypto enthusiasts. The Credit Card reward information announced by Winklevoss was well received by the XRP community.
He explained that the Gemini Credit Card allows users to earn crypto back each time they spend fiat. He clarified that this feature is only available to residents in the United States (US) currently. The Gemini founder also revealed that he has been using the Credit Card for years and has had a great experience accumulating significant crypto rewards from the cashback program.
Gemini’s Credit Card offers tiered cashback rates depending on the purchase categories. A 4% XRP cashback is offered on gas and EV charging, with up to $200 monthly. A 1% XRP cashback is available for fuel and EV charging after exceeding the monthly limit. Finally, a 3%, 2%, and 1% XRP cashback is provided for dining, groceries, and other purchases, respectively.
As XRP continues to push for widespread adoption, this Gemini cashback reward program strengthens its utility and encourages greater usability and investments.
Notably, Gemini isn’t the only crypto exchange embracing XRP in its rewards programs. Platforms like WhiteBIT and Bit2Me have also introduced similar programs. By offering an XRP cashback, Gemini and other crypto exchanges can make crypto more accessible, encourage faster adoption, and reinforce XRP’s role as a digital payment solution.
How To Participate In Gemini’s XRP Cashback
Gemini has specified that users interested in earning XRP rewards from Gemini’s cashback program must first qualify for the exchange’s Credit Card, which depends on their credit score. Approved applicants must secure their cards by June 30, 2025, to participate in the promotional offer.
The crypto exchange also stated that new cardholders could earn up to $200 in XRP cashback if they spend at least $3,000 within the first 90 days. Once earned, the XRP reward will be automatically deposited into their trading accounts on Gemini, enabling users to hold, trade, or sell whenever they wish. The Credit Card also comes with no extra annual, exchange, or foreign transaction fees, allowing crypto users to grow their portfolios continually.
Featured image from SCMP, chart from TradingView

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