CRO’s Spectacular Rally, Recent XRP Price Predictions, and More: Bits Recap August 29

TL;DR

• CRO soared by triple digits this week. Analysts see further upside potential, setting $0.50 and $0.88 as next targets.
• XRP slipped to $2.85 after failing to break above $3.10. However, industry participants remain bullish and believe the asset could reach a new all-time high soon.
• BTC dropped below $110K as September’s bearish trend weighs. Still, Charles Hoskinson sees potential for $250K this cycle and a $10T market cap in five years.

CRO Took Center Stage

The cryptocurrency sector had a somewhat surprising star this week, and its name is Cronos (CRO). The token behind the exchange Crypto.com saw its price skyrocket by over 100% in the last three days. At one point, CRO reached almost $0.40 (a level last witnessed in the spring of 2022), but it later retraced to the current $0.29 (per CoinGecko’s data).

The pump was fueled by Trump Media, which revealed it will purchase approximately 2% of the asset’s entire supply by spending roughly $105 million for 685,427,004 CRO. The Truth Social and Truth+ platforms will launch a rewards system for their users, utilizing the digital wallet infrastructure of the popular exchange and adopting the coin as a utility token.

Additionally, Trump Media, Yorkville, and Crypto.com will set up a digital asset treasury firm, which will purchase roughly 19% of the entire CRO supply.

Despite the drop in the past several hours, multiple analysts on X remain optimistic that CRO is headed for further upside in the short term. X user JAVON MARKS believes the valuation could soar by 3x to $0.8868. For their part, CryptoPulse set $0.50 as a target but only if “momentum kicks back in.”

Meanwhile, CRO’s Relative Strength Index (RSI) has risen above 70, indicating that the asset is in overbought territory and may be due for a pullback. The technical analysis tool measures the speed and magnitude of recent price changes, and ratios under 30 are typically interpreted as bullish, as they suggest the token is oversold.

XRP’s Next Targets

Ripple’s cross-border token experienced another decline over the last 24 hours, and as of this writing, it trades at around $2.85. Earlier this week, the popular X user Ali Martinez warned that failing to overcome $3.10 would lead to a drop to $2.83. 

STEPH IN CRYPTO also sounded the alarm, arguing that the peak of the bull run for XRP may arrive in the next one or two months. 

Other analysts, though, are in the optimistic corner. X user Mags estimated that XRP’s price has recently consolidated the same way it did in 2017 and could be gearing up for a massive rally to $5.20 and even $7.30 (if history repeats itself).

How’s BTC Doing?

While the primary cryptocurrency reached a new all-time high of over $124,000 in mid-August, it has been in an evident decline ever since. As of this writing, it trades below $110,000, while its market capitalization has plunged beneath $2.2 billion. 

September has historically been a predominantly bearish month for BTC, with some community members expecting an additional plunge in the short term.

Prominent figures, such as Cardano’s founder Charles Hoskinson, on the other hand, remain unfazed. In a recent interview, he predicted that the price of the asset could surge to $250,000 during this cycle, while its capitalization might explode to $10 trillion within the next five years.