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As Cardano’s (ADA) price continues to fluctuate in line with the general cryptocurrency market sentiment, investors and traders are evaluating the Proof-of-Stake (PoS) asset to determine the best entry price.

In particular, the community over at CoinMarketCap has estimated that the ADA token will trade at an average price of $0.7311 by August 31, 2022, using the ‘Price Estimate’ feature that allows users to speculate on the future price of digital assets.

As it happens, the community votes are projecting that the price of the decentralized finance (DeFi) token will increase by 56.20% or $0.263 by the end of August from its present value at the time of publication.

By press time, 14,192 CoinMarketCap members had voted to arrive at the average estimate.

As far as the estimates for the end of the following month – September – are concerned, the community expects the price to be a tad lower, averaging at $0.7078 with 8,965 user votes.

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XRP recorded unprecedented activity as trading volumes nearly hit 18 billion XRP in a single day. Several reasons could be pointed out for the maddening rush of Ripples native token, including the small wins against the Securities and Exchanges Commission (SEC).

A Beehive of Activity for XRP
Santiment shared a chart of transaction volumes for XRP that indicated a massive spike for the asset. The wild swings of transaction volumes left on-chain analysts scratching their heads as they tried to make sense of the moves.

“XRP Network saw a major anomaly to end the week, with a rapid surge up to 18.7 billion in $XRP trading volume in the final hour of Friday (UTC),” said Santiment. “This may be worth monitoring for some unordinary upcoming weekend price actions.”

The spike in trading volumes comes on the heels of a series of tactical victories by Ripple Labs over the SEC. The court denied a motion from the SEC to prevent a speech by the Commission’s ex-officer where he described Ethereum as a security. The court slammed the SEC and described such a proposal as “hypocrisy” and not within the tenets of the laws guiding the Commission’s activities.

The SEC seeks to protect the identities of its expert witness and the content of their testimonies in a move that Ripple Labs has described as being “unprecedented.” With the tide in favor of Ripple Labs at the moment, bulls are hoping the courts will side with the cryptocurrency firm on the subject of expert witnesses.

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Despite its growth since its inception, the cryptocurrency sector still has a lot of naysayers but doesn’t lack bullish supporters either, one of whom is Mike Novogratz, the CEO of crypto investment firm Galaxy Digital.

Speaking at the Bloomberg Crypto Summit, Novogratz said that Bitcoin (BTC) would undoubtedly reach $500,000 in the next five years or so, due to its unique features and adoption pace, eMoney Financial reported on July 19.

Among these Bitcoin’s special features, he listed the fact that it was “tailor-made to being an anti-inflation store of value,” as well as being “easily transferable and so it’s better than gold in so many ways.”

Furthermore, the billionaire ex-fund manager also said that the debt-driven global financial system was stoking excessive consumer price inflation and that Bitcoin could work as a unique way to store wealth over the long term.

Major cryptocurrencies and traditional markets have been battling concerns of rising inflation, a possible recession, uncertainty caused by the war in Ukraine and a growing list of crypto firms lining up for bankruptcy.

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