Blue-chip non-fungible token (NFT) collections had steep weekly declines as Ether pulled back from all-time highs. 

Data from decentralized finance aggregator DefiLlama showed that top projects saw their floor prices sink by double digits in the last seven days. Blue-chip NFT collections like Pudgy Penguins, Bored Ape Yacht Club (BAYC) and Doodles were among the hardest hit.

Pudgy Penguins, the top NFT collection by 24-hour and 7-day volume, saw a 17.3% drop to a 10.32 Ether (ETH) floor price. BAYC shed 14.7% to 9.59 ETH, while Doodles recorded one of the sharpest corrections, dropping 18.9% to 0.73 ETH. Other major collections like Moonbirds and Lil Pudgys dropped 10.5% and 14.6%, respectively.

The NFT floor price drop followed a sharp ETH retracement after hitting new all-time highs. On Monday, CoinGecko data showed that ETH reached a new all-time high of $4,946. ETH dropped 12% on Tuesday to $4,342 before recovering slightly. At the time of writing, the crypto asset traded at $4,433.

CryptoPunks remain resilient despite the market crash

While many collections suffered heavy losses, not all NFT projects were in retreat. CryptoPunks, which remained the top NFT collection by market cap, showed relative resilience, dropping only 1.35% over the week. 

Despite the top collections showing floor price declines, trading volumes remained high. Throughout the week, Pudgy Penguins led the market with about 2,112 ETH (about $9.36 million) in trading volume. The collection was followed by Moonbirds, with 1,979 ETH ($8.77 million). 

CryptoPunks followed closely with 1,879 ETH (about $8.33 million) in volume, while BAYC had 809 ETH ($3.59 million). 

Related: 3D-printed housing company adopts Bitcoin, NFTs in blockchain pivot

NFT market capitalization drops to $7.7 billion

While blue-chip NFTs suffered double-digit declines, the broader NFT space also dropped almost 5% to $7.7 billion, according to data aggregator NFT Price Floor. 

On Aug. 13, NFT Price Floor showed that the overall NFT market capitalization peaked at $9.3 billion, up 40% from July’s $6.6 billion. The surge was fueled by an increase in NFT activity following an ETH surge. 

On Aug. 18, the NFT market cap dropped further to $8.1 billion, wiping out $1.2 billion from digital collectible valuations. 

Magazine: Ethereum’s roadmap to 10,000 TPS using ZK tech: Dummies’ guide

]]> https://earlybirdsinvest.com/blue-chip-nfts-sink-double-digits-as-eth-retreats-from-record-highs/feed/ 0 55187 https://earlybirdsinvest.com/xrp-double-bottom-breakout-sets-sights-at-34-analysts-predict/ https://earlybirdsinvest.com/xrp-double-bottom-breakout-sets-sights-at-34-analysts-predict/#respond Tue, 12 Aug 2025 10:32:56 +0000 https://earlybirdsinvest.com/xrp-double-bottom-breakout-sets-sights-at-34-analysts-predict/

According to Gert Van Lagen, XRP’s macro structure has finally done one thing that is necessary. Break and hold the base neckline for seven years. “XRP (2W) – Ripple is ready to rip. A 7-year double bottom is broken. His chart is drawn on a logarithmic scale with a two-week candle, framing the movement as a multi-cycle inversion rather than a short-term pop.

Can XRP really hit $34?

Geometry is clear on the chart. The wide W-shaped base extending from the 2018-2024 Bear Market has been carved with twin rows carved into the $0.20-$0.30 region, returning to the horizontal neckline just above the $2 handle. Van Lagen marks his first breakout attempt with the Red Cross beyond that barrier, followed by a decisive surge and pullback tagging support around a $2-double area annotated by blue dots. In the log chart, the textbook breakout-retest sequence is usually the confirmation step that the technician normally looks for before projecting the target.

The price at the time of the snapshot is labeled $3.19 on the right axis. So, the XRP is traded above the neckline, but below the 2018 record high, it’s $3.40. Previous macrocaps now serve as support, so their placement is important. Stay north at about $2.00, the double bottom paper continues. The measured arrows drawn from the neckline replicate the height of the base on a multiplicative (log) basis. So, rather than adding a few dollars, an upward extension jumps into the mid-double digits.

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Van Lagen’s original purpose is explicitly derived from Fibonacci’s proportions. He sets the double bottom 2.00 expansion as his initial target and lands at “near $34”. On his scale, the projected pass surpasses the $27 and $20 gridlines, with a short tag on the $30 midterm before the average revert. This coincides with how log scale extensions are translated when long integrations are released quickly.

The left side of the graphics provides historical rhymes that readers want to notice. Between 2014 and 2017, XRP built small double bottoms within the shady accumulation zone, breaking the neckline, retesting, and accelerated vertically. Vanlagen marks the sequence at the same Red Cross and blue dots at retest on breakout, plus a vertical measurement arrow indicating how the previous base was resolved. The current pattern, covered over 2018-2025, repeats its choreography on a much larger scale.

His sketches include a roadmap of time and price using 12 forward candles (2-week bars) that mimic arcs of 5-6 months across movements when echoing the previous cycle. The first Projection Bar Vault XRP is over $11. After three candles, the blue pass exceeds $36, about six weeks after running.

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The fourth candle follows a deep retracement towards the $11 region, followed by a sharp recovery of over $30 in the fifth. The next three candles will stabilize around the $30 area before the pass lowers another slide to ~$11 and begins the start of the cooling phase. Sequences are descriptive rather than normative, but they visually lock augmented mathematics into the possibilities of market behavior.

Whether XRP can follow a steep path sketched in blue is a separate question from whether the double bottom has been technically activated. Van Lagen’s chart answers second yes. The breakout and retest sequence has been completed. First Answer – ~$34 Delivered towards FIB Expansion – Determines by what the next two weeks candles will look like.

At the time of press, the XRP traded for $3.14.

Featured images created with dall.e, charts on tradingview.com

OpenAI’s CEO, Sam Altman, overpromised on GPT-5, and real-life results are underwhelming, but it looks like a new update is rolling out that might address some of the concerns.

GPT-5 is a state-of-the-art model. In our tests, BleepingComputer found that GPT-5 does really well in coding. It was significantly faster than the other OpenAI models, including o3.

However, GPT-5 struggles to be ‘creative’ in writing, and it also often fails to switch to its new reasoning capabilities when users expect.

On top of it, we’ve observed that GPT-5 often produces short content when it’s explicitly asked to give more details.

Some believe that GPT-5 is throttling token output to minimize the cost, but OpenAI’s CEO, Sam Altman, argues that a bug caused unexpected problems with GPT-5.

“Yesterday, the autoswitcher broke and was out of commission for a chunk of the day, and the result was GPT-5 seemed way dumber,” Sam Altman wrote in a post on X.

He also added that OpenAI will double GPT-5 rate limits for GPT Plus users, but it’ll take a few days.

“We will let Plus users choose to continue to use 4o. We will watch usage as we think about how long to offer legacy models for,” Sam added.

GPT-5 will also be smarter starting later today, and OpenAI is testing a new toggle that will force GPT-5 to use reasoning capabilities.

“We will make it more transparent about which model is answering a given query. We will change the UI to make it easier to manually trigger thinking.”

GPT-5 is still rolling out for paid and free users, and it may be a while before everyone gets it.

Meanwhile, OpenAI is planning to restore the older models, including 4o for Plus customers.

Right now, you can only use these legacy models when you’re paying $200 for the Pro subscription.

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Pakistan and Kyrgyzstan have taken another step toward closer ties in crypto and blockchain. According to reports, the two countries held a high-level virtual meeting this month.

Bilal Bin Saqib, Pakistan’s Minister of State for Crypto and Blockchain, spoke with Farkhat Aminov, Director of Kyrgyzstan’s National Investment Agency. They agreed to share know-how on digital finance, build joint rules for virtual assets, and push blockchain projects together.

Deepening Crypto Ties

Reports have disclosed that Pakistan wants a formal deal. The country has proposed a Memorandum of Understanding to cement cooperation in the crypto sector.

Pakistan formed its Pakistan Crypto Council after appointing Bin Saqib as special adviser to Finance Minister Muhammed Aurangzeb. Bin Saqib now serves as CEO of the Council, while Aurangzeb acts as its chairman.

Last month, US President Donald Trump signed off on Pakistan’s Virtual Assets Ordinance, 2025. That law sets up an independent regulator for cryptocurrencies and virtual assets.

Bitcoin pioneer Michael Saylor praised Pakistan’s steps. He called it a sign that the country knows how to handle this new market.

Reports have also highlighted plans for joint work on blockchain research. Both sides want to run training sessions, share studies, and test new finance tools.

They talked about regulatory checklists, digital wallets, and how to protect investors. They agreed to meet again soon to iron out details and draft the MoU.

Strengthening Trade Links

Bilateral trade is already on the agenda. According to the Press Information Department of Pakistan, officials aim to boost annual trade volume to $100 million.

In the fifth session of their Inter-Governmental Commission on Trade, both sides signed several economic and technical cooperation protocols. They want more exports, fresh imports, and revived joint business councils. They will hold trade fairs, B2B meetings, and business forums to spur deals.

Reports say the two governments plan to improve regional routes. They will work on postal services, air links, rail lines, and cargo roads. Both sides see better transport as key to linking landlocked Kyrgyzstan with Pakistan’s ports.

Based on reports, the next move is the formal MoU on crypto cooperation. Once signed, it will bind both governments to a shared rulebook. They hope that a clear law will attract global investors and protect local users.

The Virtual Assets Ordinance, 2025, will guide that process. It spells out licensing rules, audit needs, and penalties for fraud.

Featured image from Vecteezy, chart from TradingView

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Popular crypto analyst with X pseudonym Plan D has shared an interesting prediction of Bitcoin backing the cryptocurrency to attain a $167,000 price target based on the concurrent formation of two bullish chart patterns. 

Notably, the Bitcoin market has been recently rocked by significant levels of volatility following a reawakening of geopolitical tensions in the Middle East. The flagship cryptocurrency crashed to below $103,000 on Friday, which was followed by a moderate price rebound. 

Bullish Pennant And Falling Wedge Formation: The Audacious $167,000 Target

In an X post on June 13, PlanD shares a rather intriguing Bitcoin price analysis hinting the premier cryptocurrency remains on course for a major price surge. According to the renowned trading expert, Bitcoin’s price action since the beginning of 2025 has consecutively created a falling wedge and bullish pennant formation.

Interesting, both are positive chart patterns indicating an impending price breakout. PlanD’s analysis shows the falling wedge formation is largely represented in the first trimester of 2025, where Bitcoin experienced a prolonged market correction before a double eventual price reversal that broke through the wedge at the $85,000 upper boundary. 

Following this rebound, Bitcoin embarked on a sensational price rally to achieve a new all-time high at $111,814 on May 22, representing the pole of a bullish flag pattern. However, since hitting this price peak, the premier cryptocurrency has slipped into a downward consolidatory pattern, forming a sideways channel over the past two weeks that represents the pennant.

In line with the initial falling wedge, PlanD’s analysis suggests Bitcoin is expected to attain a price target of $121,000.  However, the analyst notes that this bullish situation remains only valid provided the premier cryptocurrency stays above the lower boundary of the pennant at $102,300. 

If Bitcoin bulls are able to hold this price status, PlanD expects a gradual progress to $121,000 and even beyond to the bull flag price target of $167,000. Interestingly, the analyst boldly backs the prediction provided that the specified support is maintained regardless of news developments. 

Bitcoin Price Outlook

At press time, BTC trades at $104,960, reflecting a mere 0.15% decline in the past day. On longer timeframes, the premier cryptocurrency is up by 1.23% on the weekly chart and 2.10% on the monthly chart, suggesting that bullish forces still retain a fading control of the market. 

Related Reading: Bitcoin Flashes Early Buy Signal? – Advanced UTXO Ratio Drops Sharply After Local Peak

To re-enter a price discovery phase that sustains the ongoing crypto bull run, Bitcoin must break above its current all-time high. However, the asset is currently contending with a significant resistance level at the $110,000 zone, which has proven effective following two rejections in the past week.

BTC trading at $104,951 on the daily chart | Source: BTCUSDT in TradingView.com

Featured image from iStock, chart from Tradingview

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Bitcoin dominance pressure Altcoins, XRP included

In expanding his initial analysis, analysts noted that XRP and XRPBTC have indecisively closed their daily candles, reflecting on the ongoing market uncertainty and lack of action in a strong direction. Although the XRPBTC is currently held above the formation of a critical double bottom, analysts stressed that the pair still looks relatively weak and requires more stable and constructive price action to confirm bullish breakouts. A strong reaction from this level can serve as a catalyst, helping XRP gain momentum from its current position on the chart.

He also noted that Bitcoin’s advantage continues to put pressure on altcoins, including XRP, causing performance degradation in the BTC pair. As Bitcoin dominance approaches a major level of resistance, analysts anticipate a reversal that could potentially bring capital flows back to altcoins. Such a reversal provides a favorable environment and supports the broader bullish continuation of XRP.

Analysts said that if XRPBTC begins to show signs of recovery and buyers start intervening with stronger momentum, he will remain in the lower time frame throughout the next trading session if he stays in the lower time frame throughout the next trading session.

Waiting for confirmation: No entries without clear movement

Conclusion of his analysis, analysts provided a short-term price measure outlook. Despite his indecisiveness, he predicts a potential rise continues if the price exceeds the $2.4650 resistance level.

Conversely, he identified $2.3160 ​​as an important level of intrinsic support. Here, buyers may step in if the market is pulled back. It’s important to watch this zone. This is because the failures below could slow the immediate bullish momentum and show further integration. Price actions between these two levels could define the short-term direction of XRP.

He emphasized that patience is important at this stage, urging traders to wait for clear and healthy moves before considering new entries. With market conditions still uncertain, analysts plan to focus on sophisticated setups and mature formations to ensure higher probability of trading in upcoming sessions.

Chart technician “Charting Guy” told his audience that XRP’s current four-hour structure suggests a measured climb toward a cycle peak near $8—yet nothing higher. Displaying a BITSTAMP four-hour chart overlaid with multi-sigma deviation bands, he wrote that XRP is “over this standard deviation and we likely move up quickly to the next one at the $3 area, then one around $4.20 and the last one at the top around $8… coincidently my main target this cycle.”

No Double Digits For XRP This Cycle

The analyst’s tone turned caustic when addressing hopeful forecasts for double- or triple-digit prices. “To all the people saying $8 isn’t high enough,” he said, “please throw your brain in the dryer after it got washed by all these influencer moonboys.” He argued that a move from last cycle’s capitulation low near $0.28 to $8 already implies a 2,757% advance. “Imagine not taking at least some profit lol,” he added, warning that fixation on outlier targets had trapped retail investors in every prior top.

Charting Guy conceded that valuations beyond three digits are theoretically possible “if they completely achieve their goal,” referencing Ripple’s long-term ambitions in cross-border settlement and CBDC plumbing, yet he insisted that such a scenario is “absurd” for the current market phase. “It’ll likely take a few decades for all that to play out,” he wrote. “Influencer moonboys who know nothing have been saying these things for 10 YEARS and look at the chart. It’s at $2.23 right now.”

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His broader technical read remains constructive. In a slew of follow-ups he highlighted that XRP is “holding monthly Tenkan and Kijun perfectly,” “fighting between Kijun and Tenkan on weekly Ichimoku Cloud,” and has “held weekly EMA Ribbon perfectly” as well as the weekly Supertrend. Those confluences keep the medium-term structure intact, he implies, even if short-term volatility remains. On the daily timeframe he cautioned that XRP “broke out of channel, might come back to retest,” a move that—by his chart—could drag price briefly below $1.90 before the anticipated climb resumes.

For Charting Guy, the disciplined approach is to respect those levels rather than chase grandiose numbers. “That lack of understanding will make these people miss bull-cycle tops and ride it down −50 to −90 percent every cycle when they can trade a big chunk of their bag each cycle and quit their 9-5 sooner,” he said. “I just try my best to be realistic and help people based on actual data in the charts, not some fairy tale a YouTuber told me.”

Related Reading: XRP Will Print A New All-Time High If This Happens: Analyst

While his $8 ceiling may disappoint the most fervent XRP believers, the target—if hit—would still mark the highest price in the token’s history and a near-thirty-fold return from the bear-market lows. For now, traders watching the four-hour deviation bands will be looking first for confirmation of a push through $3, then $4.20, as the analyst’s path to eight dollars begins to unfold.

At press time, XRP traded at $2.33.

Featured image created with DALL.E, chart from TradingView.com