🚨 Daily Crypto Buzz: Top Stories Unpacked

📰 News

🏛 July Fed Rate Cut Hopes Fade Following Strong US Job Data

Traders are no longer betting on a July Fed rate cut after the US job data came in stronger than expectations.

Traders Increase Bets Against A Fed Rate Cut In July

Polymarket data shows that there is a 94% chance that the Fed will keep interest rates unchanged following the July 30 FOMC meeting. Meanwhile, CME FedWatch data shows that traders have also exited their bets for a rate cut this July.

As CoinGape reported earlier, the odds for a 25-basis-point (bps) Fed rate cut had increased to around 25% amid hopes that Jerome Powell and the FOMC would bow to pressure from Donald Trump. However, the odds have sharply dropped to 4.7% following the release of the US Job data.

🇧🇷 USDT Issuer Tether Signs New Deal To Power Bitcoin Mining in Brazil

Tether and Adecoagro partner to integrate renewable energy into Bitcoin mining operations in Brazil, leveraging surplus energy for efficiency.

Bitcoin Mining with Renewable Energy

Under the new agreement, USDT Issuer Tether and Adecoagro plan to leverage renewable energy sources to power bitcoin mining operations. Adecoagro, which has more than 230 MW of renewable energy generation capacity across South America, will use its surplus energy to support mining activities.

The aim of the project is to stabilize part of the energy sold by spot market providing a more stable pricing option. In this way, the companies will achieve new efficiencies through the nexus of technology, energy, and agriculture.

Mariano Bosch, CEO of Adecoagro, said he was excited about the project as it would allow the company to hedge some of the energy they sell on the spot market and lock in the price, as well as benefiting from the upside of Bitcoin.

📊 Markets

🚀 XRP Price Jumps As Ripple Applies for Banking License, Is $3 Next?

XRP price rebounded by 4% as Ripple applied for a banking license. A bullish technical structure and long positioning signal a rally to $3.96.

XRP Price Gains as Ripple Seeks Banking License

In the last 24 hours, the Ripple price has moved from a low of $2.17 to a swing high of $2.27. At the same time, the level of market interest towards XRP has increased significantly, considering that during the same period, the token’s trading volumes rose by 35% to $3.99 billion per CoinMarketCap data.

These XRP price gains are likely to continue because, as CoinGape reported, Ripple is seeking a national banking license that could pave the way for the mainstream adoption of its RLUSD stablecoin. According to Ripple CEO Brad Garlinghouse, this application also gives RLUSD an advantage in the $250 billion stablecoin market.

If Ripple does get this approval, the XRP price will likely undergo a bull run that could mirror the December-January rally that pushed the altcoin towards $3.40. Moreover, the technical structure suggests that such a move might be underway.

📢 Solana Price Primed for Breakout as Meme Coin Activity Skyrockets

Find out why the Solana price is on the cusp of a bullish breakout to $200 as SOL meme coins rally accelerate.

SOL Price Technical Chart Points to a Surge to $200

The daily timeframe shows that Solana price has crawled back after bottoming at $127 in June. It has jumped above the 23.6% Fibonacci Retracement level at $121, and formed a small inverse head and shoulders pattern.

Most importantly, SOL price has formed a bullish flag pattern, a common continuation sign. This pattern’s flagpole starts at the year-to-date low of $93 and ends at $186, giving it a height of $93. The flag section is made up of a descending channel whose lower side links the lowest swings on May 19, June 9 and 23.

It has moved above the upper side and retested it, confirming the bullish breakout. It broke out at $145, meaning that the potential Solana price target is $238, up by 55% from the current level. This target is obtained by adding the breakout point to the pattern’s height. A surge to that level will be confirmed if it rises above the resistance at $186.

The other bullish catalyst is that Solana price has jumped above the 50-day moving average. Also, other top oscillators like the Relative Strength Index (RSI) are highly supportive of a breakout.

The bullish SOL price forecast will become invalid if the token drops below the key support at $127, the lowest swing in June this year.