Track market-moving stories before they get noisy

Papertrade, a fully on-chain perpetual futures exchange built on HyperEVM, went live on October 10, 2026. Bitcoin futures open interest on the platform climbed to $3 billion shortly after launch.

A fast start, measured in notional dollars Trading opened at 10 a.m. ET, or 14:00 UTC. In under 10 minutes, the exchange had recorded $14.4 billion in notional trading volume.

Ether futures open interest reached $2.66 billion, trailing Bitcoin’s $3 billion. Activity was concentrated almost entirely in those two markets.

Open interest is the total value of positions still open at a given moment. Volume counts every trade, including positions opened and closed seconds later. Both figures are notional, meaning they reflect the full size of leveraged bets rather than the cash traders actually posted.

That distinction matters a lot here. Papertrade offers leverage of up to 1,000x on its synthetic perpetual contracts.

At 1,000x, a trader can control $1,000 of exposure with $1 of margin. So billions in notional activity can rest on a far smaller pool of real deposits.

Before launch, the exchange collected pre-deposits estimated at approximately $85 million to $138 million. That money came from more than 11,000 addresses.

How the machine is built Papertrade does not use a traditional orderbook. Positions open and close atomically, in a single step, rather than being matched against resting orders from other traders.

Prices are pulled from the midpoint of Hyperliquid’s best bid and offer. The design aims to avoid slippage and conventional trading fees.

To handle expected launch-day congestion, initial trades were routed through Papertrade’s own frontend. Whitelisted relayers supported that flow.

Risk limits are built in. Each market side carries $1 billion in open-interest headroom, and individual positions are capped at $10 million in atomic size.

The house starts with nothing The most unusual feature sits on the other side of every trade. Papertrade’s house liquidity pool began empty.

That pool is meant to grow as traders lose money. Losing positions feed the house, and the house pays out winners.

The model therefore leans on trader losses or delayed settlement to fund payouts. Combined trader balances and house liquidity are not all available to pay winning trades.

The exchange also carries a profit haircut, or asymmetric profit-and-loss fee, inherited from earlier trading models. In plain terms, winners may not walk away with their full gross gain.

A token minted from losses Papertrade’s native token, PAPER, launched with no initial supply. It comes into existence only when traders realize losses.

While the liquidity pool holds less than $2 million, the protocol mints 100 PAPER for every $1 lost. That rate declines as the pool grows.

Transfers are restricted. Initially, PAPER can only be moved for staking.

What this means for traders and rival venues Papertrade runs on HyperEVM and prices off Hyperliquid, so it is effectively layering a new risk model on top of an existing market’s price discovery. Pricing is only as reliable as the reference market, and any disruption on Hyperliquid’s side could flow straight into Papertrade’s contracts.

The house liquidity pool starts at zero and is fine when traders lose on aggregate. A sharp, one-directional move in Bitcoin or Ether could flip that, with payouts depending on delayed settlement and the haircut mechanics.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

In brief Meanwhile, which calls itself the first life insurer licensed to operate entirely in Bitcoin, raised $37.5 million from existing investors led by Bain Capital Crypto, bringing its total raised to over $180 million. The round follows a record year fueled by its BTC Life 1-Pay single-premium policy for high-net-worth clients abroad. The company is backed by Sam Altman and licensed in Bermuda since 2024. Meanwhile, a life insurance company that operates entirely in Bitcoin, has raised $37.5 million as demand for its unusual policies climbs among wealthy families overseas.

The Bermuda-based insurer said Thursday the funding came from existing investors, led by Bain Capital Crypto, with participation from Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures, and Morgan Creek Digital.

Myriad: How high will Bitcoin go? Click to make your prediction.Meanwhile, whose backers also include OpenAI CEO Sam Altman, has now raised more than $180 million in total.

The company bills itself as the first life insurer licensed to run entirely on Bitcoin, with its balance sheet, reserves, and audited financials all denominated in the cryptocurrency. It said it received the first license of its kind from the Bermuda Monetary Authority in July 2024 after two years in the regulator’s sandbox, and holds all policyholder Bitcoin with regulated institutional custodians.

The raise follows what Meanwhile called a record year, driven by international demand. In early 2026 it launched BTC Life 1-Pay, a single-premium whole life policy aimed at high-net-worth clients outside the U.S., its second product after a 10-payment version built for American taxpayers.

Under the single-premium policy, a client pays once in Bitcoin and receives a guaranteed death benefit in Bitcoin for life, with the policy’s value growing in Bitcoin and the owner able to borrow up to 90% of it after the first year with no repayment schedule or margin calls.

Meanwhile said it has signed 15 brokers since launch, including in insurance hubs like Singapore, Hong Kong, the UAE and Switzerland, and that its net long-term underwriting income has already surpassed last year’s total.

“Wealthy families around the world already hold Bitcoin. What they haven’t had is a regulated way to pass it on,” said Zac Townsend, Meanwhile’s co-founder and CEO.

The funding reflects a broader push to weave Bitcoin into traditional financial products. Delaware Life teamed up with BlackRock last year to offer Bitcoin exposure through a fixed indexed annuity, a sign that insurers are increasingly looking to pair the volatile asset with long-term planning vehicles.

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Evernorth has completed its merger with Armada Acquisition Corp. II, holding approximately 473 million XRP and raising about $300 million in gross cash proceeds ahead of its expected Oct. 12 Nasdaq trading debut.

Summary

473 million XRP formed Evernorth’s treasury at closing, alongside approximately $300 million in gross cash proceeds. XRPN shares are expected to begin Nasdaq trading on Oct. 12 following the completed merger. Evernorth plans to deploy capital into XRP infrastructure and pursue strategies to increase XRP per share. Armada shareholders approved the transaction on Sep. 30, before an administrative delay changed the listing schedule. Evernorth announced on Oct. 9 that it had closed the business combination, bringing its XRP treasury and related investment plans into a public-company structure. The company said the approximately $300 million cash figure was measured before transaction expenses, with capital supplied by institutional and digital-asset investors.

According to the announcement, its backers include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. Armada, the merger partner, was a special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP.

Evernorth closes merger after Nasdaq timetable changes In its closing filing, Evernorth confirmed that the transaction was completed under the business combination agreement signed on Oct. 19, 2025, and amended on Aug. 12, 2026. The agreement involved Evernorth, Pathfinder Digital Assets, Ripple, Armada, and two merger subsidiaries.

Under the transaction mechanics described in the Form 8-K, Pathfinder and the former Armada entity became wholly owned subsidiaries of Evernorth. The filing also records Armada’s move from the Cayman Islands to Delaware on Oct. 8, when it adopted the name Arrington Capital SPAC I Inc.

The closing followed Armada shareholders’ approval at their Sep. 30 extraordinary general meeting, according to the company’s disclosures. Evernorth had initially scheduled the merger closing for Oct. 7 and the start of Nasdaq trading for Oct. 8.

As crypto.news reported on Oct. 7, the company delayed its Nasdaq debut after an administrative issue changed the schedule. In its Oct. 6 update, Evernorth said the issue was not expected to prevent completion and set Oct. 9 as the revised closing date.

With the merger now completed, the closing announcement retains Oct. 12 as the expected first trading day for Evernorth common stock under XRPN. The company also expects its leadership, investors and XRP ecosystem participants to attend a Nasdaq closing-bell ceremony on Oct. 14.

XRP treasury combines purchases and contributed tokens Evernorth’s closing announcement places its holdings at approximately 473 million XRP. Earlier transaction documents show that the treasury was assembled through several routes, including cash purchases and contributions from parties supporting the merger.

A Sep. 30 examination of the XRP treasury’s composition detailed a projected closing balance of at least 473,276,430 XRP under the definitive proxy’s assumptions. The disclosed components included 126,791,458 XRP contributed by Ripple and approximately 211.32 million XRP associated with the sponsor.

According to those proxy disclosures, a separate related-party contribution accounted for 50 million XRP, while advance and delayed funding arrangements included another 800,000 tokens. The documents also identified approximately 84.37 million XRP purchased for $214 million.

The earlier report placed that purchase’s average price at about $2.53657 per token. Its review distinguished the documented cash acquisition from the contributed holdings, rather than applying the purchase price to every XRP in the planned treasury.

For U.S. stock-market investors, the same proxy-based analysis described XRPN as ownership of corporate equity. The company owns the XRP treasury; shareholders do not receive a direct redemption right for a specified number of tokens.

According to that analysis, the exposure behind each share also depends on outstanding shares, liabilities, financing, and transaction costs. The proxy separately addressed warrants and other securities, alongside the expected XRP balance.

Evernorth plans to put XRP capital into institutional services In the closing announcement, founder and CEO Asheesh Birla said Evernorth would actively manage its treasury and support infrastructure and uses for XRP. He described increasing the number of XRP held per share as a goal of the company’s treasury strategy.

Birla said:

“We’ll be deploying capital across the XRP economy, supporting the infrastructure and use cases that expand XRP’s utility”

The company’s earlier SEC-filed announcement identified tokenized assets, onchain credit markets and settlement infrastructure as areas where it intended to supply capital. In that disclosure, Evernorth said its model would combine XRP holdings with investment in infrastructure, rather than rely solely on purchasing and holding tokens.

According to its company description, Evernorth also plans to pursue institutional and decentralized-finance yield strategies, ecosystem participation and capital-market activities. Its disclosures present those activities as planned strategies for growing XRP per share.

Within the SEC-filed announcement, Evernorth said it intended to operate with the reporting, governance and disclosure standards of a Nasdaq-listed company. The filing also states that the SEC’s declaration of registration-statement effectiveness did not constitute approval of the transaction’s investment merits.

Convertible financing includes XRP purchases among permitted uses Before the shareholder vote, Evernorth agreed to issue convertible debt worth $30 million, as reported on Sep. 21. The disclosed agreement tied issuance and payment for the notes to completion of the business combination.

According to the financing documents, proceeds could support general corporate purposes, including additional XRP purchases and activities within the XRP ecosystem. The permitted uses did not commit the full financing amount to direct token purchases.

The agreement named NH Investment & Securities as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3, the purchaser. Under the disclosed terms, the senior unsecured notes carry a 4% annual payment-in-kind interest rate, with interest added to principal rather than paid regularly in cash.

The financing documents provide for semiannual compounding and maturity in 2031, unless the notes are converted, redeemed, or repurchased earlier. Holders receive conversion rights beginning one year after the effectiveness date, at an initial rate equivalent to approximately $10.20 per Evernorth Class A share.

Evernorth completed its merger with Armada Acquisition Corp. II on October 9 and expects XRPN shares to start trading on Nasdaq on October 12. XRP remains near $1.40, leaving the market to distinguish an existing corporate holding from potential fresh demand.

Summary

Evernorth says it closed with approximately 473 million XRP and $300 million in gross cash proceeds, while its XRPN listing is scheduled for October 12. Armada shareholders redeemed about 80.3% of shares eligible for cash redemption, taking $195.39 million from the SPAC trust. Much of Evernorth’s XRP came from prior purchases and in kind contributions, so the merger’s completion does not mean 473 million tokens were bought this weekend. XRP traded near $1.40 on October 10, with a 24 hour range of $1.37 to $1.41 and a seven day range of $1.32 to $1.53, according to CoinGecko. A move above the recent $1.41 to $1.43 area would need sustained spot buying; a loss of $1.37 would put the seven day low near $1.32 back in view. Evernorth’s October 9 closing announcement puts a completed transaction behind a treasury plan that had been discussed for months. The company enters public markets with about 473 million XRP and roughly $300 million of gross cash proceeds. The closing Form 8-K confirms the business combination with Armada Acquisition Corp. II was consummated Friday. Nasdaq’s corporate action notice sets Monday, October 12, as the effective date for trading Evernorth common stock under XRPN and warrants under XRPNW.

JUST IN: Evernorth has completed the SPAC merger with 473M $XRP in treasury

The deal also brings in about $300M in gross cash proceeds, with the XRP-focused treasury company expected to begin trading on Nasdaq under the ticker XRPN on Monday. pic.twitter.com/ucm95c0gEP

— crypto.news (@cryptodotnews) October 10, 2026 XRP did not receive an equivalent order for 473 million coins when the filing appeared. The balance came through transactions arranged before the merger, including large in kind contributions. A public stock linked to the treasury can create another route for investors seeking XRP exposure, but the effect on the token’s spot market depends on what the company and new investors do after trading begins. CoinGecko’s October 10 price page showed XRP near $1.40, still below the previous week’s $1.53 high.

The merger closed after a four day delay Armada shareholders approved the combination at a September 30 meeting. An administrative issue shifted the anticipated October 7 closing and October 8 listing to October 9 and October 12, respectively, as the revised XRPN schedule had indicated. The company’s revised timetable in an SEC filing described the delay as administrative and said it was not expected to prevent closing. Friday’s Form 8-K resolves the closing question. The listing date is still a scheduled market event as of Saturday, rather than an observed session of XRPN trading.

Nasdaq’s corporate action notice says Armada’s common stock, warrants and units are being replaced or converted as part of the transaction. Evernorth’s Class A common stock and warrants are scheduled for the Nasdaq Global Market on October 12. The notice supplies identifiers and the share conversion terms; it is not a forecast of the opening price or the number of people who will buy the new shares.

A SPAC merger involves investors with different claims. Armada’s public shareholders could redeem for cash instead of keeping their shares through closing. Private subscribers and token contributors received equity under separate agreements. An XRPN share represents an interest in the combined company, with its XRP, cash, liabilities, operating plans and governance. It is not a redeemable claim for one fixed number of XRP.

The distinction matters for the headline’s price question. A company can become publicly traded with a large XRP treasury and attract attention without placing a new buy order for the full balance. Future stock issuance, fresh capital and the actual deployment of cash can create demand, but none follows mechanically from changing the name on a Nasdaq listing.

An 80% redemption changed the cash mix The October 9 filing reports that holders of 18,463,753 Armada Class A ordinary shares, or about 80.3% of shares with redemption rights, took cash. Their aggregate redemption was roughly $195.39 million at about $10.58 per share. A high redemption rate can reduce the SPAC trust contribution and alter the initial public float. It does not by itself mean private investors withdrew their token commitments or that the business combination failed.

Evernorth’s October 1 announcement had projected about $300 million in gross proceeds from several components, including private placements, convertible financing and expected trust proceeds. The October 9 release again cites approximately $300 million of gross cash proceeds at closing, before transaction expenses. Readers should not add the redeemed $195.39 million to that figure as money still available to Evernorth. The filing’s redemption line describes cash returned to departing SPAC shareholders.

The company must decide how much of its remaining capital funds operations, XRP ecosystem investment, liquidity management, debt obligations or purchases of additional tokens. The announcement says Evernorth intends to pursue strategies designed to grow XRP per share over time. It does not announce an immediate purchase of $300 million in XRP. A forecast that translates all gross proceeds into a spot order would ignore transaction costs and the stated range of corporate uses.

A narrower public float can amplify XRPN share volatility when trading begins. Heavy redemptions leave fewer legacy public shares outstanding than a no redemption scenario, although private allocations and lockup terms affect the full supply picture. A sharp share move can reflect thin stock liquidity or a premium to the company’s asset value; it would not prove that XRP itself has gained proportionately.

Where did the 473 million XRP come from? The closing filing identifies several separate streams. Ripple contributed 126,791,458 XRP to the operating company under a contribution agreement. The sponsor contributed about 211.3 million XRP for subscribed shares. A Ripple affiliated trust provided 50 million XRP. Advance and delayed subscribers contributed smaller token amounts alongside cash, while Evernorth had acquired XRP before closing. Adding the disclosed categories requires care because cash funded earlier purchases and the filing describes different legal entities and share exchanges.

The September account of what shareholders were voting to own traced the expected 473,276,430 token balance and the contribution from Ripple. The closing release rounds the position to about 473 million. In kind contributions change the company that holds an existing token position; they do not necessarily remove fresh coins from a live exchange order book on closing day.

A portion of the treasury was acquired with advance funding. Records on Evernorth’s prior purchases describe roughly 84.37 million XRP bought for about $214 million in November 2025, an average near $2.54 for that purchase. Applying the $2.54 figure to every one of the 473 million tokens would be misleading because other portions were contributed under different agreements and valuation mechanisms. The closing filing identifies a signing reference price of $2.36609 and a closing reference price of $1.43069 for specified equity exchange calculations, neither of which is a simple blended acquisition cost for all holdings.

NEW: Ripple highlights a potential $3.1T collateral opportunity for $XRP

XLS-66 could allow institutions to use native $XRP as collateral to access credit without selling, while Evernorth plans to make the standard a core part of its strategy and sees potential for a… pic.twitter.com/tQ5VAWnf2P

— crypto.news (@cryptodotnews) September 13, 2026 With XRP near $1.40, a basic mark to market calculation values 473 million tokens at about $662 million. The estimate moves dollar for dollar with the token’s price and excludes cash, liabilities, expenses, restrictions and operating value. A $0.10 change in XRP changes the marked value of a 473 million token holding by roughly $47.3 million before any hedging or balance change. Neither calculation sets the price at which XRPN shares must trade.

Equity exposure differs from owning XRP A person holding XRP directly owns a digital asset and faces token price, custody and network risks. An XRPN investor holds stock in a company that owns XRP and intends to use it in institutional and DeFi strategies. Stock price can reflect expectations for management, future issuance, tax, debt, public company costs and the market’s appetite for treasury equities. XRPN might trade at a premium or discount to the marked value of its underlying XRP and net cash.

Calculating XRP per share requires a denominator. The October 9 Form 8-K lists 22,268,905 Class A shares and 32,211,992 Class C shares outstanding immediately after closing, as well as 11,739,645 warrants. The filing also describes company units, conversion rights and equity arrangements that must be considered to build a fully diluted count. Dividing 473 million XRP by only freely traded Class A shares would inflate the apparent backing per share.

Some investors may buy stock because a brokerage account cannot hold XRP directly or because they prefer listed company disclosures. Others may compare XRPN against spot XRP or an exchange traded product and reject a stock premium. Such flows can alter demand for the company without changing the number of tokens in circulation. A secondary market purchase of XRPN from another investor transfers a share and its cash proceeds to the seller; it does not send the purchase price to Evernorth to acquire more XRP.

If the company issues new stock for cash in the future and uses net proceeds to buy XRP, the link to spot demand becomes clearer. Issuance could also dilute existing owners unless the acquired XRP per share grows. Evernorth’s stated aim to increase XRP per share should be evaluated using actual token balances, share counts and liabilities over time, not the price of the stock on its first session.

What does the stock listing change for spot demand? Completion removes the risk that the approved merger never closes. It does not establish a continuing XRP accumulation schedule. The treasury was assembled before public trading, so the immediate catalyst is a change in access and disclosure. Market attention can attract discretionary buyers of XRP, but attributing a spot move to Evernorth requires evidence beyond the calendar coincidence.

The $30 million convertible note financing described before closing is one possible source of capital. Coverage of the financing terms says proceeds may support additional token purchases and XRP ecosystem activities. The word may leaves management choices open. The company could retain liquidity or fund projects rather than buy tokens at once. Debt instruments also create financing obligations that a stock premium or token rally does not erase.

Corporate treasury strategies can generate secondary demand if a sustained share premium allows repeated equity issuance and token purchases. A discount to asset value can shut that route. The mechanism therefore runs through share valuation, financing availability and board decisions, rather than the fact of Nasdaq eligibility alone. Trading volume on XRPN is a measure of stock turnover, not the amount of XRP the company acquires.

Evernorth says it plans institutional and DeFi yield strategies, ecosystem participation and capital markets activity. Such strategies can put existing XRP to work without increasing the overall holding. Returns, counterparty exposure, custody, smart contract risks and reporting will determine whether the plan actually raises XRP per share. No realised yield figure for the post merger company was announced in the closing release.

XRP price holds near $1.40 before the debut CoinGecko showed XRP near $1.40 on October 10, about 0.9% higher over 24 hours in its displayed reading. Its recorded 24 hour range was $1.37 to $1.41, and the seven day range was $1.32 to $1.53. Such figures change continuously and can vary by venue. The completed merger did not produce a decisive sustained move beyond the upper end of the 24 hour band in that snapshot.

The token had fallen from around $1.50 earlier in the week as broader crypto prices weakened, reversing the level observed after merger approval. A price report published October 9 placed the 50 day moving average around $1.4336 and the 200 day around $1.2805 on the daily chart it examined. Those readings are dated chart observations, not fixed support and resistance lines for every future session. The article reported overhead liquidation concentrations near $1.43 to $1.44 and $1.53 to $1.54. Liquidation maps estimate positions under the provider’s model; they do not prove that price will visit either zone.

At current prices, the 24 hour $1.41 high and the nearby $1.43 to $1.44 area are the first places to assess whether the listing draws new buyers into the token. A close and follow through above those observed levels would bring the seven day high near $1.53 into view. A brief intraday print followed by a reversal would be weaker evidence of sustained demand. The thresholds describe recent trading and a dated moving average, not a guaranteed breakout trigger.

Downside has a similarly observable sequence. Losing the $1.37 area would put the seven day $1.32 low back in focus. The previously reported 200 day average around $1.28 lies below that range, but its value changes with each new daily bar. A move lower would need to be assessed alongside Bitcoin, yields, ETF flows and spot XRP volume before attributing it to disappointment with XRPN.

Three paths for the week ahead A stronger outcome would begin with a smooth XRPN opening, credible disclosure of its treasury and active spot buying that carries XRP above the $1.41 to $1.44 area. If buyers sustain that move, the recently observed $1.53 weekly high is the next reference. A stock rally alone would not satisfy the spot condition. Any report of fresh XRP acquisitions should identify the transaction date and quantity so older contributions are not counted twice.

A neutral outcome would leave XRP within roughly $1.37 to $1.44 while XRPN establishes a price. Traders might treat the merger as already anticipated and wait for the first quarterly report or a capital deployment decision. The equity could still trade actively as investors debate a premium or discount to net asset value. A flat XRP price would not invalidate the public company’s access role; it would limit evidence for an immediate token demand effect.

A weaker outcome would involve a break below $1.37 and a retest of the seven day low near $1.32, especially if the broader market remains under pressure. High SPAC redemptions and an XRPN discount might dampen expectations for a near term equity financed buying programme, although they do not force a sale of the treasury. A fall in XRP before or after the stock debut should not automatically be described as Evernorth selling; public filings or verifiable wallet and exchange records would be needed for such a claim.

These paths are conditional descriptions of price behaviour around measured levels. They are not probabilities or targets derived from an unpublished technical chart. The causal argument is similarly limited: the closed merger is a verified corporate event, while any effect on spot XRP demand remains to be observed.

The redemption number deserves context An 80.3% redemption rate measures the choice of SPAC shareholders who had a cash exit right. It is not a poll of all XRP investors or every financier in the merger. Evernorth’s earlier announcement said advanced and delayed private funding participants remained involved. The final 8-K records the redemptions and equity issued under the private subscription agreements separately.

SPAC trust redemptions can reduce cash and leave fewer legacy public shares to circulate. The closing release’s gross proceeds combine other financing sources, so a reader needs both documents to see the business’s starting position. A high redemption rate may make XRPN more volatile on Monday, but it is only one input to public float. Insider lockups, warrants and private allocations affect tradable supply.

Ripple, a related trust and the sponsor entered lockup arrangements described in the closing filing. Restrictions generally last six months unless a specified corporate transaction occurs, subject to exceptions. Share lockups concern stock, not an automatic lock on every XRP token held in the treasury. Investors should not infer that the company cannot deploy any XRP until the stock restrictions expire.

The merger created shares and warrants whose terms can change the future claim on assets. Whole warrants are exercisable for Class A shares at $11.50 under the disclosed terms. Whether they become dilutive depends on conditions and exercise. A simplified market capitalisation calculation using only the first XRPN quote can therefore miss the capital structure behind each share.

JUST IN: $XRP treasury SPAC surges nearly 300% ahead of Evernorth merger

Armada Acquisition Corp. II (XRPN), a SPAC linked to XRP treasury firm Evernorth, jumped 273% last week as the deal to take Evernorth public nears its Oct. 7 closing, with the combined company expected to… pic.twitter.com/yCgPT9WAwo

— crypto.news (@cryptodotnews) October 5, 2026 The treasury strategy adds execution risk Evernorth describes an actively managed approach intended to support the XRP economy and raise XRP per share. A treasury company can earn income or acquire more tokens, but it can also lose value through market declines, counterparties and financing costs. A strategy involving DeFi introduces smart contract and liquidation risk beyond simple custody of XRP. The closing release does not quantify expected returns or commit to a particular protocol allocation.

A large position relative to a token’s daily liquidity needs careful execution if management rebalances. In kind contributions avoided the need for a closing day spot purchase of every coin. Future token purchases or sales would have their own market impact depending on venue, timing and depth. Corporate disclosures can establish changes in the balance, but may arrive later than the trades themselves.

The company plans to ring the Nasdaq closing bell on October 14, according to its announcement. A ceremonial event is separate from the scheduled October 12 trading start and from a disclosure of new XRP purchases. Media exposure around either date may influence sentiment, but the price outlook should continue to rest on verified holdings, actual spot activity and broader market conditions.

What to watch October 12 trading. Check whether XRPN shares actually begin trading on Nasdaq and how the opening price compares with a transparent calculation of XRP, cash and liabilities per share. XRP spot volume. Compare exchange activity around $1.41 to $1.44 and $1.37 with prior sessions before attributing a token move to the listing. Treasury disclosures. Look for dated changes in XRP holdings and the funding source for any new purchase, rather than counting in kind contributions again. Equity capital. Watch the stock premium or discount, future issuance and the fully diluted share count to assess whether the company can increase XRP per share. The first operating report. Management’s allocation of gross proceeds and any realised returns from its stated strategies will clarify how the post merger business uses the treasury. FAQs Has Evernorth completed its merger? Yes. The company and its SEC filing say the business combination closed on October 9, 2026.

When will XRPN start trading? Nasdaq lists October 12 as the effective date for Evernorth Class A shares and warrants. As of October 10, the session has not occurred.

How much XRP does Evernorth hold? The closing announcement rounds the holding to approximately 473 million XRP. The dollar value varies with the token price.

Did Evernorth buy 473 million XRP on closing day? No. Its holdings include earlier purchases and XRP contributed in kind under the transaction agreements.

How much cash did the merger raise? The closing release cites approximately $300 million of gross proceeds before transaction expenses. The filing separately reports $195.39 million in SPAC shareholder redemptions.

Does buying XRPN buy XRP for the company? A secondary market stock trade pays the selling shareholder. Evernorth receives funds when it raises capital through a company financing, subject to its terms.

Could the listing push XRP above $1.50? A move toward the recent $1.53 weekly high would require spot buying beyond the $1.41 to $1.44 area. The listing alone does not establish such demand.

What price area matters if XRP falls? The October 10 snapshot placed the 24 hour low near $1.37 and the seven day low near $1.32. Both are historical reference points, not assured support.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Figures reflect regulatory filings and reporting available at the time of writing and change with each disclosure. Nothing here is a recommendation to buy, sell, or hold any security or asset. Always do your own research. Information is accurate as of October 10, 2026.

A vulnerability dating to 2015 threatened XRP’s fixed supply. Researchers demonstrated the creation of spendable XRP without funding it. The September 25 patch preceded public disclosure on October 9. XRP Ledger developers have patched a decade-old security flaw that could have allowed attackers to create billions of dollars’ worth of XRP without paying for it, exposing a weakness in the network’s transaction accounting.

The vulnerability affected the payment engine responsible for processing transactions through XRP Ledger’s built-in decentralized exchange. Researchers demonstrated that specially constructed transactions could generate spendable XRP beyond the network’s intended supply.

RippleX subsequently investigated the flaw and reported no evidence that it had been exploited on public networks.

The discovery is significant because XRP does not use mining or staking rewards to issue new tokens. Its initial supply of 100 billion XRP was created at launch, and the protocol has no authorized mechanism for increasing that amount.

The vulnerability offered a potential way around that restriction without changing the network’s monetary rules.

How a Payment Calculation Could Create XRP The flaw originated in payment-processing logic introduced in 2015.

It involved an integer overflow, a programming error that occurs when a calculation produces a number outside the range its underlying data type can represent.

Instead of handling the oversized value correctly, the affected arithmetic could produce an incorrect result.

On XRP Ledger, the vulnerable calculation was associated with payments routed through offers on the network’s decentralized exchange.

An attacker could establish hundreds of accounts and place deliberately mispriced offers, then submit a specially constructed payment designed to consume those offers.

Under those conditions, the payment engine’s accumulated values could exceed the numerical limit used in its calculations.

A separate balance check relied on similarly vulnerable arithmetic, allowing the resulting accounting discrepancy to pass validation.

The practical consequence was more serious than an incorrect transaction display.

Researchers reproduced a scenario in which accounts received XRP without the corresponding amount being deducted from the initiating account. They also demonstrated that the resulting tokens could be spent in subsequent transactions.

The exploit therefore threatened the ledger’s supply accounting rather than merely causing a temporary pricing error.

Why the Attack Did Not Require Billions in Capital One of the vulnerability’s most concerning characteristics was the relatively small amount of XRP needed to prepare it.

According to the technical disclosure, an attacker could construct the necessary accounts and offers using several hundred XRP in reserves, alongside transaction fees.

Much of the reserve capital could potentially be recovered after the associated ledger objects were removed.

This meant the cost of preparing an attack was not proportional to the amount of unauthorized XRP it might generate.

However, the exploit required deliberately engineered conditions. Ordinary payments and exchange activity were not expected to trigger the bug accidentally.

The attack also depended on assembling a large number of specially priced offers into a transaction that exposed the arithmetic flaw.

The researchers’ demonstration established technical feasibility, not evidence of a successful attack against the live network.

That distinction matters when evaluating the incident’s potential market impact.

If unauthorized XRP had entered circulation, exchanges and custodians could have faced balances that appeared valid under the affected software despite violating the intended supply limit.

But the public disclosure does not establish that additional XRP was actually created on mainnet.

Three Days From Report to Software Fix Security researcher Cayden Liao and Veria AI reported the vulnerability through the XRP Ledger bug bounty program on September 22.

RippleX engineers reproduced the issue and released corrected server software on September 25.

The technical details became public on October 9, after operators had been given time to upgrade.

The three-day interval between the initial report and the software release demonstrates the speed of the remediation process. It does not, by itself, establish how quickly every validator or other server operator installed the fix.

That distinction is important for decentralized networks, where publishing a patch and deploying it across participating infrastructure are separate steps.

The correction was included in xrpld version 3.4.1. Operators running older affected software needed to upgrade to receive the fix.

The same release also addressed a separate batch-transaction vulnerability associated with the fixBatchV1_2 amendment.

Unlike the XRP supply-accounting bug, that issue involved a protocol amendment requiring network activation. The amendment became enabled on mainnet on October 9.

The two issues should not be confused: they affected different transaction mechanisms and had different remediation requirements.

What the Patch Means for XRP Ledger Operators For server operators, the immediate security requirement was straightforward: run a corrected version of the XRP Ledger software.

A published fix protects a node only after the relevant software has been installed. Operators remaining on vulnerable versions do not receive the same protection simply because an updated release exists.

The incident also exposed a weakness in release verification.

RippleX said it was strengthening its process so that previously reported security issues would be tested again against release candidates using the original exploit reproductions.

That change addresses a specific engineering risk: a defect can appear resolved during development but remain present, or be reintroduced, in software prepared for distribution.

For investors, the most relevant unresolved question is not whether the bug could theoretically inflate XRP’s supply. Researchers demonstrated that it could under controlled conditions.

The question is whether the vulnerability was ever used before the fix.

Based on RippleX’s disclosed investigation, no such exploitation has been identified on public XRP Ledger networks.

The incident ultimately separates three outcomes that should not be conflated: a critical flaw existed, researchers proved it was exploitable, and developers released a correction. None of those findings establishes that XRP’s circulating supply was actually inflated.

Alexander Zdravkov is a crypto journalist and market analyst specializing in digital assets, blockchain technology, and the rapidly evolving cryptocurrency market. He entered the industry more than four years ago, drawn to the speed of innovation in crypto and the potential of blockchain-based financial systems to reshape traditional markets. His work focuses on understanding the forces behind crypto market movements, from Bitcoin and altcoin cycles to institutional adoption, regulation, exchange-traded products, stablecoins, DeFi, and emerging blockchain ecosystems. Rather than simply following price action, Alexander looks at liquidity, investor positioning, market structure, and macroeconomic conditions to identify developing trends and explain what they could mean for digital assets. With a degree in International Relations, he brings a broader perspective to cryptocurrency coverage by connecting developments in the sector with monetary policy, geopolitics, regulation, and global capital flows. This allows him to examine crypto not as an isolated market, but as an increasingly interconnected part of the global financial system. Over the course of more than five years in financial journalism, Alexander has written over 5,000 articles covering cryptocurrencies, blockchain, traditional markets, and the global economy. His reporting spans Bitcoin, Ethereum and altcoins, DeFi protocols, institutional crypto adoption, regulation, market infrastructure, security incidents, and major developments shaping the wider digital asset industry. His approach is centered on giving readers context behind the numbers and headlines, explaining not only what is happening in crypto markets, but why it matters and what could come next.

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XRP Ledger emergency update fixes critical overflow bug risking unlimited XRP creation

XRP smart money sentiment on Binance and Bybit has turned bearish, while the market attempts to recover from recent lows. 

Coinglass data shows that smart money sentiment on both derivatives exchanges has fallen to extremely bearish levels, which has raised concerns about whether XRP can maintain its latest recovery.

The bearish outlook comes as XRP regains the $1.40 price level after losing approximately 14% of its value in just 48 hours. Although buyers have started pushing prices higher, smart money traders are doubtful that the recovery will last.

OKX is the only exception among the three major derivatives exchanges, as its smart money sentiment remains neutral. This presents some relief, but the overall picture remains negative.

XRP Smart Money Sentiment flips Extremely Bearish on Binance and OKX XRP Retail and Whale Traders Remain Bullish Retail traders and whale accounts across Binance, OKX, and Bybit show a different outlook, with several groups maintaining bullish positions despite the negative XRP smart money standing.

On Binance, retail traders have a long/short ratio of 2.41, which Coinglass classifies as bullish. Whale accounts are even more optimistic, with a 2.82 ratio, indicating extremely bullish sentiment. Binance whale position holders also maintain a bullish outlook, with a long/short ratio of 1.82.

OKX has a more mixed trend. Retail traders record a long/short ratio of 3.06, which translates to extreme bullishness. 

However, whale accounts have a ratio of 0.92, suggesting a nearly neutral outlook. Whale positions are even more bearish, with the ratio falling to 0.37, a level Coinglass classifies as extremely bearish.

Bybit records strong bullish sentiment among both retail traders and whale accounts. Retail traders have a long/short ratio of 3.80, while whale accounts post a reading of 3.78. Coinglass rates both figures as extremely bullish. 

However, Bybit whale positions show a more balanced outlook, with a ratio of 0.97, which falls within the neutral range.

XRP Futures Short Volume Moves Ahead of Long Volume XRP futures trading data also shows continued selling pressure. Over the past 24 hours, short taker volume reached $1.18 billion, accounting for 52.23% of total taker activity. Long taker volume stood at $1.08 billion, representing the remaining 47.77%.

Although the difference between the two sides is relatively small, short sellers currently hold the advantage. This trend also aligns with the bearish signals from smart money traders on Binance and Bybit.

XRP Recovers to $1.41 After Sudden Correction This comes despite the recent recovery attempt. For context, XRP fell from $1.52 on Oct. 6 to a local low of $1.31 on Oct. 8, losing about 14% of its value within 48 hours. The decline put pressure on the token before buyers stepped in and helped it recover.

XRP has since climbed to $1.4075. It has recorded four consecutive green four-hour candlesticks over the last 16 hours, which shows that buying activity has picked up, allowing the token to regain the $1.40 level.

XRP breaks above descending channel on 4hr chart The recovery has also pushed XRP above the upper trendline of the descending channel that formed during the Oct. 6-8 correction. This move could support further gains if buyers maintain their momentum.

However, the recovery remains at risk if buying pressure weakens. XRP could fall toward $1.37, a level near the upper trendline of the former descending channel. A break below $1.37 would push the token back inside the channel and could lead to further losses.

DMI Shows Bears Still Have the Advantage The Directional Movement Index (DMI) also shows continued bearish pressure on XRP, although the latest readings suggest that selling momentum is starting to ease.

The positive directional indicator (+DI) stands at 15.13 and is moving higher, suggesting that buyers are beginning to gain some control over price action. However, the negative directional indicator (-DI) remains much higher at 31.46.

Meanwhile, the Average Directional Index (ADX) stands at 41.11, which indicates that the prevailing trend remains strong. However, both the -DI and ADX are declining, suggesting that bearish pressure is gradually weakening.

For XRP bulls to strengthen the recovery and challenge the bearish smart money outlook, the token must hold above the $1.37 support level. Buyers would also need to push the +DI decisively above the -DI to confirm a change in momentum.

XRP odaklı kurumsal hazine şirketi Evernorth, Nasdaq borsasında işlem görmesinin önündeki önemli engellerden birini aşarak Armada Acquisition Corp. II ile birleşmesini tamamladı. Şirket, halka açık piyasalara yaklaşık 473 milyon XRP ve 300 milyon dolar brüt nakit gelirle girmeye hazırlanıyor. Bu gelişme, kurumsal yatırımcıların XRP ekosistemine erişimini genişletirken Evernorth’un yalnızca token tutmakla sınırlı kalmayacak iş modelini de öne çıkarıyor.

Evernorth Nasdaq’ta Ne Zaman İşlem Görecek? Evernorth, birleşmenin tamamlandığını 9 Ekim Cuma akşamı duyurdu. Şirketin daha önce 7 Ekim’de işlemi kapatmayı ve ertesi gün borsada işlem görmeye başlamayı planladığı belirtilmişti. Takvimdeki değişikliğin ardından Nasdaq’taki resmi başlangıç tarihi 12 Ekim Pazartesi olarak açıklandı.

Şirket yönetimi ayrıca 14 Ekim’de Nasdaq kapanış zilini çalmayı bekliyor. Birleşmenin tamamlanması, Evernorth’un halka açık piyasalara geçişi açısından önemli bir aşama olsa da yatırımcıların işlem başlangıcına ilişkin resmi duyuruları takip etmesi gerekiyor.

Birleşme öncesinde yapılan hissedar oylamasında yaklaşık 20,5 milyon Armada hissesi anlaşma lehinde oy kullanırken karşı çıkan hisselerin sayısı 1,4 milyon civarında kaldı. Bu sonuç, şirketin Nasdaq yolculuğunda gerekli kurumsal onay sürecinin önemli ölçüde destek gördüğünü ortaya koydu.

Evernorth’un XRP Hazinesi Ne Kadar Büyük? Evernorth, halka açık piyasalara yaklaşık 473 milyon Ripple ile girmeyi planlıyor. İşlem kapsamında yaklaşık 300 milyon dolar brüt nakit geliri de şirketin kaynakları arasında yer alacak. Daha önce şirket, birleşme ve bağlantılı özel yatırım yerleştirmeleri yoluyla 1 milyar doların üzerinde kaynak topladığını açıklamıştı.

Projeye destek veren yatırımcılar arasında Ripple ekosisteminin önemli aktörlerinden Ripple’ın yanı sıra SBI Group, Pantera Capital, GSR ve Arrington Capital bulunuyor. Bu yatırımcı tabanı, Evernorth’un hem kripto para sektöründen hem de geleneksel finans çevrelerinden destek aldığını gösteriyor.

Arrington Capital’in kurucusu Michael Arrington, Ripple ekosisteminin olgunlaşarak daha fazla sermaye ve nitelikli proje çekebileceğine inandıklarını belirtti. Arrington’a göre Evernorth’a verilen destek, bu yaklaşımın devamı niteliğinde. Şirketin ölçekli sermaye kullanımı, aktif piyasa katılımı ve halka açık şirket standartlarıyla Ripple altyapısının kurumsal gelişimine katkıda bulunması hedefleniyor.

Evernorth Sadece XRP Tutmayı Mı Planlıyor? Evernorth kendisini pasif bir XRP yatırım aracı yerine aktif yönetilen bir dijital varlık hazinesi olarak tanımlıyor. CEO Asheesh Birla, şirketin XRP ekonomisinin farklı alanlarına sermaye yönlendireceğini ve zaman içinde hisse başına düşen XRP miktarını artırmaya yönelik stratejiler geliştireceğini açıkladı.

Bu yaklaşım, şirketin yalnızca XRP satın alıp fiyat artışını beklemeyeceği anlamına geliyor. Evernorth; kurumsal getiri stratejileri, merkeziyetsiz finans (DeFi), ekosistem altyapısı ve zincir üstü kredi piyasalarında faaliyet göstermeyi planlıyor. Ayrıca sermaye piyasalarıyla bağlantılı farklı fırsatları da değerlendirmeyi amaçlıyor.

Şirketin hedefi, bu faaliyetlerden yararlanarak XRP varlıklarını daha etkin biçimde yönetmek. Ancak hisse başına XRP miktarını artırma hedefi, gelecekte mutlaka gerçekleşecek bir sonuç değil; şirketin uygulayacağı stratejilere ve piyasa koşullarına bağlı.

Evernorth’un Nasdaq Hamlesi XRP İçin Neden Önemli? Evernorth’un halka açılması, geleneksel borsa yatırımcılarına Ripple odaklı kurumsal bir şirkete erişim imkânı sağlayabilir. Böylece yatırımcılar, XRP’yi doğrudan tutmak yerine bu varlık etrafında faaliyet gösteren halka açık bir şirket üzerinden dolaylı erişim elde edebilir. Bununla birlikte şirket hisselerinin performansı, XRP fiyatından farklı hareket edebilir.

Evernorth’un başarısı, yalnızca sahip olduğu XRP miktarına değil, sermayesini nasıl yönettiğine ve ekosistem içinde ne ölçüde sürdürülebilir gelir oluşturduğuna da bağlı olacak.

Bu içerik kesinlikle yatırım tavsiyesi niteliği taşımamaktadır. Piyasalar yüksek risk içermektedir ve yatırım kararlarınızı almadan önce kendi araştırmanızı yapmanız önemlidir.

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Evernorth, a digital asset treasury backed by Ripple and focused on the XRP ecosystem, has completed its merger with Armada Acquisition Corp. II. This move was confirmed in a recent regulatory filing and marks a significant development in bringing institutional exposure to XRP-related financial services.

Nasdaq Debut and Deal StructureThe company plans to begin trading on Nasdaq under the ticker XRPN on Monday, October 12. The completed transaction unifies Evernorth, Pathfinder Digital Assets, Ripple, Armada, and two merger subsidiaries. As part of the agreement, Pathfinder and the previous Armada entity have become wholly owned subsidiaries of Evernorth.

Armada finalized its relocation from the Cayman Islands to Delaware on October 8, adopting the name Arrington Capital SPAC I Inc. This structural change streamlines operations and aligns the company with U.S. regulatory expectations as the new entity moves ahead with its public listing.

Capital and Treasury StrategyA key component of the deal involves approximately 473 million XRP and $300 million in cash proceeds. These resources are intended to support Evernorth’s ongoing strategy of building a digital asset treasury focused on the XRP Ledger.

Evernorth founder and CEO Asheesh Birla stated that the company is committed to strengthening the XRP Ledger ecosystem by deploying capital, providing liquidity, and supporting developers working on institutional infrastructure.

Birla envisions Evernorth playing a pivotal role in advancing institutional participation in the XRP Ledger through capital deployment and developer collaboration.

The merger represents progress toward making XRP-focused treasury options accessible to public-market investors. However, it does not automatically generate immediate demand for XRP itself, and token price movements remain linked to overall market sentiment.

Market Impact and Price DynamicsDespite the corporate milestone, XRP has faced continued price pressure. Over the past week, XRP’s losses have totaled about 9% to 10%. The token was trading in a range between $1.40 and $1.41 as of October 10, with prices fluctuating depending on the exchange.

A range of macroeconomic headwinds have influenced digital assets, including higher oil prices, rising U.S. Treasury yields, and a stronger U.S. dollar. Bitcoin’s downturn has contributed further to a bearish outlook for altcoins such as XRP, increasing risk aversion across the sector.

Derivatives data has also indicated shifting trader positioning. Recent figures showed XRP futures open interest declining by 4.6% in token terms and 8.6% in dollar terms, suggesting traders are closing out their positions. Liquidity-driven long position liquidations often add to downward momentum in periods of market weakness.

Contraction in futures open interest combined with forced liquidations can intensify selling during volatile periods, amplifying price declines for XRP and other altcoins.

Technical indicators offer a mix of signals. XRP continues to trade above a near-term moving average around $1.28, and its daily relative strength index has fallen toward a neutral reading after a correction in September. Reduced momentum may prevent sharp overbought conditions, but it does not entirely rule out the risk of further losses.

Maintaining support above key technical levels will be crucial for XRP in the coming days. A rebound would require renewed investor demand and a potential shift in broader digital asset market conditions.

In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, jumping between different apps for charts, news, and portfolio tracking is costing investors money. Smart traders are now utilizing privacy-first tools like CryptoAppsy to consolidate everything. Without even the hassle of creating an account, you get real-time charts, smart price alerts, coin-specific news, and critical macro data all on one screen.

Evernorth’s completed merger and Nasdaq debut underscore increasing efforts to advance institutional participation in the XRP ecosystem. However, the token remains closely tied to trends affecting the overall digital asset market, with derivatives activity and technical factors shaping its near-term direction.

Agentic payments on the XRP Ledger (XRPL) have recorded a rapid surge, surpassing 13 million transactions, according to Chandler Fang, cofounder of t54ai and previously a product lead at Ripple. Fang noted this growth in a recent X post, describing faster-than-anticipated adoption of agent-driven payments across the XRPL ecosystem.

Transaction growth and merchant adoptionFang pointed out that agentic payment volumes have soared from roughly 1 million transactions in July to over 13 million as of early October. This sharp rise highlights strong momentum in onchain settlement facilitated by merchant agents on XRPL.

Ripplex is a core developer arm within Ripple focusing on the expansion and technical advancement of the XRP Ledger, a decentralized blockchain network designed for fast, low-fee value transfer between currencies.

J.A. Akinyele, RippleX head of engineering, stated that the XRPL has processed 13,489,468 agentic transactions supported by 168 participating x402 merchants at present. These transactions have collectively settled 6,982.32 XRP and 12,009.98 RLUSD, Ripple’s stablecoin pegged to the US dollar.

Akinyele had previously predicted that agentic transactions would cross 10 million, a benchmark now significantly exceeded. He now sees 100 million agentic transactions as a “sooner-than-expected” milestone for the XRPL network.

Mini dictionary: x402 merchants are service providers authorized on the XRPL to facilitate agentic onchain payments using the x402 protocol, which enables autonomous agents to transact with digital assets automatically.

Date/PeriodTransactionsx402 MerchantsXRP SettledRLUSD SettledJuly 2024~1,000,000Not specifiedNot specifiedNot specifiedCurrent (Oct 2026)13,489,4681686,982.3212,009.98Real-world usage and future outlookFang envisions that with the 13 million transaction milestone achieved, the next stage for agentic payments will bring more real-world merchants and services onto the blockchain. He anticipates this growth will be supported by autonomous agents handling payments in both XRP and RLUSD, settling transactions via the x402 protocol directly on the XRPL.

Developers and agents are already utilizing XRP Ledger’s AI toolkit to pay for APIs, data access, and compute resources, which enables the creation of new onchain products and services.

Agentic payments on the XRP Ledger have grown from 1 million to over 13 million in just a few months, with hundreds of merchants now participating and settling in XRP and RLUSD.

Akinyele discussed these developments at the XRP Seoul 2026 conference, which convened last week. In his keynote, he focused on the expanding role of the AI Agent Economy and its potential to impact not just payments but also broader digital services running on the XRPL.

Akinyele also stated that these agentic payments now represent approximately 25% of all activities recorded on the XRP Ledger, underlining the growing importance of automated agents within the network.

Infrastructure advancements to support growthIn response to surging demand, Ripple is actively developing infrastructure customized for agents. According to Akinyele, these features include verifiable digital identities, strict permission and spending rule enforcement, and secure smart wallets. These enhancements are intended to facilitate safe and efficient settlement for both XRP and RLUSD, with confirmation typically completed in 3 to 5 seconds.

Ripple is building specialized agent infrastructure for verifiable identities, compliance controls, and fast-settling digital wallets to meet demand for agentic payments.

As autonomous payments and the integration of artificial intelligence accelerate, XRPL appears positioned to capture more real-world use cases, especially as network participation broadens and merchant integrations expand through agentic solutions.

XRP closed its most recent monthly chart at $1.4028, marking a decline of $0.0866 or 5.81% over the past month. This pullback has prompted renewed concerns and debate among investors seeking to understand whether the altcoin’s broader uptrend remains intact.

The role of exponential moving averagesEGRAG CRYPTO, a widely followed crypto analyst, addressed the developing situation in a social media post, emphasizing that XRP’s structural outlook has not been compromised by recent downside action. The analyst drew attention to two key exponential moving averages on the monthly chart: the 33-period EMA and the 111-period EMA, which he claims have historically served as markers for major cycle phases in XRP price movements.

He explained that the 33 EMA is currently near XRP’s price and functions as a significant resistance zone in the current cycle. EGRAG CRYPTO believes the interaction with these moving averages will be decisive for the next direction in XRP.

Sometimes people are reading charts, and sometimes they’re just consulting their coffee cups, but the main point remains: XRP can still move down toward $1.20 and fit within its large-scale bullish framework.

He shared that, historically, XRP price corrections occurred while the token held these moving averages, often preceding substantial rallies.

Mini dictionary: EMA (Exponential Moving Average) is a technical analysis indicator that tracks an asset’s average price over a set period, giving more weight to recent prices for trend-following insights.

$1.20 remains a critical support levelEGRAG CRYPTO identified $1.20 as the critical level that could determine XRP’s next phase. He described it as his “key line in the sand,” meaning XRP could fall back toward $1.20 and the bullish outlook would remain valid. A monthly close above $1.20, he stated, would maintain the long-term upward case for the cryptocurrency, while sustained trading below that threshold could challenge this perspective.

Looking at prior cycles, major corrections allowed buyers to accumulate XRP at lower prices before the next significant upswing began. EGRAG CRYPTO referenced these past corrections to reinforce his current view.

He argued that the corrective move illustrates a typical structure-building process rather than a breakdown of bullish long-range momentum. According to his analysis, XRP’s bottom is likely in, provided that the $1.20 level is not breached with conviction.

Support/ResistancePrice LevelKey support (“line in the sand”)$1.20Current monthly close$1.4028Resistance to reclaim$1.65Higher targets and the “Valhalla Scenario”On the upside, EGRAG CRYPTO identified $1.65 as the immediate resistance XRP would need to reclaim to support a continued rally. Fibonacci extension levels drawn onto his chart outline several longer-term price targets: $5.1643 at the 1.272 extension, $6.2092 at 1.414, and $8.0911 at 1.618.

He also maintained a long-standing $15 price target, which he labels the “Valhalla Scenario.” According to EGRAG CRYPTO’s chart, achieving this target would require XRP to break decisively out of its current consolidation area and follow an upward path similar to previous market cycles traced back to 2013.

EGRAG CRYPTO is a pseudonymous market analyst known for sharing technical outlooks on major cryptocurrencies and is followed by a large number of traders for his chart-based analyses.

Ethereum (ETH) price is down by more than 7% in the seven days leading up to October 10, with this drop coming amid weak demand for spot ETH ETFs that have now seen their worst weekly performance since January.

ETH trades at $2,491 at the time of writing after dropping by 0.39% in 24 hours. Trading volumes had also shrunk by 61% to $7.2 billion, per data from CoinMarketCap.

ETH ETF Outflows Surge as Institutional Demand Weakens Data from SoSoValue shows that Ethereum ETFs recorded outflows of $542 million in the week ended October 9. This marks the highest weekly outflows recorded by these ETH ETFs since late January 2026.

Source: SosoValue BlackRock’s iShares Ethereum Trust contributed to the biggest share of these outflows, with $477 million flowing out of the products, with this being the highest weekly outflow by ETHA since December 2025.

SoSoValue also shows that the total outflows from all US-listed crypto ETFs were the highest seen since June, with Bitcoin (BTC) leading the pack with $681 million in outflows.

Ethereum’s Exchange Balance Spikes Amid Ongoing Deleveraging After Ethereum outperformed Bitcoin in Q3 with a 70% gain, investors seem to be booking profits now, which has caused a surge in the amount of ETH that is available on exchanges to the highest level since September 23.

CoinGlass shows that this exchange balance has increased from 11.71 million ETH on October 8 to 11.8 million ETH on October 9. This shows that 90,000 ETH tokens have entered exchanges in just 24 hours.

Source: CoinGlass The increased exchange inflows coincide with reduced demand for Ethereum futures positions. Per CoinGlass, Ethereum’s open interest has dropped from 13.29 million ETH on October 8 to 12.77 million ETH at the time of writing.

The falling OI comes after analysts warned of a deeper correction in Ethereum price after ETH closed below a crucial support level.

Ethereum Prediction as RSI Nears 4-Month Low Ethereum’s daily chart shows a surging bearish sentiment, with the RSI indicator falling to 39 for the first time since June.

ETH has also dropped below the 50-day SMA, with this move suggesting that the future Ethereum outlook is now favoring bears.

With Ethereum price now trading below the psychological support at $2,500, bears are now eyeing a drop to the 100-day SMA of $2,200.

However, a move to $2,200 depends on whether ETH breaches the immediate support at $2,370.

Source: TradingView If Ethereum price can defend this support at $2,370, considering the easing geopolitical tensions and the recent leverage flush, a sustained uptrend will depend on whether ETH can close above the 50-day SMA.

Bitcoin fiyatı, artan satış baskısının etkisiyle 82.000 dolar seviyelerine gerilerken piyasanın yönüne ilişkin belirsizlikler de büyüyor. Fidelity Digital Assets araştırma başkan yardımcısı Chris Kuiper, son yükselişin yeni bir boğa piyasasını başlattığının henüz kesinleşmediğini belirtiyor. LD Capital kurucusu Jack Yi ise düşüşün sürmesi halinde 79.000 ve 75.000 dolar seviyelerinin gündeme gelebileceğine dikkat çekiyor.

Fidelity’ye Göre Ayı Piyasası Henüz Sona Ermedi Mi? Fidelity Digital Assets yöneticilerinden Chris Kuiper, ağustos ayından itibaren görülen yükselişin kalıcı bir yükseliş trendine dönüştüğünü söylemek için erken olduğunu düşünüyor. Ona göre fiyatlardaki toparlanma, daha geniş bir ayı piyasası içinde gerçekleşen geçici bir karşı trend hareketi olabilir. Bu nedenle Bitcoin’in yükselmiş olması, düşüş döneminin kesin olarak sona erdiğini göstermiyor.

Kuiper’in değerlendirmesinde Bitcoin’in geçmişte izlediği yaklaşık dört yıllık piyasa döngüsü önemli yer tutuyor. Önceki döngülerde boğa piyasalarının zirveleri ve ayı piyasalarının dipleri kabaca dört yıllık aralıklarla ortaya çıktı. Bitcoin’in son önemli dip seviyesini Kasım 2022’de görmesi, mevcut döngüde yeni bir dibin Kasım 2026 civarında oluşabileceği ihtimalini gündeme getiriyor.

Bununla birlikte analist, bu döngünün kesin tarihler veren bir takvim gibi değerlendirilmemesi gerektiğini vurguluyor. Bitcoin’in geçmişteki hareketleri her seferinde aynı zamanlamayla tekrarlanmadı. Dolayısıyla fiyat, kasım ayında veya daha sonraki aylarda yeni bir dip oluşturabilir.

Bitcoin 79.000 Doların Altına Gerileyebilir Mi? Ethereum yatırımlarındaki zararlarıyla da gündeme gelen LD Capital kurucusu Jack Yi, Bitcoin’deki düzeltmenin henüz tamamlanmadığını düşünüyor. Bitcoin’in 82.000 doların altına inmesinin ardından son iki gündeki düşüş hızına dikkat çeken Yi, satışların devam etmesi halinde 79.000 doların altının görülebileceğini belirtiyor.

Bu senaryoda 79.000 dolar, kısa vadeli fiyat hareketlerini değerlendirmek için önemli bir eşik haline geliyor. Bitcoin bu seviyenin altına düşerse yatırımcıların bir sonraki odak noktası yaklaşık 75.000 dolar olabilir. Yi’nin değerlendirmesi, bu seviyelerin kesin olarak görüleceği anlamına gelmiyor; olası düşüş senaryosunda izlenmesi gereken bölgeleri gösteriyor.

Kripto para piyasasında bu tür fiyat eşikleri, yatırımcıların risklerini yeniden değerlendirmesine yardımcı olabilir. Ancak tek başına belirli bir seviyenin kırılması, düşüşün ne kadar süreceğini veya fiyatın nerede dip yapacağını kesin biçimde ortaya koymaz.

Bitcoin Fiyatındaki Düşüş Boğa Piyasasının Sonu Mu? Jack Yi, mevcut fiyat hareketini uzun vadeli yükseliş trendinin sona erdiğinin kesin kanıtı olarak görmüyor. Ona göre yaşananlar, boğa piyasası içinde ortaya çıkabilecek olağan bir düzeltme hareketi de olabilir. Bu yaklaşım, Kuiper’in daha temkinli değerlendirmesiyle birlikte ele alındığında piyasanın yönü konusunda iki ihtimalin de açık kaldığını gösteriyor.

Kuiper, ayı piyasasının devam ediyor olabileceğini ve ilerleyen aylarda yeni dip ihtimalinin bulunduğunu vurgularken Yi, düşüşün daha geniş bir yükseliş trendi içindeki düzeltme olabileceğini savunuyor. Bu farklı bakış açıları, Bitcoin’in kısa vadeli fiyat hareketleri ile uzun vadeli piyasa döngüsünü birbirinden ayırmanın önemini ortaya koyuyor.

Yatırımcılar Hangi Seviyeleri Takip Etmeli? Mevcut tabloda 82.000 dolar çevresindeki fiyat hareketleri, 79.000 dolar eşiği ve olası 75.000 dolar bölgesi yakından izlenebilir. Bunun yanında Bitcoin’in haftalık performansı, işlem hacmi ve genel piyasa koşulları da değerlendirmeye dahil edilmeli. Böylece yatırımcılar tek bir fiyat tahminine bağlı kalmadan farklı senaryoları karşılaştırabilir.

Bitcoin’in geçmiş döngüleri gelecekteki fiyat hareketlerini garanti etmez. Bu nedenle kripto yatırımı kararlarında hem olası kayıpları hem de belirsizlikleri hesaba katmak önem taşıyor.

Bu içerik kesinlikle yatırım tavsiyesi niteliği taşımamaktadır. Piyasalar yüksek risk içermektedir ve yatırım kararlarınızı almadan önce kendi araştırmanızı yapmanız önemlidir.

Son Dakika kripto para haberleri için hemen tıkla.

Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.

Starknet still settles on Ethereum, and its official account described an L1 move as 'a question, not a decision' a day earlier.

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FORBES: Crypto Just Quietly Hit A Massive Price 'Inflection Point'—But There's A Nasty Surprise For Bitcoin, Ethereum And XRP

Extreme bullish positioning in the derivatives market can cut both ways.

Notably, Ethereum’s [ETH] current market structure is a good example. According to the data from CoinGlass, over $177 million in ETH long positions were liquidated on the 8th of October, which marked the largest long squeeze since early June.

With this in mind, ETH’s derivatives market may be set up for another squeeze. Lookonchain recently highlighted that smart trader, with a reported 100% win rate and $9.26 million in total profits, is back in action. After the market dip, the trader opened a 20x leveraged long position on 12,000 ETH worth $29.88 million. The position is now sitting on an unrealized profit of $626,000.

Source: X The key takeaway? Other traders are leaning bullish too.

Bitfinex whales’ ETH long positions are rising, while the Ethereum Long/Short Ratio crossed above 1 for the first time after three days of negative readings. This points to a shift toward bullish positioning. However, if too many traders crowd into long, another sharp move lower could trigger a fresh wave of liquidations.

From a technical lens, with Ethereum [ETH] down 8% this week, the violent bullish positioning may lead to another bull trap, potentially pushing the price toward $2.1k if support breaks. But does this aggressive long positioning mean that traders are anticipating a catalyst that the broader market has yet to price in?

Ethereum: Hidden catalyst or crowded trade? Ethereum’s recent weakness may not be ETH-specific, as altcoin rotation could be behind the sell-off too.

Technically speaking, ETH is down almost 8% in the week, while Solana [SOL] has corrected by over 9%. Moreover, Bitcoin dominance has climbed back above 60%, putting pressure on the altcoins. However, if BTC.D fails to break through this resistance again; it could clear the path for an altcoin recovery, which may explain why traders are still building bullish Ethereum positions.

On the supply side note, Binance’s ETH reserves have reduced from nearly 4 million to below 3.5 million, thus recording a 6-month low. The drop in the ETH reserves on Binance may add to upward pressure on the price if Bitcoin dominance fails to rise and capital rotation begins to take place back into altcoins. 

Source: CryptoQuant Given this setup, Ethereum’s bullish positioning could be more than a fluke.

On-chain liquidity across Ethereum also remains strong. According to Token Terminal, Ethereum added $243.4 million in stablecoin market cap over the last seven days, leading all networks. This could encourage fresh buying activity, particularly with ETH reserves on exchanges continuing to deplete, which could reduce selling pressure, giving bulls more breathing room to rally prices.

This makes the current setup different from the previous extended squeeze. If capital continues to flow into ETH, a breakout in the ETH/BTC pair could serve as the next catalyst for upside. This indicates that traders are positioning ahead of a potential shift in momentum that the broader market has yet to price in.

Final Summary Rising ETH longs increase liquidation risks, but falling exchange reserves could support a recovery. Growing stablecoin liquidity and a possible drop in Bitcoin dominance could boost ETH if capital flows back into altcoins.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

This week, Ethereum researchers warned AI could break the signatures securing Bitcoin and Ethereum "in months, not years" in the worst case, well before quantum computers arrive.

This information didn't sit well with early Bitcoin pioneer and Blockstream CEO Adam Back, who criticized Ethereum's early design decisions in an X post.

Back was particularly critical of Ethereum's early developers, describing them as inexperienced, saying that they "reimplemented around an obviously broken architecture" despite warning attempts.

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The Blockstream CEO believes Bitcoin's pseudonymous creator Satoshi Nakamoto's choice of the Unspent Transaction Output (UTXO) model for the BTC network reflected a deeper understanding of distributed systems and peer-to-peer network design.

"It's almost like Satoshi knew something about distributed systems," Back said in support of Bitcoin's UTXO model.

@seal_kiman @UtxoSaint It's almost like Satoshi knew something about distributed systems (or network / p2p programming) as the UTXO model is well-designed for avoiding them. .eth's were young, naive, no experience/wisdom, reimplemented around an obviously broken architecture. Tried to warn them 🤷‍♂️

— Adam Back (@adam3us) October 10, 2026 UTXO in this context is short for "Unspent Transaction Output" model, which works like physical cash, where discrete coins or outputs are spent and new ones are created, used by blockchains such as Bitcoin and Cardano.

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Ethereum does not use UTXO but rather utilizes an account-based model (similar to a traditional bank ledger), where each user or smart contract has a persistent balance and state that updates directly with each transaction.

While Ethereum currently relies on accounts, ETH researchers have proposed experimental frameworks to introduce optional UTXO-style features, such as Ethereum Improvement Proposal EIP-8141, which introduces a new transaction type (0x06, or Frame Transactions) designed to achieve native account abstraction and post-quantum readiness.

What happened?Ethereum researcher Justin Drake, in an X post on Wednesday, told the crypto industry to start preparing for "bunker mode," warning that artificial intelligence could find a way to break the mathematics protecting Bitcoin and Ethereum wallets in the worst case "in months, not years."

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Accordingly, Drake urged large holders to begin a gradual move of their funds to fresh addresses.

Ethereum co-founder Vitalik Buterin weighed in on Drake's take, saying he wouldn't recommend anyone scramble to move their funds to new wallets at the moment, but added that the risk from AI-accelerated math remains something that should be taken seriously.

"I don't recommend anyone scramble to move their funds to new wallets today. But we should take the risks to cryptography from AI-accelerated math seriously, and minimize our exposure to not just quantum-vulnerable cryptography but also potentially AI-vulnerable cryptography," Buterin wrote on X. 

According to official data, Papertrade recorded a cumulative trading volume of $39.9 billion in its first 30 minutes post-launch. The platform’s contract open interest also dropped sharply, with Bitcoin and Ethereum contract positions standing at $1.27 billion and $890 million respectively. The initial trading boom may be linked to its project mechanism: per official documentation, PaperTrade’s native token PAPER is minted via a model where the protocol mints a set amount of PAPER on a curve for every $1 a platform user loses. When the LP balance is below $2 million, the minting ratio is fixed at 100 PAPER per $1 of losses; once the LP scale exceeded $2 million, PAPER token emissions entered a decay phase. Papertrade is a fully on-chain synthetic perpetual trading platform built on HyperEVM, which pulls prices from the Best Bid Offer (BBO) mid-price of the Hyperliquid order book. Users trade directly against the protocol’s liquidity provider (LP) as counterparty, rather than through traditional order book matching. The protocol’s key features include high leverage, zero slippage, and no funding fees.

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Multicoin Co-Founder Kyle Samani: His largest personal angel investment has gone to Backpack.

Multicoin Capital co-founder Kyle Samani announced on X that his largest personal angel investment to date has been allocated to Backpack. On September 2, Backpack revealed that Samani—also an early Solana investor—has joined the Backpack US board of directors. Samani has long focused on DeFi, blockchain infrastructure, and the evolution of global capital markets. Backpack noted that the appointment reflects the shared view of both parties that the future of global finance will integrate institutional-grade risk control with the efficiency and transparency of on-chain markets.

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Fake Ledger websites top Google search results, with related sites attracting over 1 million visits in the past 30 days.

Security researcher @cyberscrilla has discovered a fake Ledger website and app appearing at the top of Google search results, designed to trick users into revealing their 24-word recovery phrases. Reportedly, Google data shows the site has received over 1 million visits in the past 30 days. Earlier, cybersecurity firm Zscaler uncovered in a September investigation that malicious Google ads impersonating Ledger were redirecting users to fake wallet verification pages. Currently, Ledger is probing an alleged wallet theft case involving customers of Southeast Asian dealer CryptoBilis, with an estimated loss of $86 million.

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Tom Lee: Ethereum May Surpass $5,000 by Year-End, Expected to Hit $50,000 in This Cycle

Bitmine, an Ethereum treasury firm’s Chairman Tom Lee recently stated that Ethereum is poised to rally to between $25,000 and $50,000 in the current cycle. He noted that ETH has traded in a similar range over the past five years, and its ongoing consolidation may lay the foundation for a larger breakout down the line. Tom Lee also projected ETH’s price will surpass $5,000 by year-end, adding that if Bitcoin climbs above $100,000, ETH could hit roughly $7,500.

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Papertrade has recorded a nominal trading volume exceeding $80 billion, with users incurring a cumulative loss of $4.73 million while attempting to farm PAPER tokens.

According to official website data, Papertrade recorded over $80 billion in cumulative notional trading volume within its first hour of launch. BlockBeats analyzed that the platform’s early trading frenzy may be tied to its unique mechanism. Per its official documentation, the issuance model of Papertrade’s native token PAPER works as follows: for every $1 a platform user loses, the protocol mints a certain amount of PAPER on a curve. When the protocol’s LP balance is below $2 million, the minting rate is fixed at 100 PAPER per $1 in losses; now that the LP pool size exceeds $2 million, PAPER token emissions have entered a decay phase. Likely driven by the above-mentioned "trading losses for tokens" mechanism, data shows that users on the platform have accumulated $4.73 million in total trading losses. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM, which pulls prices from the BBO mid-price of Hyperliquid’s order book. Users trade directly against the protocol’s LP as counterparty, rather than via traditional order book matching. The protocol’s key selling points include high leverage, zero slippage, and no funding fees.

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Hedge funds’ net exposure to the US Magnificent Seven climbed to 22%, marking a new record high.

According to Goldman Sachs data, investor bullish sentiment toward large-cap tech stocks has reached an all-time high. Hedge funds’ total net exposure to the U.S. Magnificent 7 tech stocks has risen to 22%, a record high. This figure has surged by 7 percentage points since July, marking the largest three-month increase since 2023, and breaking the previous peak of 21% set in June 2024 (compared to just 8% during the 2022 bear market low). Meanwhile, hedge funds’ total net exposure to U.S. semiconductor stocks has climbed to 12%, only slightly below the 14% peak reached in June 2026, while this metric stood at just 2% at the start of 2025. Current market demand for tech stocks is extremely strong. (The Kobeissi Letter)

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Papertrade launched in under 10 minutes, with nominal trading volume hitting $14.4 billion.

According to official information, Papertrade generated a notional trading volume of $14.4 billion in less than 10 minutes after its launch. As of press time, open interest for Bitcoin and Ethereum contracts stood at $3 billion and $2.66 billion respectively. The project’s early trading boom may be tied to its unique mechanism. Per the official documentation, the issuance model of PaperTrade’s native token PAPER works as follows: for every $1 a platform user loses, the protocol mints a certain number of PAPER tokens on a curve. When the liquidity provider (LP) balance is below $2 million, the minting ratio is fixed at 100 PAPER per $1 lost; once the LP balance exceeds $2 million, the minting rate begins to decay, with the number of PAPER minted decreasing as the LP balance grows.

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Ethereum researchers have raised concerns that advances in artificial intelligence could compromise the cryptographic signatures securing Bitcoin and Ethereum wallets within months, not years, in the most severe scenario. This risk, they claim, could emerge well before the development of practical quantum computers.

Experts debate blockchain security modelsBlockstream CEO Adam Back strongly criticized the original architecture decisions of Ethereum’s early developers, following the AI warning. Back argued that the team behind Ethereum demonstrated inexperience, stating that they rebuilt their protocol “around an obviously broken architecture” despite warnings from others in the industry.

Back praised the technical foresight of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, pointing to the Unspent Transaction Output (UTXO) model chosen for the Bitcoin network. He believes that this design displayed a deeper grasp of distributed systems and peer-to-peer networks.

It’s almost like Satoshi knew something about distributed systems, Back wrote, making the case that Bitcoin’s UTXO model offers structural advantages.

The UTXO model, utilized by Bitcoin and Cardano, functions similarly to physical cash, where distinct coins or outputs are spent and replaced by new ones after each transaction. This approach is fundamentally different from Ethereum’s account-based model.

Ethereum manages balances through persistent accounts, akin to a traditional bank ledger, where each user or smart contract maintains a running balance. Transactions update these balances directly, as opposed to generating new outputs per transaction.

Ethereum seeks post-quantum and AI resilienceIn response to potential advances in AI-powered attacks, some Ethereum developers have outlined proposals to experiment with UTXO-style features. One notable initiative, Ethereum Improvement Proposal EIP-8141, introduces a new Frame Transaction type (0x06) aimed at achieving native account abstraction as well as enhancing resistance to both quantum and AI threats.

Justin Drake, an Ethereum researcher, recently advised the crypto sector to adopt a “bunker mode” mentality, anticipating that AI could soon breach the mathematical protections of current digital wallets.

Drake cautioned that, in a worst-case scenario, AI systems might uncover methods to break private key security on both Bitcoin and Ethereum in a matter of months, urging large holders to gradually move their assets to new addresses as a preventive measure.

Vitalik Buterin, co-founder of Ethereum, provided a more tempered perspective. While acknowledging the seriousness of AI-accelerated cryptographic threats, Buterin advised users not to rush into moving their assets immediately but emphasized the importance of minimizing exposure to both quantum- and AI-vulnerable cryptography.

The scrutiny on secure protocols comes at a time when technical innovation is accelerating and market volatility can spike unexpectedly. In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, jumping between different apps for charts, news, and portfolio tracking is costing investors money. Smart traders are now utilizing privacy-first tools like CryptoAppsy to consolidate everything. Without even the hassle of creating an account, you get real-time charts, smart price alerts, coin-specific news, and critical macro data all on one screen.

YouTuber Crypto Crew University says Cardano (ADA) is forming a pattern similar to one that preceded a nearly 200% price rally in 2023.

In a post on X, he pointed to ADA’s monthly Relative Strength Index (RSI) crossing above its moving average as a buying signal. The same signal appeared before Cardano’s 2023 rally, even without a broader altcoin market boom.

The analyst summed up the strategy as: “RSI for the entry clue. FibMA for the exit clues,” meaning the RSI will identify when to buy, while Fibonacci moving averages will signal when to sell.

Cardano 2023 Rally Offers a Clue Crypto Crew University’s chart shows that in 2023, Cardano’s monthly RSI crossed above its moving average before ADA began a strong recovery.

At the time, ADA was trading at around $0.25 to $0.30. After the signal appeared, its price rose toward a target marked by the white line on the Fibonacci Moving Average (FibMA) indicator. According to the analyst, the move delivered gains of nearly 200%.

For context, Cardano traded at $0.2304 in June 2023 before rising to $0.6778 by December of that year. It continued its climb to $0.807 by March 2024, representing a gain of around 250%.

The analyst highlighted this rally because it occurred without a major altcoin season, suggesting that individual cryptocurrencies can still rise even when the broader market is relatively quiet.

However, past performance does not guarantee that Cardano will repeat the same rally.

Cardano (ADA) Monthly Chart Showing RSI Approaching a Crossover That Preceded a 250% Rally in 2023. Source: Crypto Crew University via X. Monthly RSI Signal Is Not Yet Confirmed Notably, Cardano (ADA) is trading near the lower end of its FibMA bands following a prolonged price decline. Its monthly RSI has also remained low but is now approaching its yellow moving average. This could be an early sign of a setup similar to the one that preceded ADA’s 2023 rally.

However, the signal has not yet been confirmed. Crypto Crew University wants to see the RSI cross above its yellow moving average before considering it a buying opportunity. If the crossover occurs, the analyst will monitor the FibMA bands for price targets and potential sell signals.

For now, the pattern is still developing and does not confirm a bullish reversal.

Can ADA Repeat Its 200% Rally? ADA is currently trading at around $0.2528. If it repeats its roughly 250% surge from 2023–2024, Cardano price could rise to approximately $0.8843. This price outlook aligns with views several analysts have shared in recent days.

Analyst Giannis Andreou recently outlined a potential path for ADA to reach $0.90 by overcoming four major resistance zones. The $0.40–$0.45 range is the next key barrier to a sustained recovery, while the other critical zones are $0.55–$0.65 and $0.75–$0.80, according to the analyst.

Andreou also pointed to previous ADA rallies of 233%, 371%, and 88%, although past gains do not guarantee future performance.

Cardano price rose 6.80% to $0.257 over 24 hours on Saturday, outperforming Bitcoin as network activity increased. 

ADA is above $0.25, placing the $0.30 mark back in the spotlight following 20% gains in the last month.

On October 7 and 8, Santiment recorded 27,500 and 27,200 daily active addresses, respectively. Both readings were roughly 70% above September’s weekday average, reflecting a rise in addresses sending or receiving ADA. 

Bitcoin price remained close to $82,800, Ethereum price was close to $2,494, and XRP was close to $1.40.

Cardano’s On-Chain Activity Surges as Active Addresses Jump The Cardano network is experiencing increased activity, with the number of daily active addresses increasing significantly above the weekday average in September. On the 7th and 8th of October, Santiment reported about 27,500 active addresses and 27,200, respectively. Both the readings were approximately 1.7 times the September weekday readings, which was more interaction of the public blockchain.

Another milestone of the network, which was launched in 2017, is the data indicated by CardanoScan, which is that cumulative transactions have surpassed 125 million. A previous snapshot had epoch 660 transactions close to 450,000, as compared to 130,000 to 160,000 in recent epochs.

In the meantime, a report on October 3 with reference to DeFiLlama pegged the volume of the weekly decentralized exchanges at 37.14 million, which is 112% higher. SundaeSwap recorded $23.51 million and Minswap recorded $6.59 million in the same seven days period.

Will Cardano Price Reach $0.30 After Reclaiming $0.25? The ADA price surged to $0.256 on October 10, with its latest four-hour candle showing a 0.79% gain. The cardano price has regained its position above the $0.230 level and has surged again above the highlighted $0.250 level. 

The first resistance target is at $0.27. Four consecutive hours in the close position above that might open up a retest of the recent level of $0.280.  The ADA long-range prediction target is at $0.300, which is equal to the upper horizontal level and upward projection.

The support level of $0.250 offers a starting point of support following the rebound that crossed the level. A lower level would reexpose the area of $0.230 and undermine the short term recovery situation.

Source: TradingView The MACD line was close to minus 0.002 above its signal line, which is around minus 0.004. Its positive 0.002 histogram indicates the momentum can be improved. The two lines were however, below zero, and the momentum recovery was not complete. 

The Chaikin Money Flow also increased to 0.09 having fallen to the negative side.

TLDR: Cardano price rose nearly 7% on Oct. 10 and reached about $0.256 after a short-window rebound. ADA reclaimed the $0.2353 moving average and $0.2359 Fibonacci level, while reported volume fell 34.86%, leaving the breakout short of strong confirmation. Daily active addresses reached 27,500 and 27,200 on Oct. 7–8 after CIP-0113 launched, but ADA fell roughly 13% over that same period. Analyst Andreou’s $0.90 scenario remains conditional: ADA must hold the 0.22–0.25 base, reclaim 0.30–0.35, then clear higher resistance zones. Cardano’s ADA token climbed 7% on Oct. 10, trading near $0.256 as buyers returned to the market. The Cardano price gain outpaced major cryptocurrencies during the session. The rebound followed an October decline, making this a recovery attempt rather than a confirmed trend reversal. 

Cardano price analysis reveal ADA reclaimed its 30-day average near $0.2353 and the 50% Fibonacci level around $0.2359. But reported trading volume fell 34.86%, leaving buyers to prove they can defend the breakout. Network activity had increased earlier in the week.

Cardano (ADA) Price Cardano Price Rebound Tests Support as Volume Remains Thin The reclaimed average and retracement level now form a short-term checkpoint. A drop below them would weaken the breakout case. The support band extends from $0.2359 to $0.2276. 

Holding that area could leave room for a test of weekly Supertrend resistance near $0.2762. The Cardano price would need a daily close above $0.256 to show that buyers can sustain the bounce. A rejection at that level would raise the risk of a false breakout.

Volume remains a key concern. The 34.86% decline suggests the rally drew less participation than its price move implied. The figure varies by exchange and measurement window, but the direction argues for caution. The Altcoin Season Index rose 5.17% to 61, pointing to stronger relative demand for alternative tokens. That measure describes rotation; it does not prove capital will stay in ADA.

Bitcoin traded near $82,800, a level that matters for altcoins. Spot Bitcoin ETFs shed $729 million over two days, adding pressure to risk assets. Renewed selling could again put ADA support levels under strain.

The immediate test is twofold: defend reclaimed levels and attract stronger spot volume. Until both happen, the Cardano price recovery remains technically constructive but unconfirmed.

Source: Santiment ADA Active Addresses Rose After CIP-0113, Then Price Fell Santiment reported about 27,500 daily active Cardano addresses on Oct. 7 and 27,200 on Oct. 8, around 1.7 times September’s weekday average. The increase coincided with CIP-0113 going live on mainnet on Oct. 7. The standard enables programmable tokens with issuer-defined rules. The Cardano Foundation says issuers can add KYC checks, sanctions screening, and transfer restrictions to native tokens. Wallets and explorers can handle these assets like other Cardano tokens. The standard required no protocol hard fork. 

Coincidence does not establish that the upgrade caused the address spike. Santiment’s figures also showed Bitcoin and Ethereum addresses at or below September averages. Active addresses measure participation, not intent. 

They cannot show whether users bought ADA, moved tokens, staked, or used applications. The Cardano price fell about 13% from the Oct. 6 close through Oct. 8, despite the increase. That divergence shows network use did not translate into immediate buying pressure.

The Cardano price bounce came on October 10, after both the activity increase and the selloff. It should not be attributed to CIP-0113 without evidence linking buyers to the upgrade. A lasting signal would require elevated addresses to persist beyond launch. 

Source: X Analyst Giannis Andreou says initial support is present at 0.22–0.25 and first resistance at 0.30–0.35. A weekly reclaim and successful retest would strengthen that recovery case. Higher zones sit at 0.40–0.45 and 0.55–0.65. The $0.90 scenario depends on clearing each barrier, so it remains conditional. A sustained break below $0.22 would weaken the setup.

Cardano-linked privacy network Midnight expands its foothold in Japan following the listing of the NIGHT token on OKCoinJapan (OKJ), the Japan branch of OK Group, a global cryptocurrency exchange conglomerate that includes OKX and OKCoin.

In an X post that shared Midnight's X account's initial post, Input Output highlighted that more access is coming for Midnight in Japan, as the NIGHT token will be available on OKCoinJapan starting October 13, 2026.

More access to NIGHT in Japan. 🇯🇵 From October 13, NIGHT will be available on @OKCoinJapan, another step forward for @MidnightNtwrk's growing presence in Japan and its work to bring programmable privacy to everyone.

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— Input Output Group (@IOGroup) October 10, 2026 OKJ expands access to NIGHT in one of the world's most established digital asset markets, being a registered crypto-asset exchange in Japan. Following Midnight's listing on S.BLOX, this marks another step in Midnight's growing presence in Japan, bringing NIGHT to more users looking to explore privacy-enhancing infrastructure.

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In August 2026, Midnight's NIGHT token was listed on S.BLOX, a Sony Group company and the first exchange to support it in Japan. The new listing on OKJ is a major milestone for Midnight's expansion into the Japanese market, as it gives local users another way to access NIGHT.

This week, permissionless smart contract deployment went live on the Midnight mainnet, giving builders more freedom to deploy contracts directly and enabling applications to deploy contracts on behalf of users.

Cardano onchain activity picks upIn a recent post, Santiment corroborated that onchain activity for Cardano is picking up.

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ADA daily active addresses reached 27,500 on October 7, 2026, and 27,200 on October 8, about 1.7x the September weekday average, though still below the late August peak. The jump lined up with the CIP-0113 token standard going live on mainnet on October 7.

Cardano settled 542,551 transactions on October 8, according to Chainspect, which averages 6.28 TPS on its busiest day of the past seven days. In a major network milestone, Cardano has surpassed 125 million transactions on mainnet; almost 1 million transactions were added in the current epoch alone.

At the time of writing, Cardano's ADA was up 6.47% in the last 24 hours to $0.244 and up 4.07% weekly, according to CoinMarketCap data; Midnight was up 9% in the last 24 hours to $0.049 following the listing news.

Basic Attention Token [BAT] has rallied 19.8% in the past 24 hours and has surpassed the $0.127 high posted in May. The altcoin’s long-term trend was beginning to shift bullishly, though it was still 42.3% lower than the 2026 high at $0.2376 made in January.

Source: Coinalyze The Open Interest behind BAT perpetuals has surged by 60% in the past 24 hours as of writing. CoinMarketCap data showed a daily trading volume increase of 456% at the time of writing.

It was a good sign of strong short-term bullish intent. The rising spot CVD highlighted spot demand, and rising speculative interest underlined that market participants were willing to buy a strong altcoin.

The long-term Basic Attention Token trend was also taking a turn for the better.

BAT achieves a bullish swing structure shift Source: BAT/USDT on TradingView On the 1-day timeframe, the rally from the August low at $0.0552 has been remarkable so far. The trading volume has steadily increased in recent weeks too, helping push the Accumulation/Distribution indicator higher.

The upward momentum and steady demand propelled prices past the $0.127 swing high to shift the swing structure bullishly. The $0.10 psychological round-number resistance, which had been a supply zone in June, was smashed aside.

This was an encouraging sight for long-term investors. They can now wait for a pullback to buy the altcoin, anticipating the uptrend to continue.

These long-term holders might have to wait a few weeks or even months for BAT to pull back into a zone of interest to buy. As things stand, this area of interest is at and below $0.10.

If BAT prices continue to go higher, the zone of interest will change.

Should BAT traders wait for a consolidation phase? Source: BAT/USDT on TradingView The price was currently testing the $0.139 high from February. The H4 Awesome Oscillator reading was at highs not seen since December 2025, which made a good argument that the market might be overextended.

Automatically looking to go short, anticipating a crowded long trade, could be a mistake. Altcoins that pump like this can easily keep the run going longer than expected.

It would be better for swing traders to wait for BAT to settle into a consolidation before looking to buy. Ideally, such a consolidation follows a correction toward $0.115-$0.118.

Final Summary Basic Attention Token has benefited from the rising altcoin enthusiasm in recent weeks and succeeded in establishing a bullish daily swing structure. Long-term investors can wait for a price drop toward $0.10 or lower to look for an ideal buying opportunity to ride the trend upward.

Stablecoin card spending reached $4.31 billion in Q3 2026, and one network handled nearly a quarter of it. TRON processed approximately $998 million in card transactions, or 23.2% of the total, according to data from CryptoRank and Paymentscan reported on October 9, 2026.

The quarter by the numbers Total stablecoin card volume rose 33% from $3.24 billion in Q2 to $4.31 billion in Q3.

TRON led the pack with its roughly $998 million. The Base network came in second at around $636 million, and BNB Chain took third with about $469 million.

Together, those three networks accounted for nearly half of all stablecoin card volume during the quarter.

The most dramatic move came from further down the list. Tether’s Plasma payment network generated roughly $236 million in card volume, up about 250% from the prior quarter.

Why TRON keeps showing up in payments data A stablecoin card works like a prepaid or debit card, except the balance behind it is held in a dollar-pegged token such as USDT or USDC. When the user pays at a store, the card spends from that stablecoin balance. The underlying blockchain is where the money actually settles, which is why the CryptoRank and Paymentscan data breaks volume down by chain.

The research describes TRON as a pivotal liquidity and settlement layer for USDT, Tether’s dollar-pegged token. If a large share of the USDT supply already lives on TRON, card programs built around that token naturally route activity there.

What this means for the stablecoin payments race The research ties this growth to continued expansion in stablecoin card usage, notably USDT and USDC, amid persistent market volatility since 2024.

TRON’s position looks solid on paper, but a 23.2% share is a lead, not a lock. Base and BNB Chain together still outpaced TRON’s volume.

Plasma is the wildcard worth watching. A network backed by Tether, the issuer of USDT, posting roughly 250% quarterly growth hints that the stablecoin issuer itself may want a bigger role in payment rails.

There are also limits to what one quarter of data can tell anyone. Card volume is a single slice of stablecoin activity, and quarterly figures can swing with new product launches, promotions, or shifts in which issuers report through data providers.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.