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Baker Hughes Company (BKR) Q2 2026 Earnings Call July 27, 2026 9:30 AM EDT

Company Participants

Chase Mulvehill - Vice President of Investor Relations
Lorenzo Simonelli - Chairman, President & CEO
Ahmed Moghal - Executive VP & CFO

Conference Call Participants

Arun Jayaram - JPMorgan Chase & Co, Research Division
Scott Gruber - Citigroup Inc., Research Division
John Anderson - Barclays Bank PLC, Research Division
Carlos Andres E. Escalante - Wolfe Research, LLC
Marc Bianchi - TD Cowen, Research Division

Presentation

Operator

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company Second Quarter Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to introduce your host for today's conference, Mr. Chase Mulvehill, Vice President of Investor Relations. Sir, you may begin.

Chase Mulvehill
Vice President of Investor Relations

Thank you. Good morning, everyone, and welcome to Baker Hughes Second Quarter Earnings Conference Call. Here with me are our Chairman and CEO, Lorenzo Simonelli; and our CFO, Ahmed Moghal. The earnings release we issued yesterday evening can be found on our website at bakerhughes.com. We will also be using a presentation with our prepared remarks during this webcast, which can be found on our investor website.

As a reminder, we will provide forward-looking statements during this conference call. These statements are not guarantees of future performance and involve a number of risks and assumptions. Please review our SEC filings and website for the factors that could cause actual results to differ materially. Reconciliation of adjusted EBITDA and certain GAAP to non-GAAP measures can be found in our earnings release and presentation available on our investor website.

With that, I will turn the call over to Lorenzo.

Lorenzo Simonelli
Chairman, President & CEO

Thank you, Chase. Good morning, everyone, and thank you for joining us. First, I'd like to provide a

Key Takeaways Innodata is favored over Genpact for faster growth, wider margins and stronger long-term upside.Innodata raised 2026 revenue growth guidance to 40% or more after first-quarter revenues rose 54%.Genpact offers stability and a low valuation, but its mature core business limits overall growth. Artificial intelligence is redefining the global IT services landscape as enterprises accelerate investments in generative AI, agentic AI and intelligent automation. Companies capable of combining deep domain expertise with scalable AI execution are well positioned to benefit from this multiyear transformation. Innodata (INOD - Free Report) and Genpact (G - Free Report) are two companies riding this wave, albeit through distinctly different business models.

Innodata has evolved into a specialized AI data engineering company serving frontier AI labs, hyperscalers and enterprise AI builders, while Genpact is leveraging decades of business process expertise to embed agentic AI into finance, supply chain and enterprise operations. Both are benefiting from rising AI adoption, making them worthwhile stocks to compare today.

Let's dive deep and closely compare the fundamentals of the two stocks to determine which one is a better investment now.

The Case for Innodata StockInnodata continues to establish itself as one of the fastest-growing pure-play AI services companies. The first quarter of 2026 was another record period, with revenues increasing 54% year over year to $90.1 million while adjusted EBITDA nearly doubled to $25 million. Management also raised its full-year 2026 revenue growth outlook to approximately 40% or more from the previous expectation of roughly 35%, reflecting stronger-than-anticipated customer demand.

The company's biggest competitive advantage lies in its strategic position within the AI ecosystem. Rather than building foundation models itself, Innodata provides the specialized data engineering, model evaluation, trust and safety services, reasoning datasets and AI observability platforms that leading AI developers require. During the quarter, the company announced new engagements with one of the world's leading Big Tech companies expected to contribute roughly $51 million in 2026 revenues. Revenues from its other Big Tech customers surged 453% year over year, highlighting improving customer diversification.

Growth opportunities continue expanding well beyond traditional data annotation. Innodata recently introduced its Evaluation and Observability Platform, which has already secured its first $1 million customer engagement, while multiple enterprises are evaluating the solution. The company is also gaining traction across enterprise AI, federal AI programs, robotics and physical AI applications, creating several long-term growth vectors.

Financial execution has been equally impressive. Adjusted gross margin expanded to 47%, well above management's long-term target, while cash, cash equivalents and short-term investments climbed to $117.4 million with virtually no debt outstanding. The company's ability to generate higher margins alongside accelerating growth demonstrates significant operating leverage.

Nevertheless, risks remain. Revenues are still concentrated among several large technology customers, and the stock's premium valuation leaves limited room for execution disappointments if AI spending moderates.

The Case for Genpact StockGenpact represents a more mature but increasingly AI-focused enterprise services company. Rather than targeting frontier AI developers, it helps large global enterprises automate mission-critical operations through agentic AI, advanced analytics and digital transformation.

The company's AI strategy is gaining momentum. First-quarter 2026 revenues increased 6.7% year over year to $1.296 billion, while Advanced Technology Solutions revenues accelerated 24%, now accounting for 27% of total revenues. Gross margin expanded for the twelfth consecutive quarter, highlighting the benefits of shifting toward higher-value AI-enabled offerings.

Management believes Genpact is entering a new growth phase driven by Agentic Operations. The company signed six large transformational deals during the quarter while its Advanced Technology Solutions pipeline expanded more than 30% over the prior 90 days. Growing partnerships with Google Cloud and expanding deployment of proprietary AI solutions across finance, procurement and supply chain operations further strengthen its competitive positioning.

Another major advantage is Genpact's diversified enterprise customer base and recurring managed-services model. These long-term relationships generate stable cash flows and reduce dependence on a handful of AI infrastructure customers.

However, Genpact's mature business also limits its growth potential. Although Advanced Technology Solutions continues to grow rapidly, Core Business Services still generate roughly three-fourths of total revenues, keeping overall company growth in the mid-single digits. As a result, Genpact offers greater stability but less explosive upside than Innodata.

Innodata Has Clearly Outperformed Its PeersThe market has rewarded companies with greater exposure to frontier AI development. Innodata shares have gained 9.7% year to date (YTD), outperforming the Zacks S&P 500 Composite's 7.5% return.

INOD vs G Price Performance (YTD)

Image Source: Zacks Investment Research

By comparison, Genpact stock has plunged 33.2% YTD as investors remained cautious about its slower growth trajectory. Close peers ExlService Holdings (EXLS - Free Report) and Cognizant Technology Solutions (CTSH - Free Report) have also struggled, plummeting 34.8% and 45.2%, respectively, during the same period. Among this peer group, Innodata has emerged as the clear market leader, reflecting investor confidence in its faster AI-driven growth, expanding hyperscaler relationships and increasing exposure to high-value AI infrastructure projects.

Valuation Premium Mirrors Superior Growth ExpectationsThe valuation gap among these AI services companies reflects their very different growth profiles. Innodata currently trades at 36.32X forward 12-month earnings, significantly above Genpact's 7.31X.

INOD vs G Valuation (P/E F12M)

Image Source: Zacks Investment Research

Peer valuations reinforce this contrast. ExlService trades at 11.55X forward 12-month earnings, while Cognizant trades at 7.59X. Genpact and Cognizant command similar multiples because investors expect relatively modest revenue and earnings expansion. ExlService earns a somewhat higher valuation thanks to stronger digital analytics capabilities, yet it still trades at a substantial discount to Innodata. Investors continue assigning Innodata a premium because of its exceptional revenue growth, expanding profitability, rising AI customer wins and considerable long-term runway in frontier AI services.

Earnings Outlook Continues to Favor InnodataAnalyst estimate revisions also support Innodata's stronger investment case. Over the past 60 days, the Zacks Consensus Estimate for 2026 earnings has remained unchanged at $1.14 per share, while the 2027 estimate increased to $1.84 from $1.78. Analysts expect 2026 earnings to grow 23.9% on 42.5% revenue growth, followed by another 61.4% earnings per share (EPS) increase on 29.3% revenue growth in 2027.

INOD EPS Estimate

Image Source: Zacks Investment Research

Genpact's earnings outlook is comparatively more modest. The 2026 consensus estimate for EPS edged lower to $4.05 from $4.06 over the past 60 days, while the 2027 estimate increased slightly to $4.44 from $4.43. Analysts currently project 11% earnings growth on 6.9% revenue growth in 2026, followed by 9.6% EPS growth and 7% revenue growth in 2027.

Genpact EPS Estimate

Image Source: Zacks Investment Research

Which AI Services Stock Offers Better Upside?Both companies stand to benefit from rising enterprise AI adoption, but they appeal to different types of investors. Genpact offers a diversified customer base, recurring revenues and an increasingly AI-enabled business model at an inexpensive valuation. However, its mature operations naturally limit the pace of future growth.

Innodata appears to offer the stronger long-term investment opportunity. The company is delivering substantially faster revenue growth, rapidly expanding margins, raising guidance, broadening its customer base and moving into higher-value AI software and platform offerings. Combined with significantly stronger earnings growth expectations, Innodata currently offers the better upside potential despite trading at a much richer valuation. Innodata currently sports a Zacks Rank #1 (Strong Buy) compared with Genpact's Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Pump.fun’s PUMP token extended its recovery on July 27, rising above $0.002 after the platform’s BOOST rollout and a sharp increase in trading activity strengthened buying pressure.

Summary

PUMP price traded near $0.00214, gaining 6.24% on the daily candle and nearly 20% from its recent low. Trading volume jumped 183.8% above $85 million, according to CoinGecko data supplied for this analysis. Price reclaimed the $0.00190 Fibonacci level, opening a path toward resistance at $0.00226. A bullish MACD and Supertrend reversal support further gains, but $0.00226 remains a key test. PUMP price reclaims $0.002 after BOOST launch According to data from crypto.news, Pump.fun (PUMP) price traded at approximately $0.00214 at the time of writing, up 6.24% on the daily candle. The token opened at $0.00202, fell to an intraday low of $0.00195, and then climbed as high as $0.00216.

The latest advance follows the rollout of BOOST, a Pump.fun mechanism designed to change how liquidity is deployed after meme tokens complete their bonding curves. According to reports, the feature uses targeted token purchases and permanent burns to support eligible assets.

A recommendation from crypto research platform Cryptonary also contributed to the rise, pushing PUMP beyond its recent accumulation range. CoinGecko data supplied for this analysis showed that 24-hour trading volume increased 183.8% to more than $85 million.

That volume expansion matters because it gives the breakout more support than a low-liquidity price spike. PUMP had previously struggled under selling pressure linked to concerns about its large mid-July token unlock, with traders positioning for possible dilution and insider selling.

PUMP breakout targets the $0.00226 resistance The daily chart shows that PUMP has broken above the 0.618 Fibonacci retracement level near $0.00190. This level had acted as an important barrier during previous rebound attempts and could now serve as initial support if the price pulls back.

PUMP price daily chart — July 27 | Source: crypto.news The next major level sits near $0.00226, corresponding to the 0.5 Fibonacci retracement of the decline from $0.00336 to $0.00115. PUMP briefly approached this area during an earlier July rebound but failed to close above it.

A confirmed daily close over $0.00226 would strengthen the bullish structure and expose the 0.382 Fibonacci level near $0.00250. Beyond that, the next upside target would be approximately $0.00280, where the 0.236 retracement meets a former February breakdown area.

However, the long upper wick near $0.00216 shows that sellers remain active before the $0.00220-$0.00226 region. Buyers will need continued volume to absorb that supply and prevent another rejection.

MACD and Supertrend support the bullish case Momentum indicators have turned increasingly constructive. The daily MACD line stands near 0.000127, above its signal line at approximately 0.000096. Its positive histogram has expanded to around 0.000030, showing that upward momentum remains in place.

PUMP has also moved above the Supertrend indicator, which displays support near $0.00157. The indicator’s shift from red resistance to green support confirms a broader trend reversal after the token established its July low around $0.00120.

The bullish case requires PUMP to maintain daily closes above $0.00190. Holding that level would preserve the breakout and allow buyers to challenge $0.00226, followed by $0.00250.

A breakout above $0.00250 could extend the recovery toward $0.00280. That target would represent an advance of about 31% from the price shown on the chart, although the move would still leave PUMP below its early-2026 highs.

A failed breakout could send PUMP back to $0.00165 Despite the improving indicators, PUMP remains exposed to profit-taking after its rapid recovery. A close below $0.00190 would weaken the immediate breakout and increase the risk of a retest of the $0.00180 area.

Stronger support sits around $0.00165, which marks the 0.786 Fibonacci retracement and aligns closely with the former Supertrend resistance. Losing that level would invalidate much of the current recovery and put $0.00140 back in focus.

The July swing low near $0.00115 remains the main bearish invalidation level. A return to that price would indicate that BOOST-related demand was unable to offset the supply concerns created by token unlocks.

Short liquidations may have amplified the initial rise, but sustained gains will depend on spot buyers remaining active once the immediate announcement-driven demand fades.

Fed expectations add a US market catalyst For US traders, the upcoming Federal Reserve meeting represents the next macro test. Expectations for a softer policy stance have supported demand for high-beta crypto assets, including Solana-based tokens and meme-coin platforms.

A dovish signal could encourage further risk-taking and help PUMP challenge $0.00226. Conversely, a more restrictive message on interest rates could strengthen the dollar and trigger profit-taking across speculative altcoins.

PUMP’s short-term outlook is therefore bullish above $0.00190, with $0.00226 and $0.00250 serving as the next targets. Failure to hold the breakout level would shift attention back to $0.00165.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Pump.fun [PUMP] fell to a low of $0.001 two days ago but rebounded alongside the broader market on the 26th of July. The altcoin bounced back to reclaim the $0.0020 resistance level.

At press time, PUMP was trading around $0.00203 after rising by 13.02% on the daily charts. Over the same period, the altcoin’s trading volume surged 157% to $92 million, signaling strong market participation.

PUMP revenue flips Hyperliquid amid rising capital inflow PUMP’s market sentiment was mostly strengthened by reports that PUMP finally surpassed HYPE in revenue.

According to Pump.fun Ecosystem, the protocol’s daily revenue jumped to $7.45 million, outpacing Hyperliquid [HYPE] at $7.31 million. The rising revenue implies that the ecosystem is generating significant income from its operations. 

Source: Pump.fun ecosystem The protocol has generated $1 billion in fees with $448 million in annualized revenue. Additionally, daily capital inflow also remains steady.

Source: Defillama According to Defillama data, USD Inflows have jumped to $5.6 million as of writing, indicating that investors are actively engaged and continue to deploy capital into the protocol.

PUMP token buybacks continue  Notably, the project has spent a significant share of income generated by the network on token buybacks. In fact, the project has bought 154.57 billion tokens, worth approximately $414.27 million.

Source: Pump.fun In the latest purchase, the team acquired 216 million PUMP, according to Lbexplorer. In doing so, the team successfully removed 15.357% of the total supply. Such massive capital inflows show the team’s commitment to the project, especially during a period of extended weakness.

Recently, token buybacks have become one of the most embraced mechanisms by various protocols to reduce supply and market pressure. Often, this approach has provided short-term relief and boosted upward price momentum.

Can the upside momentum hold? With protocol activity remaining steady, PUMP’s upside momentum is slowly strengthening. In fact, the altcoin’s MACD has remained on an upward trajectory, rising to 0.000118 as of writing.

Source: TradingView This signals buyers are gaining control, and the uptrend is likely to continue. To confirm the uptrend, the altcoin’s Relative Strength Vigor Index (RVGI) needs to make a bullish crossover.

The RVGI was rising while its signal line declined, which could clear a path for an upside crossover. If it happens, the altcoin will likely target $0.0022.

However, to achieve this, the altcoin must hold above $0.0020 or risk another drop towards $0.0017.

Final Summary Pump.fun daily revenue flipped Hyperliquid, rising to $7.45 million, and bought back 216 million PUMP.  PUMP surged 13% after successfully defending $0.002, as bulls target a move towards $0.0022. 

OranjeBTC, the largest public corporate Bitcoin treasury holder in Latin America, has added another 6 BTC to its balance sheet. The purchase brings the company’s total stash to 3,918 BTC, worth north of $250 million at current prices.

The quiet accumulator OranjeBTC trades under the ticker OBTC3.SA on Brazil’s primary stock exchange. The company went public through a reverse merger with roughly 3,650 BTC already on its books.

Since then, it’s been adding incrementally. In late June 2026, the company purchased 74 BTC. In early July, it grabbed another 8 BTC. Now this latest 6 BTC buy pushes the total to 3,918.

The math tells an interesting story. OranjeBTC has added roughly 268 BTC since listing, growing its treasury by about 7.3% in less than a year. Not exactly MicroStrategy pace, but consistent enough to rank among the top 25 public corporate Bitcoin holders globally.

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The company’s average acquisition cost basis sits above $100K per BTC. It means OranjeBTC has been buying at what many would consider elevated price levels, signaling genuine conviction rather than opportunistic bottom-fishing.

There was one brief interruption to the buying spree. In late October 2025, the company paused Bitcoin purchases to conduct a share buyback of approximately 99,600 shares for around $220K.

Why a Brazilian Bitcoin treasury matters In Brazil, the calculus shifts. The Brazilian real has experienced significant depreciation over the past decade against the dollar. For a company operating in that currency environment, holding Bitcoin isn’t just a speculative bet. It’s a hedging strategy against local currency weakness.

OranjeBTC’s focused approach, holding only Bitcoin rather than diversifying across multiple crypto assets, mirrors the playbook that Michael Saylor popularized but applies it to a market where the treasury hedge argument arguably makes even more sense.

What this means for investors For Bitcoin bulls, the steady accumulation at a cost basis above $100K reinforces the narrative that sophisticated corporate buyers see current price levels as reasonable entry points.

The risk side of the ledger deserves attention too. An average cost basis exceeding $100K per BTC means OranjeBTC’s entire treasury strategy is underwater if Bitcoin revisits the sub-six-figure range for an extended period. The company went public with 3,650 BTC and has been adding at prices that leave minimal margin for error on the downside.

Investors watching OBTC3.SA should also pay attention to the company’s approach to capital allocation. The brief pivot to share buybacks in October 2025 showed management is willing to toggle between Bitcoin accumulation and equity management depending on market conditions.

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

One of Wall Street’s biggest brokerages just put a number on Bitcoin’s “fair value,” and the methodology is refreshingly boring. Jim Ferraioli, Charles Schwab’s Director of Digital Currencies Research and Strategy, pegs Bitcoin’s fair value at $95,000, based not on technical chart patterns or crypto Twitter sentiment, but on something far more tangible: what it costs the least efficient miners to produce a single coin.

The mining cost framework Using Glassnode data, the model identifies two key tiers. Efficient miners, those running modern hardware in low-cost energy environments, produce Bitcoin at roughly $60,000 per coin. Inefficient miners, operators with older rigs or higher electricity bills, face production costs around $95,000.

The $95,000 figure for inefficient miners is the one Ferraioli treats as the near-term fair-value reference, typically accompanied by a small premium. The logic mirrors commodity pricing: if it costs $95,000 to mine, the market price should trade at or above that level to keep the network’s broader mining base economically viable.

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The $60,000 efficient-miner threshold functions as a fundamental support level, the price floor below which even the most cost-effective operations start feeling pain. That figure also aligns with Bitcoin’s 200-week moving average, which currently sits in the $60,000 to $62,000 range, adding a layer of technical confirmation to the production-cost thesis.

Why production costs matter more than you think This framework gained particular relevance during periods in 2026 when Bitcoin’s price dipped below $80,000. At those levels, a significant portion of mining operations were operating underwater relative to the $95,000 production cost estimate. Schwab’s analysis throughout the June to July period continued to emphasize these production-cost floors as the key fundamental indicator, even as prices remained well below the estimated fair value.

The $95,000 price point has also historically served as a resistance level in previous market cycles, meaning it’s not just a theoretical floor but a price where real market dynamics have played out before.

What Schwab’s entry signals for institutional crypto analysis Ferraioli joined Schwab in 2025, arriving from Morgan Stanley. The firm has been systematically building out its crypto research capability, and the mining-economics model represents the kind of fundamental analysis framework that institutional investors demand before allocating capital.

Production-cost models carry credibility with traditional finance audiences because they mirror how commodities have been analyzed for decades. They’re grounded in measurable inputs like energy costs, hardware depreciation, and infrastructure expenses.

What this means for investors If Schwab’s framework holds, Bitcoin trading significantly below $95,000 represents a market pricing the asset below its marginal cost of production. The $60,000 level becomes the line in the sand: it’s where efficient miners hit breakeven, where the 200-week moving average provides technical support, and where Schwab’s model suggests the most aggressive buying opportunities might emerge during corrections.

The risk is that sentiment-driven sell-offs can push prices below production costs for extended periods, as anyone who lived through 2022 can attest. Miners don’t shut down instantly either. Many operate at a loss for months, hoping for a recovery, which delays the supply contraction that the model relies on for price support.

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

El Salvador is heading into a presidential election with roughly 7,730 $BTC on its government tracker, worth approximately $502 million at current prices. The vote, scheduled for February 2027, will determine whether @nayibbukele's Bitcoin strategy survives its first serious political test.

An Opposition with No Bitcoin Policy Two of the country's main opposition parties have now confirmed their tickets. ARENA has fielded former lawmaker Maytee Iraheta alongside Verónica Henríquez, making it the party's first all-female presidential ticket. The FMLN has put forward physician and union leader Rafael Aguirre with Madai Santos as his running mate. Neither party has published a position on Bitcoin or the existing reserve.

The political arithmetic, however, strongly favours continuity. ARENA currently holds just two of 84 legislative seats, while the FMLN has held none since 2024. Bukele, who was nominated this month for a term running to 2033, polls above 80%. The National Bitcoin Office continues stacking roughly one $BTC per day as the country's opposition lines up challengers for the February 2027 vote.

The IMF Dispute Over the Stack Whether El Salvador's reserve is genuinely growing is a contested question. The IMF's explanation, confirmed by spokesperson Julie Kozack, is that increases in the Strategic Bitcoin Reserve Fund reflect consolidation of $BTC across various government-owned wallets, notably from a BANDESAL cold-storage address, rather than net new market purchases by the public sector. The total $BTC controlled across all government wallets, the IMF says, has remained unchanged.

Under the $1.4 billion loan arrangement, the IMF imposed a continuous quantitative performance criteria prohibiting new Bitcoin acquisitions by public sector entities, maintaining what the organisation described as a "ceiling of zero" throughout the 40-month program period. Following the IMF loan agreement, the government also removed the legal requirement for businesses to accept Bitcoin, effectively restoring the US dollar as the country's sole mandatory currency for everyday transactions.

The reserve's headline number may carry more political weight than its accounting can cleanly support. But with Bukele dominant at the polls and the opposition yet to stake out any crypto position, a change in direction before 2027 looks unlikely.

Sources
CryptoNews: El Salvador Bitcoin Reserve Faces IMF Scrutiny
Decrypt: El Salvador Is Buying Bitcoin Despite IMF Compliance
EdaFace: El Salvador Bitcoin Strategy Faces 2027 Election Test

21h05 ▪ 5 min read ▪ by Luc Jose A.

Summarize this article with:

After four weeks without a single bitcoin purchase, Strategy breaks with a habit that seemed immutable. Michael Saylor’s company, which has become the largest institutional holder of BTC in the world, has suspended its weekly acquisition pace to prioritize strengthening its dollar cash reserves. This change of course comes as the market watches every move, as Strategy’s decisions influence investor sentiment. Is this a simple financial adjustment or a turning point in the American giant’s strategy?

In brief Strategy has suspended its weekly Bitcoin purchases for four consecutive weeks. The injection of 525 million dollars brings the cash treasury to a total of 3.75 billion dollars. This cash cushion guarantees 2.1 years of dividend payments without liquidating a single crypto. This tactical pivot aims to quell criticism about share dilution among traditional investors. A massive injection of 525 million dollars into Strategy’s treasury Strategy has just made a major accounting adjustment to consolidate its financial foundations. This resource reallocation operation is reflected by several key figures and elements :

A cash adjustment : the recent injection of an additional 525 million dollars directly allocated to the fiat currency reserve ; The total volume of liquid assets : a cash treasury now reaching a total amount of 3.75 billion dollars as of Monday, July 27 ; A halt in the purchase pace : a total pause of four consecutive weeks without any bitcoin acquisition, breaking the usual cycle ; Dividend coverage : a financial cushion guaranteeing the full payment of dividends to shareholders over an estimated period of 25 months. On a purely operational level, this unprecedented financial reserve offers unparalleled visibility to the company. Regulatory documents submitted by the firm confirm that this working capital of several billion guarantees the payment of current obligations without disrupting the overall balance of the organization. By sanctifying this reserve in greenbacks, Strategy ensures an ability to calmly honor its future financial commitments. The company thus establishes a robust liquidity framework allowing it to operate in the institutional ecosystem without depending on immediate market conditions.

Criticism regarding share dilution This marked pause in acquisitions is taking place in a particularly tense climate, fueled by strong speculation about the firm’s financial structure. Recent fundraising operations triggered strong concerns among several sector leaders, who openly questioned the sustainability of a scheme relying on continuous issuance of new shares to finance crypto purchases. These critical voices mainly blamed management for exposing longstanding investors to value loss through mechanical dilution.

By making this pivot towards monetary consolidation, management provides a direct response to doubts expressed by its critics. The establishment of this foreign exchange reserve demonstrates to the market that the company has the levers necessary to maintain its dividend payment pace without questioning the structure of its share capital. This demonstration of financial maturity by Michael Saylor’s firm aims to neutralize attacks related to the alleged fragility of its business model while appeasing the concerns of Wall Street analysts.

Maintaining treasury in bitcoin Despite this tactical redeployment of liquidity, the group’s fundamental exposure to the underlying asset remains strictly unchanged. The company fully retains its portfolio of 843,775 bitcoins, reaffirming its undisputed status as the largest publicly traded company holder of the top crypto.

The strict separation between capital held in bitcoin and the operational dollar reserve proves that the firm can weather volatility cycles without ever having to sell a single token to meet its current obligations.

This temporary reorientation opens a deeper reflection on the long-term viability of hybrid corporate treasury strategies. The existence of liquidity covering more than two years of dividends offers considerable flexibility to absorb potential market turbulence while preserving the overall balance sheet.

Ultimately, this preemptive securing of outgoing flows could lay the groundwork for a new governance standard for financial institutions integrating cryptos, demonstrating that it is possible to combine holding high-potential assets with the management rigor required by traditional markets.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Bitmine keeps buying Ether as ETH outperforms BitcoinLatest NewsPublishedJul 27, 2026

The company added nearly 10,000 ETH over the past week, bringing its holdings to 5.79 million Ether, about 85% of which is staked through its validator operations.

Bitmine Immersion Technologies said Monday it holds 5.79 million Ether, or about 4.8% of the cryptocurrency’s total supply, after purchasing nearly 10,000 ETH over the past week.

Bitmine disclosed that about 4.9 million ETH (ETH), or roughly 85% of its holdings, are staked through its validator operations. The company projected annualized staking rewards of about $299 million once all of its Ether is deployed across its staking infrastructure and partner validators. The company’s crypto holdings, cash and marketable securities total $11.8 billion as of July 26.

The latest purchases come as Ether has outperformed Bitcoin (BTC) over the past week. ETH has gained about 2.4% over the past seven days while Bitcoin has fallen roughly 0.7%, according to CoinGecko data. In Monday’s announcement, Bitmine Chairman Tom Lee said the rising ETH/BTC ratio, which he described as being at a three-month high, signaled strengthening momentum for Ether.

Bitcoin and ETH performance over the past seven days. Source: CoinGecko

Bitmine has built the world’s largest corporate Ether treasury, trailing only Strategy among public companies by the value of its digital asset holdings. However, Bitmine’s accumulation strategy has recently diverged from Strategy’s, which has paused Bitcoin purchases in recent weeks.

On Monday, Strategy announced it had raised $544.5 million through stock sales, repurchased $25 million of its STRC preferred shares and increased its US dollar reserve to $3.75 billion, while maintaining holdings of 843,775 BTC.

Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Microsoft AI launches a new self-developed cybersecurity model.

Microsoft AI has launched a new self-developed cybersecurity model, MAI-Cyber-1-Flash. The model operates on the MDASH platform, a multi-agent framework designed to detect and remediate vulnerabilities in large-scale codebases. MDASH announced that the combination of MAI-Cyber-1-Flash and GPT-5.4 scored 12 points higher than Mythos in the CyberGym benchmark test. Microsoft AI stated that the model configuration provided on MDASH is 50% cheaper than its previous optimal setup (GPT-5.4 + 5.4 mini + 5.3 Codex). Source: Jinshi

1 hours ago

A U.S. organization projects that AI will discover twice as many cybersecurity vulnerabilities this year as it did last year.

The number of software security vulnerabilities found in popular tech products in 2026 is projected to be roughly double the 2025 count, with this surge largely attributed to the growing capabilities of artificial intelligence (AI) systems. The U.S. National Vulnerability Database (NVD) shows that 45,207 vulnerabilities have been logged between January and this Monday, a figure nearly matching the total for all of 2025. Last year, the database recorded an all-time high in vulnerabilities. Oracle (ORCL.N) reported that its July monthly software update fixed 1,449 security vulnerabilities, an all-time high, compared to just 309 fixes in the same period last year. Microsoft (MSFT.O) disclosed 642 security vulnerabilities in July, also an all-time high, nearly five times the number from the same period a year ago. Google (GOOG.O) discovered and fixed 433 such vulnerabilities in its latest Chrome browser update, versus only 11 in the equivalent update a year prior. Gabriel Shapiro, a distinguished AI research scientist at cybersecurity firm SentinelOne, noted: “We must face the reality that these tools are boosting people’s ability to uncover software vulnerabilities.” Doug Turner, Google’s Chrome engineering director, said vulnerabilities are being found at an “unprecedented scale and speed” due to advances in AI models and corresponding investments.

1 hours ago

Bitcoin pullback hits crypto treasury firms: TD Cowen slashes Nakamoto’s target price by 58% while retaining a Buy rating.

Wall Street investment bank TD Cowen has cut the price target for Bitcoin treasury company Nakamoto Inc. (NASDAQ: NAKA), slashing the post-stock-split adjusted target from $40 to $17—a 58% reduction—while retaining its "Buy" rating. TD Cowen analysts said the adjustment is mainly driven by pressure from Bitcoin price declines on Nakamoto’s highly leveraged capital structure. While the new target still implies around 275% upside from the current share price of $4.65, the stock is highly sensitive to Bitcoin price swings. TD Cowen forecasts Bitcoin will rebound to $100,000 by the end of 2026, roughly 25% below its all-time high of $126,000 set last October. The firm also expects Nakamoto to pause further Bitcoin purchases before 2027. Analysts noted that Nakamoto’s core value still stems from its Bitcoin holdings: the company currently holds 4,467 BTC worth approximately $290 million, ranking 22nd among public companies globally in Bitcoin holdings. However, its debt and preferred stock financing structure has eroded the asset value available to common shareholders. Recently, Nakamoto has completed several financial adjustments, including repaying roughly $45 million in debt, extending the maturity of $105 million in principal to June 2027, reducing financing costs, and approving a $25 million share repurchase program. Additionally, the company has shut down its previously operated medical clinic business and will focus on Bitcoin media, asset management, and advisory services going forward. Data shows NAKA’s share price has fallen more than 71% year-to-date, while Bitcoin has dropped around 26% over the same period. Market attention is shifting from "continuous BTC purchases" to the balance sheet structure and financing capabilities of Bitcoin treasury companies.

1 hours ago

Registrations for Trump’s account top 7 million, U.S. Treasury Secretary hails it as "the most successful launch project in government history"

U.S. Treasury Secretary Scott Bessent has dubbed Trump Accounts "the most successful launch project in U.S. government history," disclosing that roughly 7 million children have already registered for the initiative. Bessent made the remarks at a meeting of the Financial Literacy and Education Commission, noting that the number of registrants has risen from 6.5 million earlier this month. The U.S. Treasury Department added that the early sign-up rate for Trump Accounts outpaces that of other digital platforms and financial products. Launched on July 4, the program – also known as 530A accounts – is open to all U.S. children under 18 who hold a Social Security number. Under the plan, children born between 2025 and 2028 will receive a one-time $1,000 initial deposit from the U.S. Treasury. Parents, guardians, and grandparents can contribute up to $5,000 annually, with funds invested in ETFs tracking the S&P 500 index. Bessent stated that the project will help ordinary U.S. families access capital markets, "creating a new generation of shareholders" and enabling households long excluded from Wall Street to participate in stock investing. Consultancy McKinsey previously analyzed that with broad participation, Trump Accounts could accumulate approximately $80 billion to over $900 billion in assets for U.S. children over the next decade, though the final scale will depend on family participation rates, willingness to make ongoing contributions, and long-term investment performance.

1 hours ago

NVIDIA and OpenAI are developing a planned $500 billion AI data center project, with a 10GW capacity that could make it the world's largest.

According to The Wall Street Journal (WSJ), citing people familiar with the matter, NVIDIA and OpenAI are in talks for a mega AI data center project worth approximately $500 billion, located in southern Ohio, United States. The project is expected to have a maximum power capacity of 10GW, potentially becoming the world’s largest data center initiative. Reports state that NVIDIA may provide around $250 billion in funding to OpenAI for leasing a data center campus developed by SBEnergy, the energy subsidiary of SoftBank. The total cost of the project is projected to exceed $500 billion, including up to $350 billion for AI chip procurement. The first phase of the data center is scheduled for completion in 2028, with an initial power capacity of roughly 800MW. If fully implemented, its 10GW power scale will far outpace most current large-scale AI infrastructure projects, equivalent to meeting the electricity needs of around 8.4 million U.S. households. The project’s power resources are located on U.S. federal land and are jointly supported by the U.S. and Japan. Japan previously pledged $33 billion in investments for related energy infrastructure in exchange for reduced tariff arrangements. As demand for AI computing power continues to surge, NVIDIA is accelerating its expansion into large-scale AI infrastructure, forging deep partnerships with companies including OpenAI, Meta, Microsoft, and Amazon. If the project moves forward, it will further solidify NVIDIA’s core position in the AI computing power supply chain and push global AI infrastructure into a "trillion-dollar-level" competitive phase.

1 hours ago

Digital asset platform Uphold cuts 17% of its workforce, pivots to enterprise business.

Digital asset trading platform Uphold has announced a global layoff of roughly 17% of its workforce, affecting 85 full-time and contract employees. The company said the restructuring aims to reallocate resources to its fast-growing enterprise services business. Uphold CEO Simon McLoughlin stated that the firm underwent rapid expansion over the past few years, nearly doubling its headcount, and the layoffs represent a realignment of its business strategy. Despite the current slowdown in crypto market trading activity, the company remains bullish on the long-term prospects of digital assets and blockchain technology. Founded in 2015 and headquartered in New York, Uphold offers trading services for cryptocurrencies, fiat currencies, stocks, and precious metals to users. In recent years, it has gradually expanded its enterprise infrastructure business, assisting banks, fintech firms, and brokerages in integrating crypto trading and custody services. The layoffs come amid a prolonged crypto market slump. By the end of Q2 2026, the global total cryptocurrency market cap had fallen to around $2.1 trillion, with trading volumes declining and retail participation waning due to high interest rates, geopolitical uncertainty, and outflows from crypto ETFs. Uphold noted that it has not closed its UK operations or any other overseas offices, and regional operations remain fully functional. Looking ahead, the company plans to continue expanding its enterprise platform, while adding features including U.S. stocks, tokenized securities, asset-backed loans, credit cards, prediction markets, and DeFi yields to its consumer app. Market observers say Uphold’s restructuring reflects the crypto industry’s shift away from relying on retail trading revenue toward competing in institutional services, asset tokenization, and financial infrastructure.

1 hours ago

Apple is facing a lawsuit from three customers who say a fraudulent Bitcoin wallet application on its App Store cost them a combined $1.8 million. The complaint, filed on July 24 in a California federal court, names plaintiffs James Ramirez, Christopher Ellis, and Jalen Delgado.

How the Scam Worked The three plaintiffs say the malicious application impersonated the legitimate Sparrow Bitcoin wallet and instructed them to enter their seed phrases, after which their Bitcoin was transferred to wallets controlled by the scammers.

The scam worked in part because the legitimate Sparrow Wallet is a desktop application available for Windows, macOS, and Linux, and does not offer an iOS version. Any Sparrow-branded app on the App Store is therefore fraudulent by definition. The complaint also alleges Apple ranked the fake app into curated crypto collections, lending it additional credibility.

Ramirez allegedly lost Bitcoin worth about $875,000, Ellis lost around $840,000, and Delgado lost approximately $120,000, with thefts occurring between May and August 2025.

A Pattern Apple Was Warned About The lawsuit argues Apple had prior notice and failed to act. Sparrow Wallet developer Craig Raw publicly addressed Apple's slow response to multiple fake versions of his app appearing in the App Store, noting as early as January 2024 that a scam listing had persisted despite weeks of reports. Raw later attempted to protect users by submitting a placeholder app containing screenshots stating that Sparrow Wallet is desktop-only, only for his Apple Developer account to be flagged for termination due to "dishonest activity," a decision Apple later reversed.

The lawsuit alleges that even when victims reported fraud, Apple often took little to no action, and says other fake Sparrow apps remain in the App Store. The plaintiffs argue the fraud succeeded precisely because Apple had spent years marketing the App Store as a uniquely safe and trusted environment.

In response, Apple said it has taken swift action to remove any apps impersonating Sparrow Wallet on the App Store and to terminate developer accounts associated with those apps. The company also pointed to its own analysis showing that in 2025 it rejected more than 371,000 submissions that copied other apps, were spam, or otherwise misled users. The plaintiffs are seeking damages covering all funds lost through the fraudulent application.

Sources
BleepingComputer: Apple sued over fake App Store crypto wallet app stealing $1.8M in Bitcoin
MacRumors: Apple Responds to Lawsuit Over Fake Bitcoin Wallet Scam in App Store
TechCrunch: Apple sued after alleged App Store crypto scam cost users $1.8M

TLDR Bitcoin trades near $65,000, well below its historical valuation range. The MVRV Z-Score stands near 0.42, compared with its long-term average of 1.7. The indicator fell to about 0.185 on June 30, its lowest level this cycle. Bitcoin has not entered negative MVRV territory, which marked past capitulation phases. Investors realized about $8.5 billion in net losses during June. Realized profit and loss recently turned positive, showing that selling pressure is easing. Bitcoin is trading near $65,000 while key valuation data remains well below historical levels. The latest MVRV Z-Score stands near 0.42, compared with its long-term average of 1.7.

This gap has placed Bitcoin valuation at the center of market attention. The reading suggests BTC is cheaper than usual, but it has not reached the extreme levels often seen near major cycle bottoms.

Bitcoin Valuation Stays Below Its Long-Term Average The MVRV Z-Score compares Bitcoin’s market value with the value of coins based on their last movement. Traders use it to judge whether BTC is trading above or below its usual range.

The score has stayed below 1.7 for the past month. It also fell to about 0.185 on June 30, its lowest point of the current cycle, before recovering as Bitcoin moved higher.

Bitcoin has traded between $64,000 and $66,000 after falling about 15% over three months. The narrow range shows that buyers and sellers remain cautious before the Federal Reserve’s next rate decision.

CryptoQuant data also shows that investors locked in net losses during most of the past 30 days. Realized losses reached about $8.5 billion in June, followed by almost $3 billion in mid-July.

That pattern changed during the past week. Realized profit and loss turned positive, with daily gains ranging from $400 million to $500 million. The latest reading stood near $239 million.

No Clear Capitulation Signal Yet Previous Bitcoin bottoms often formed when the MVRV Z-Score dropped below zero. During late 2022, the metric stayed negative for several weeks while BTC traded near $16,000 to $17,000.

The current Bitcoin valuation remains above that level. Holders have reduced selling, but the market has not seen the same panic that marked the previous bear-market low.

Analyst Crazzyblockk said the market may be passing through a deep reset without a full capitulation event. Bitcoin has gained about 6% since trading near $60,000 in late June.

A move in the Z-Score toward 1.7 would show stronger valuation conditions. It could also support a wider price recovery if demand continues to improve.

A drop below 0.185 would send a different message. Negative readings could point to renewed stress and further losses before Bitcoin price finds a stronger base.

TLDR Strive purchased 79 BTC for about $5.2 million between July 20 and July 24. The latest purchase increased Strive’s total Bitcoin holdings to 20,000 BTC. The company paid an average price of $65,723 per Bitcoin, including fees. Strive’s Bitcoin treasury is now worth roughly $1.3 billion. The company can raise to $4.2 billion through its capital program. Strive has purchased 79 Bitcoin, lifting its total holdings from 19,921 BTC to 20,000 BTC. The company spent about $5.2 million between July 20 and July 24.

The average purchase price stood at $65,723 per coin, including fees. Its current Bitcoin reserve is worth about $1.3 billion based on market prices.

Strive adopted Bitcoin as a treasury asset in September 2025. Since then, the company has used capital raised through stock sales to support its buying plan.

Strive can raise to $4.2 billion under its approved capital program. It plans to direct much of that funding toward additional Bitcoin purchases as cash becomes available.

Strive completed its merger with Semler Scientific in January 2026. The all-stock deal added more than 5,000 BTC to the company’s balance sheet without using cash.

The structure left Strive with room to fund new purchases. It also gave the company access to cash raised through sales of ASST and SATA shares.

Cash Position Supports Further Purchases Strive reported cash reserves of $157.4 million in July, up from $154.1 million. However, it also posted a quarterly net loss of $393.6 million.

The company focuses on increasing Bitcoin per share rather than only raising its total coin count. Strive follows a model similar to Strategy, the largest corporate Bitcoin holder.

Strategy holds more than 843,000 BTC, while Twenty One Capital owns over 43,500 BTC. Metaplanet holds about 43,000 BTC but has paused purchases.

Other firms have reduced exposure. Satsuma Technology sold 579 BTC in December and approved the sale of its remaining 668 BTC this month.

Smarter Web Company and Nakamoto have also sold part of their reserves. Strategy paused purchases as Strive continued adding Bitcoin to its treasury.

Litecoin [LTC] is gradually gaining momentum but remains stuck in a bearish market structure. Meanwhile, LTC’s network activity continues to grow steadily, yet the altcoin’s price is lagging on a broader scale.

What’s behind Litecoin’s network activity growth? Litecoin’s Adjusted Economic Value (AEV) has more than tripled over the last year and continues to grow steadily. According to data from FORCEX, payments rose from 8.81 million LTC to 30.95 million LTC in the same period.

The AEV shows the actual amount of LTC tokens sent, excluding the unspent transaction output (UTXO). As such, it shows there is real ledger usage growth, which is bullish for the whole ecosystem.

Source: FORCEX The gross value moved, including UTXO, has almost doubled from 38.21 million LTC to 58.43 million LTC tokens. This shows the AEV is growing more than the entire transaction volume, indicating usage is up.

However, some users have criticized the metric, arguing SegWit transactions send the entire balance of LTC even for small transactions. The thing is, AEV addresses that issue and hence becomes a true measure of network activity.

Additionally, the number of LTC holders has grown by 2,483% in 24 hours and stood at 8.86 million as of press time. This reinforces network activity growth.

Source: Litecoin Explorer One factor driving this network’s growth is exposure to traditional institutional capital. For example, Swiss bank BancaStato now allows customers to buy, sell, and hold LTC directly within their normal accounts.

Can LTC price recover? On the charts, Litecoin was attempting a recovery as the price moved above a slanting support after the 9-day SMA crossed above the 21-day SMA.

This followed six weeks of consolidation between $41 and $45, beneath the $50 resistance. However, LTC has now broken out of that consolidation and appears headed toward $50, a former support zone that has turned into resistance.

Source: LTC/USDT on TradingView On the contrary, failure to reclaim $50 as support might extend the bearish market structure.

Moreover, the altcoin is slowing down after retesting the slanting support level. This bearish trend persists despite a commendable average transaction volume of 862.5K LTC per day.

Final Summary Litecoin’s AEV spikes by 3x in just a year, confirming sustained growth in network activity.  LTC’s price is rising and respecting a slanting support, but it faces a key test at the $50 zone. 

The XRP Ledger ecosystem is preparing for the activation of the highly anticipated fixCleanup3_2_0 amendment, which is scheduled to go live in less than two days. Latest data from XRPScan indicates the current countdown stands at approximately 1 day and 23 hours, with implementation expected on July 29.

Consensus and amendment activationThe fixCleanup3_2_0 amendment successfully achieved majority consensus among validators after an 85.71% approval in recent voting rounds. According to the XRP Ledger’s amendment system, an 80% supermajority is required to trigger the two-week activation timer for any change impacting transaction processing. Once this threshold is reached and maintained continuously for the specified period, the amendment is enabled on the mainnet.

Validators, who play a crucial role in overseeing network upgrades, are responsible for reviewing proposed changes and signaling their approval through the consensus process. This rigorous voting mechanism is designed to safeguard the integrity of the ledger and prevent contentious or untested changes from being adopted prematurely.

Mini dictionary: XRP Ledger amendment system – A governance mechanism allowing validators to vote on proposed protocol updates, requiring 80% approval over two weeks for activation.

Improvements and past upgradesBarring any unforeseen circumstances, the fixCleanup3_2_0 upgrade will integrate several important fixes and enhancements. The update addresses issues related to Single Asset Vaults, the Lending Protocol, permissioned decentralized exchanges (DEX), Multi-Purpose Tokens, and permissioned domains within the XRP Ledger.

This latest amendment follows Ripple’s recent efforts to prioritize security and reliability across the Ledger. Earlier this year, Ripple introduced a dedicated AI-assisted red team tasked with proactively hunting for vulnerabilities in the XRP Ledger ecosystem. Ripple, a San Francisco-based enterprise blockchain company, is the primary driving force behind the XRP Ledger’s development and ongoing upgrades.

The current upgrade comes shortly after fixCleanup3_1_3 was activated on May 27, delivering critical fixes for NFTs, Permissioned Domains, Vaults, and the Lending Protocol. That amendment was seen as a direct response to discovered issues affecting the smooth functioning of these features.

XRPL version 3.2.0, launched in June, focused mainly on system cleanup and maintenance. It closed out multiple fixes from Ripple’s backlog, retired amendments that had been activated for over two years, and introduced the fixCleanup3_2_0 amendment.

Ripple’s escalation in security efforts began in March, when the company announced its commitment to continuous security audits by deploying an AI-powered red team. This initiative aims to detect and mitigate vulnerabilities before they impact users or applications built on the XRP Ledger.

The 3.1.3 release, which included the previous fixCleanup3_1_3 change, marked the first security-focused update emerging from these intensified monitoring efforts.

Looking aheadOnce live, the fixCleanup3_2_0 amendment is expected to enhance protocol reliability and user experience for projects and applications relying on the XRP Ledger. If no last-minute challenges arise, the mainnet upgrade will proceed according to the planned schedule.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Altcoins

27 July 2026 | 16:17 XRP traded near $1.10 at the time of writing, once again testing the rising trendline connecting its higher lows since late June.

Key Takeaways XRP defended rising support on July 25. Price returned after a weak rebound. Binance funding is modestly positive. Repeated tests leave the trendline vulnerable. Price first reached this boundary during the July 25 session, when buyers absorbed enough selling to prevent a confirmed breakdown. The rebound stalled around $1.11, leaving XRP back at the same support only two sessions later.

The triangle remains intact, but the limited response weakens the defence. Buyers have absorbed repeated selling without pushing price decisively away from the boundary, increasing the importance of the next daily close.

Binance Funding Shows a Modest Shift Positioning on Binance’s perpetual futures market has turned slightly more constructive. According to CryptoQuant’s latest analysis, XRP funding rose to approximately 0.00138 after briefly falling below zero, while its 30-day Z-score reached 0.21.

Binance XRP funding rate and 30-day z-score metrics tracking market leverage. The Z-score places funding only slightly above its recent average. Binance traders are leaning towards longs again, but positioning remains far from an overheated bullish extreme.

This signal is specific to Binance derivatives, while the technical chart reflects Coinbase spot trading. The improvement is consistent with reduced bearish pressure on a major leveraged venue, but it cannot establish that spot demand has strengthened across the wider market.

So far, the shift has coincided with price stabilising at support rather than breaking higher. Broader confirmation would require stronger spot volume and a move through the resistance immediately above XRP.

The Weak Rebound Keeps Buyers Under Pressure XRP remains below its 50-day simple moving average near $1.11. A daily close above it would create distance from the rising boundary and bring the horizontal resistance around $1.15 back into focus.

Daily XRP/USD technical price chart highlighting key support levels and indicators. That level has rejected several rallies since late June and forms the upper side of the triangle. A breakout supported by stronger volume would show that demand has moved beyond simply defending the lower trendline.

The broader structure would remain under pressure even then. XRP’s 100-day SMA stands near $1.23, while the 200-day SMA sits around $1.38. Both continue to slope downward and remain well above price.

A Daily Close Below Support Would Expose $1 An intraday move beneath the rising line would carry less weight than a daily close below it. A confirmed loss would interrupt the sequence of higher lows and expose the July low around $1.01, followed by the psychological $1 level.

Binance funding would then help show how leveraged traders respond. A return below zero would indicate renewed demand for short positions. Funding remaining positive during a breakdown could leave recent longs vulnerable if selling accelerates.

The next signals are clear: watch whether XRP reclaims its short-term moving average and whether volume expands during another test of $1.15. Another weak bounce from the trendline would leave support increasingly exposed, while a close below it would shift the immediate focus back to $1.

Disclaimer: This article is for informational and analytical purposes only and does not constitute financial or investment advice. Technical patterns and derivatives indicators do not guarantee future price movements. Methodology: Technical levels are based on the supplied daily XRP/USD Coinbase chart dated July 27, 2026. Funding and Z-score data are specific to Binance perpetual futures and come from the linked CryptoQuant analysis. Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

While the market watched the token and the trade press counted the acquisitions, Ripple became the second-largest corporate political donor in America. The crypto industry now supplies more than a third of all corporate election money, its flagship super PAC holds a $193 million war chest, and the bill it was all built to pass is on the Senate floor this month. Here is the audit of the spend.

Summary

Fairshake and its two affiliated super PACs entered the 2026 midterm cycle with roughly $193 million in cash, a figure disclosed ahead of the January Federal Election Commission deadline and larger than the entire crypto industry deployed across all of 2024. Ripple has contributed about $48 million this cycle, second only to Andreessen Horowitz among corporate donors by one accounting, alongside Coinbase at roughly $56 million, with a further $1 million sent directly to a single Senate candidate. Public Citizen’s tally puts total crypto election spending near $189 million, roughly 37% of all corporate money in the cycle, more than artificial intelligence, Big Tech, and online gambling combined. The structure is three PACs, not one: Fairshake for bipartisan candidate spending, Protect Progress for Democratic races, and Defend American Jobs for Republican ones, a design that lets the same money work both sides without appearing in the same place. The investment gets marked this month: the market-structure bill the spending exists to pass faces its decisive Senate window before the August recess, and roughly $110 million of the war chest remains unspent with the November midterms four months out. Ripple spent about $4 billion buying companies over three years, and this publication audited that empire last week. The company also spent roughly $48 million buying something else, and almost nobody has audited that at all. The second purchase does not appear on any acquisition list, produces no revenue line, and cannot be valued by any multiple, but it is aimed at the same outcome as the first: a legal environment in which the assembled business is permitted to operate. Ripple is now, by one national tally, the second-largest corporate political donor in the United States this cycle, behind only Andreessen Horowitz and ahead of every bank, airline, pharmaceutical company, and defense contractor in the country. It sits alongside Coinbase inside Fairshake, the crypto industry’s flagship super PAC network, which entered the 2026 midterm cycle with roughly $193 million in cash, more than the entire industry deployed across the whole of the 2024 elections, and which has already spent more than $82 million with four months of campaign still to run. The industry as a whole now supplies more than a third of all corporate election money in America. This piece is the ledger: what was given, how the machine is built, what the last cycle’s version of it actually bought, where it demonstrably failed, and why the next few weeks are when the position gets marked.

The ledger, itemized Start with the numbers, because their scale is the part most coverage understates.

Fairshake and its affiliates disclosed roughly $193 million on hand in January, ahead of the Federal Election Commission’s reporting deadline, a figure about 37% higher than its July 2025 disclosure. The second half of 2025 supplied the jump: Ripple contributed $25 million in a single commitment, Andreessen Horowitz added $24 million, and Coinbase had already put in $25 million earlier in the year, roughly $74 million from three companies in six months. Cycle-to-date totals run higher than those individual checks. Public Citizen’s accounting puts Coinbase at about $56 million and Ripple at about $48 million across the cycle’s channels, with a separate tally ranking Ripple second among all corporate donors nationally behind Andreessen Horowitz at $51.65 million. The figures differ because the counting differs, some tallies aggregate only Fairshake contributions while others include direct candidate giving and other committees, and any honest citation has to say which. What no accounting disputes is the order of magnitude: three crypto companies have put roughly $150 million into a single election cycle.

The industry total is the number that reframes everything. Public Citizen puts crypto’s 2026 election spending near $189 million, approximately 37% of all corporate political money in the cycle, against $517 million in total corporate spending that is itself up 12% from all of 2024. Artificial intelligence and Big Tech combined contributed about $60 million; online gambling about $45.6 million. One industry, younger than the iPhone, now outspends every other corporate sector in American politics, and roughly $56 million of crypto money went to MAGA Inc alongside the $82 million flowing through Fairshake.

Beyond the flagship network sits additional capacity: a newer vehicle called Fellowship PAC claimed a $100 million commitment for pro-crypto candidates, meaning the sector’s declared electoral firepower exceeds a quarter of a billion dollars before a single general-election ballot has been counted.

And then there is the retail-scale detail that shows the strategy has a second gear. Ripple sent $1 million directly to John Deaton, the pro-crypto attorney who lost Massachusetts’s 2024 Senate race to Elizabeth Warren by nearly twenty points and is running again in 2026 for the state’s other seat. Direct candidate contributions of that size are unusual, visible, and personal in a way super PAC money is not, which makes the Deaton line the clearest statement of intent in the entire ledger.

The machine: three PACs, one checkbook The structure deserves explanation, because its design is the reason the money works harder than its size suggests.

Fairshake operates as three entities. Fairshake itself directs funds to candidates across both parties. Protect Progress spends in Democratic races. Defend American Jobs spends in Republican ones. The architecture solves a specific problem in American electoral finance: money that visibly funds both parties is politically awkward in primaries, where partisan credibility is the currency, so the network splits itself into partisan-facing vehicles that draw from the same donor base and coordinate the same strategy. A Democratic primary voter sees Protect Progress; a Republican primary voter sees Defend American Jobs; both are the same industry, and neither ad mentions cryptocurrency at all, because Fairshake’s signature tactic has always been to spend on issues unrelated to its own, funding advertisements about housing, healthcare, or a candidate’s record while the crypto position remains the invisible criterion.

The targeting is equally deliberate. Fairshake concentrates in primaries, where money moves outcomes furthest per dollar, and in a small number of races selected for signaling value. Protect Progress backed Adrian Boafo in a Maryland Democratic primary this cycle, and he won. That pattern, early money in low-turnout contests, is how a nine-figure war chest contests dozens of races without ever needing to win a national argument about digital assets.

The strategic effect is the one Fairshake’s own spokespeople describe most plainly: the network is standing infrastructure now, not a one-cycle experiment. The 2024 build converted heavy experimental spending into permanent capability, with money left over, $64 million carried into this cycle before a dollar of new fundraising. An industry that can credibly promise to spend against a legislator in the next primary does not need to spend in most of them, which is the quiet dividend of the whole enterprise and the reason the unspent balance matters as much as the deployed one.

What the money bought last time The 2024 record is the only evidence base for what this spending achieves, and it points in one direction while carrying an important asterisk.

Fairshake and its affiliates raised approximately $93 million across the 2023-2024 build and spent more than $130 million on media buys supporting candidates they classified as pro-crypto and opposing those classified as anti-crypto. Two results defined the cycle’s reputation: Jamaal Bowman and Cori Bush, both incumbent House members regarded as industry critics, lost primaries in which Fairshake-funded advertising was widely credited as a decisive factor. Neither race was fought on crypto policy. Both outcomes were read across Capitol Hill as proof that the industry could end a career in a primary, and that reading, more than any individual seat, is what the money actually purchased. Legislative behavior since has been consistent with the lesson having landed: the House passed the market-structure bill 294 to 134, the stablecoin statute cleared with bipartisan support, and the number of members willing to be publicly identified as anti-crypto has thinned considerably.

The asterisk is Massachusetts. The industry’s most direct 2024 investment, backing John Deaton against Elizabeth Warren, its most prominent legislative opponent, failed by nearly twenty points, and it failed in the way that matters analytically: money could not make a general-electorate race about crypto when the electorate cared about something else. That result maps the strategy’s boundary precisely. Fairshake money is extremely effective in low-turnout primaries where a modest advertising advantage decides a small electorate, and largely ineffective in high-salience general elections where partisan identity dominates. Deaton is running again in 2026, with another $1 million from Ripple already committed, which will test whether the boundary moved or whether the industry is buying the same lesson twice.

The countervailing case, made properly An audit owes the other side its strongest form, and there are two of them, pointing in opposite directions.

The critics’ case is structural rather than moral. Public Citizen’s objection is not that crypto participates in politics but that the concentration distorts: when a single industry supplies more than a third of all corporate election money, the ordinary pluralism that keeps any one sector from dominating a legislature stops functioning, and legislators facing a nine-figure adversary in their next primary make different choices than legislators facing ordinary lobbying. The insider-adjacent critique is sharper still. The industry is spending to shape the rules governing its own regulation, and the rules in question, market structure, agency jurisdiction, and enforcement authority, determine whether the same companies face securities liability. That is not corruption in any legal sense, and it is exactly the arrangement campaign-finance reformers have described as legalized capture for fifty years.

The industry’s case is that this is what every regulated sector does, and it is not a weak argument. Banking, pharmaceuticals, energy, and telecommunications have all spent decades funding candidates and shaping the statutes that govern them, and crypto arrived to a legal environment in which its participants faced enforcement actions predicated on rules nobody had written for them. Political spending, on this reading, is the industry’s only proportionate response to an existential regulatory posture, and its bipartisan structure, funding Democrats and Republicans by design, is evidence of issue-based rather than partisan intent. Both cases are true simultaneously: this is normal American interest-group politics, and it is happening at a scale and concentration that has few peers in the modern record.

NEW: More than 100 crypto companies, including Coinbase, Ripple, and a16z, are pressing the Senate Banking Committee to move forward with the CLARITY Act, citing risks of jobs moving overseas without US regulatory clarity https://t.co/NFsjGXWGUB pic.twitter.com/OObAR7EP8j

— crypto.news (@cryptodotnews) April 24, 2026 The week the position gets marked Which brings the ledger to the present, where several clocks converge at once.

The market-structure legislation that the entire apparatus exists to pass faces its decisive Senate window before the August recess, with the outcome resting on a small number of Democratic crossover votes and a negotiation whose remaining disputes this publication has covered in detail. Fairshake’s money did not buy those votes and cannot, super PAC spending is prospective leverage over future primaries, not a transaction over a pending bill, but it is unquestionably part of the environment in which those senators are calculating. If the bill passes, the industry’s electoral investment will be credited with having built the conditions for it, and the remaining balance rolls into November with a validated theory. If it fails, roughly $110 million of unspent capacity meets a midterm election in which the industry has both the resources and the stated motive to remove specific legislators from office, and the 2027 Congress becomes the target instead.

Either way, the more interesting question for Ripple specifically is the one the ledger poses and cannot answer: the company has now spent about $4 billion assembling an institutional financial business and about $48 million assembling the political conditions for it, and only one of those investments has a disclosed return. The empire, as this publication’s audit found, is designed to succeed with or without the token. The political spend is designed to make the empire legal. Neither line item is about XRP, which is perhaps the most honest summary available of where Ripple’s actual priorities sit, and the market that still prices the company through its token’s chart is, once again, reading the wrong ledger.

What to watch The FEC filings after the Senate acts. Contribution and expenditure reports covering the coming weeks will show whether the industry accelerates into November or banks the balance. Sharp increases immediately after a legislative outcome, in either direction, would confirm the spending is tightly coupled to the bill rather than to a general political posture.

Deaton’s Massachusetts numbers. The rematch is the strategy’s clearest controlled experiment: the same candidate, the same state, a different seat, and a second round of industry money. A materially closer result would suggest the 2024 ceiling has lifted; a repeat would confirm that Fairshake money buys primaries and not general elections.

Which incumbents draw funded challengers. Watch whether the senators who blocked or slowed the market-structure bill face Fairshake-affiliated primary spending in their next cycles. That is the mechanism by which the 2024 lesson gets re-taught, and it is the most direct measure of whether the industry treats this vote as a scorecard.

The disclosure gap. Independent tallies of crypto political money differ by tens of millions depending on which vehicles are counted, and some contributions surface only in later filings. Any figure quoted before the FEC’s next full disclosure cycle, including the ones in this piece, is provisional, and the revisions are usually upward.

A closing observation about what this spending is not, because the distinction gets lost in the headline numbers. Campaign money is the smaller and more visible half of the industry’s influence apparatus; the larger half is conventional lobbying, trade associations, regulatory comment letters, personnel flowing between agencies and firms, and the technical assistance that shapes statutory language line by line long before any floor vote. Fairshake’s $193 million buys electoral leverage, which is a blunt instrument aimed at composition: who sits in the chamber. The quieter machinery aims at text: what the bill says once the chamber has been settled. Ripple’s participation in both is the reason the acquisition audit and this one belong on the same shelf, since a chartered bank application, a prime brokerage, and a stablecoin all depend on statutory definitions that are drafted in rooms no super PAC advertisement can reach. Judged only by the electoral ledger, the industry’s investment looks enormous and its returns ambiguous. Judged across both channels, the returns are already visible in the shape of the legislation itself, an asset taxonomy the industry helped define, a developer shield it asked for, a grandfather clause that resolves its most valuable assets’ status by statute. The $48 million is the part that files with the Federal Election Commission. It is not the part that writes the law, and the two should never be confused, least of all by anyone trying to estimate what the money actually bought.

Disclaimer: This article is for information and educational purposes only and does not constitute financial, investment, legal, or political advice. Campaign finance figures are drawn from third-party tallies and disclosures that vary by methodology and are revised as filings are published. Nothing here is a recommendation regarding any company, asset, candidate, or political position. Always do your own research. Information is accurate as of July 26, 2026.

Frequently Asked Questions How much has Ripple spent on US politics this cycle? Approximately $48 million across the 2026 cycle by Public Citizen’s accounting, including a $25 million contribution to the Fairshake network disclosed in late 2025, plus about $1 million given directly to Senate candidate John Deaton in Massachusetts. One national tally ranks Ripple second among all corporate political donors this cycle, behind Andreessen Horowitz at roughly $51.65 million.

What is Fairshake? The cryptocurrency industry’s flagship super PAC network, structured as three affiliated entities: Fairshake, which spends across both parties; Protect Progress, focused on Democratic races; and Defend American Jobs, focused on Republican ones. The network entered the 2026 midterm cycle with roughly $193 million in cash, funded primarily by Coinbase, Ripple, and Andreessen Horowitz, and had spent more than $82 million by mid-year.

How does crypto’s spending compare to other industries? It leads all of them. Public Citizen puts crypto election spending near $189 million, about 37% of all corporate political money in the 2026 cycle, against roughly $60 million from artificial intelligence and Big Tech combined and $45.6 million from online gambling. Total corporate election spending reached about $517 million, up 12% from the entire 2024 cycle.

Did this spending work in 2024? In primaries, apparently yes. Fairshake and affiliates spent more than $130 million on media in 2024, and industry-funded advertising was widely credited with defeating incumbent House members Jamaal Bowman and Cori Bush in primaries, outcomes read across Congress as proof the sector could end a career. In general elections the record is worse: the industry’s backing of John Deaton against Elizabeth Warren failed by nearly twenty points.

Why do the ads rarely mention crypto? Because Fairshake’s tactic is to spend on locally salient issues while the crypto position operates as the invisible selection criterion. Advertising in these races typically addresses housing, healthcare, or a candidate’s record, which is more persuasive to primary electorates than digital-asset policy and avoids making the industry itself the subject of the campaign.

Does this money buy votes on pending legislation? Not directly, and the distinction matters legally and analytically. Super PAC spending is independent expenditure aimed at future elections, not payment for legislative action, and coordination with campaigns is prohibited. Its influence is prospective: legislators weigh the possibility of a well-funded primary challenge, which shapes the environment around votes without constituting a transaction over any particular one.

What is the criticism of this level of spending? Public Citizen and similar groups argue the concentration distorts representation: when one industry supplies more than a third of corporate election money, the pluralism that prevents any single sector from dominating legislative outcomes weakens, particularly when the industry is funding the rules governing its own regulation. The industry’s response is that banking, pharmaceuticals, and energy have done the same for decades, and that political participation is a proportionate answer to enforcement-driven regulation.

What happens to the unspent money? Roughly $110 million of the war chest remained unspent at mid-year with the November midterms approaching, and the industry has additional declared capacity, including a newer vehicle claiming a $100 million commitment. If the pending market-structure legislation passes, that balance rolls into November behind a validated strategy; if it fails, the same money meets an election in which the industry has stated its intent to change the composition of Congress. This is educational analysis, not investment or political advice.

Japan advances crypto rules, XRP gains ground with financial sector partnerships

Coach Chad predicts major XRP move as CLARITY Act nears approval

Key Takeaways Ryder's second-quarter EPS rose 12.4% to $3.73 as revenues increased 5% to $3.35 billion.Ryder raised 2026 EPS guidance as fleet earnings improved and first-half free cash flow reached $684 million.Ryder's $7.46 billion debt, limited liquidity and weak momentum profile support a selective stance. Ryder System (R - Free Report) ) has given investors plenty to assess after a sharp 2026 rally and another quarter of earnings growth. Shares are up 39.9% year to date, reflecting better execution and improving used vehicle conditions.

The case is not one-sided. Ryder’s earnings momentum, valuation discount and cash returns support investor interest, but leverage, economic uncertainty and a weaker momentum profile argue for selectivity.

Ryder’s Earnings Beat Strengthens the Bull CaseRyder reported second-quarter 2026 comparable earnings per share of $3.73, up 12.4% year over year. The result exceeded the consensus estimate, with the latest EPS surprise at 0.8%.

Total revenues rose 5% year over year to $3.35 billion. Fleet Management Solutions was a key driver, with earnings before taxes increasing 20% to $150 million on better contractual business performance and improved used vehicle sales.

Management also raised full-year comparable EPS guidance to $14.40-$14.80 from the prior range of $14.05-$14.80. The higher outlook supports the view that Ryder’s contractual portfolio and strategic initiatives are translating into earnings growth.

R Trades Below Key Sales Valuation BenchmarksRyder trades at 0.68X forward 12-month price-to-sales, well below 2.33X for its Zacks sub-industry, 1.45X for the broader transportation sector and 4.97X for the S&P 500.

That discount supports the value argument, especially for investors comparing Ryder with other transportation names. XPO, Inc. (XPO - Free Report) is tied more directly to asset-based less-than-truckload freight transportation, while J.B. Hunt Transport Services, Inc. (JBHT - Free Report) offers a broader freight and logistics model across North America.

Still, Ryder’s own history tempers the valuation case. The stock is also trading at the high end of its five-year price-to-sales range, which has run from 0.28X to 0.68X, with a median of 0.42X.

Ryder’s Cash Returns Reward ShareholdersRyder returned $406 million to shareholders through dividends and buybacks in the first half of 2026. That followed $664 million returned in 2025, $456 million in 2024 and $465 million in 2023.

Since 2021, Ryder has repurchased 26% of its outstanding shares and increased its quarterly dividend by 74%. The latest dividend increase was 11%, marking the fourth straight year of a double-digit raise.

Buybacks can strengthen per-share earnings when supported by durable cash flow. Ryder’s first-half free cash flow rose to $684 million from $461 million a year earlier, giving the company room to reward shareholders while funding fleet replacement and contractual growth.

R’s Debt Burden Limits the UpsideThe balance sheet remains the main offset. Ryder exited the second quarter with $219 million in cash and cash equivalents against $7.46 billion in total debt, including the current portion.

Its current ratio of 0.65 also reflects limited short-term liquidity flexibility. That matters for a capital-intensive leasing model that requires steady investment in vehicles and equipment.

The risk is not immediate distress, but sensitivity. If economic conditions weaken or funding costs stay restrictive, elevated leverage could narrow Ryder’s room to maneuver.

Ryder’s Price Target Leaves Moderate PotentialRyder’s $303 price target compares with the reported share price of $267.68. That implies about 13.2% appreciation potential from that level.

The upside is meaningful, but not overwhelming after the stock’s 39.9% year-to-date gain. Investors are no longer looking at a neglected setup.

Industry positioning also adds caution. Ryder’s industry sits in the bottom 32% of the Zacks Industry Rank, limiting the broader near-term backdrop even as company-specific execution has improved.

R’s Signals Favor Patience Over AggressionThe bottom line: Ryder’s earnings growth, value profile and shareholder returns keep the stock on the radar, but the rally has already priced in part of the improvement.

The stock currently carries a Zacks Rank #3 (Hold), which supports a measured stance rather than an aggressive near-term buying call. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Ryder’s Value Score of A and VGM Score of A strengthen the valuation case. Its Growth Score of B points to improving earnings prospects, while the Momentum Score of D cautions against chasing the stock after its strong advance.

XRP is showing renewed signs of strength as market data points to improving buyer confidence and sustainable momentum. Technical analysts have highlighted several factors suggesting that the asset, associated with the Ripple payment protocol, may be preparing for a more robust upward movement.

Technical data points to healthy demandAnalyst Crypto Patel noted that perpetual futures markets are registering positive funding rates, indicating that traders are willing to pay a premium to maintain long positions in XRP. Such funding rates typically reflect bullish sentiment, as investors expect further price appreciation.

Unlike previous speculative phases, Patel observed that current funding levels remain moderate. This suggests that renewed demand is emerging in a more stable manner, supported by actual capital rather than excessive leverage.

XRP’s 30-day Z-Score has also climbed above zero, signaling a shift in momentum after a period of consolidation. A Z-Score in this range indicates that the asset’s price is trading above its recent average and may be entering the early stages of a trend reversal.

Analysts view these signals as evidence that XRP is moving from an accumulation phase to the beginnings of a bullish trend. Another positive sign has been the growth of spot buying activity, reducing reliance on leveraged positions and indicating more genuine market participation.

Mini dictionary: Z-Score, a statistical metric that shows how far a data point is from the mean; in crypto, it can identify when an asset is trading significantly above or below its historical average, helping analysts spot early trend changes.

Support and resistance levels guide outlookMarket analyst Diana highlighted that XRP recently defended the $1.08 support mark, bouncing back within a consolidation range that stretches up to $1.145. According to CoinCodex figures, XRP was trading at $1.11 as buying interest persisted.

The four-hour chart reveals improving structure, with XRP establishing higher lows after recent pullbacks. This pattern often signals that buyers are gradually gaining control at higher price points.

Additionally, the Relative Strength Index (RSI) has climbed to about 48 and crossed its signal line, an indication that bearish momentum is receding. The price has also reclaimed key moving averages, strengthening short-term prospects for buyers.

A series of resistance levels remain in focus. Initial resistance appears from $1.103 to $1.107, with more significant opposition near $1.117. However, market participants are watching the $1.145 barrier, the upper boundary of the current range. Should XRP break past this mark, analysts cite $1.20 and then the $1.29 to $1.30 range as the next targets.

LevelSupport / Resistance$1.08Support$1.103-$1.107First resistance$1.117Dynamic resistance$1.145Major resistance$1.20Target on breakout$1.29-$1.30Next technical targetSpotlight on fundamentals and institutional growthDespite technical optimism, XRP continues to trade below levels some investors regard as fair value given recent advances by Ripple, the company behind XRP. Ripple has made significant regulatory progress, including major wins with authorities, attracted approximately $1 billion in spot ETF inflows, and grown its global payments infrastructure.

At the same time, XRP’s price remains well below its highs from earlier in 2025. This has led some market participants to suggest that positive developments have not yet been fully reflected in the market.

XRP’s transition from leveraged speculation to spot-driven demand is viewed as a more sustainable foundation by analysts, while a successful move above the $1.145 level would reinforce the emerging bullish trend.

Japan’s rapid progress in digital asset regulation and growing partnerships—especially through SBI Ripple Asia—are further supporting XRP’s use in cross-border payment solutions, enhancing its global footprint.

As a result, increasing institutional adoption and broader utility for XRP are expected to eventually influence the asset’s performance, provided current technical trends continue.

For now, traders are closely watching the $1.145 resistance level as the key obstacle for the next phase of upward momentum. Continued support at $1.08 is seen as confirmation that buyers remain in control during this consolidation phase.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

A recent analysis by wealth-focused YouTube host Kamilah Stevenson indicates that XRP’s largest token holders have been steadily increasing their positions amid a prolonged decline in the token’s price since its July peak. Stevenson highlighted that these major holders accumulated roughly 4.63 billion XRP, valued at about $4.9 billion, during the extended downturn.

Major accumulators increase balances during price weaknessStevenson’s review of on-chain wallet and exchange data suggests that XRP’s large holders, often referred to as “whales,” steadily added to their reserves while smaller investors reduced exposure. Initially, these whales reportedly sold into XRP’s rally, causing their combined balance to drop to around 7.5 billion XRP by mid-August.

As the market continued to retrace, these major holders reversed course, with their cumulative balances climbing to 11.8 billion XRP by December. After stabilizing for three months, accumulation resumed in March.

According to Stevenson, current balances have reached approximately 12.13 billion XRP. She described this activity as a series of purchases throughout the downturn, rather than a single major buy near market highs.

They did not buy the top and hold, but rather accumulated positions as the price weakened, Stevenson said.

She further interprets these inflows as large wallets absorbing supply from mid-sized holders. Wallets controlling between 10 million and 100 million XRP have shown steady accumulation patterns, while those managing between 100,000 and 10 million XRP have predominantly been distributing tokens.

Exchange flow and wallet trends signal reduced selling pressureStevenson also pointed to elevated levels of outflows from Binance, the world’s largest cryptocurrency exchange by trading volume, where the outflow dominance reportedly reached 91.4%. Meanwhile, retail activity across major exchanges slipped roughly 8.4% in the same period.

She stated that around 90.5% of these exchange flows were attributed to large holders withdrawing their coins to self-custody, rather than moving assets onto platforms for sale. This trend suggests a tightening supply available for trading on exchanges.

Currently, more than 332,000 wallets hold at least 10,000 XRP, reflecting broad, established ownership. However, new wallet creation declined to its lowest rate since November 2024, pointing to subdued demand from new market entrants even as existing holders restructured their positions.

Stevenson drew parallels to earlier periods, comparing recent exchange flows and wallet behaviors to episodes ahead of XRP rallies in October 2024 and June 2023. At the same time, she cautioned that historical signals have not always led to immediate price rebounds.

Large holders can be early, so their accumulation does not always guarantee an instant market move, Stevenson noted.

YouTube personality Kamilah Stevenson is known for her in-depth analysis of cryptocurrency wealth trends and frequently shares insights on on-chain activity within the digital asset market.

Mini dictionary: Kamilah Stevenson is a prominent content creator focusing on cryptocurrency trends and wealth strategies, with a large audience on YouTube.

PeriodLarge Holder XRP BalanceKey TrendMid-August 20247.5 billionSold into rallyDecember 202411.8 billionAccumulated during declineMarch 2025Resumed accumulationContinued growth in balanceCurrent12.13 billionStill accumulatingDisclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

XRP approaches third retest of 8-year resistance, eyes $8 to $13 targets