Bitcoin rebounds near $115,000 alongside altcoins as ‘cautiously optimistic’ traders buy the dip

The XRP community is on high alert as the Ripple vs U.S. Securities and Exchange Commission (SEC) legal battle moves toward what could be a decisive step on August 15. The date could mark the official end of the lawsuit that has loomed over XRP since 2020. However, despite excitement, there’s still confusion about the next steps and whether either side has dropped their respective appeals.

In the days leading up to August 15, one Ripple supporter publicly asked CEO Brad Garlinghouse about the company’s legal approach. Specifically, the user questioned when Ripple dropped its countersuit against the SEC and why Paul Atkins hasn’t moved to fully dismiss the case yet. 

A Former SEC Lawyer Responds

Marc Fagel, a former SEC lawyer, responded to the conversation by explaining that neither Ripple nor the SEC has yet dropped their appeals. According to him, the process involves the SEC voting internally to dismiss its appeal first.

After that, both sides will file the required documents in court to officially withdraw their appeals. These filings will be publicly visible on the court docket once submitted.

Status of the $125 Million Penalty

Fagel also addressed the issue of the $125 million penalty Ripple agreed to pay. The amount has already been paid in cash and is being held in escrow. Once the dismissal process is complete, the funds are expected to be transferred to the U.S. Treasury.

When someone asked whether XRP tokens could be used to pay the penalty instead of cash, Fagel clarified that it was not possible. He said that changing the payment method would require a court order, and neither party is likely to pursue such a request at this stage.

What to Expect Next

Once the SEC officially moves to drop its appeal, Ripple is expected to do the same. After that, both parties will file paperwork to close the case. While the SEC is not required to make a public statement, the court filings will confirm the final outcome.

Japanese bitcoin treasury firm Metaplanet has acquired an additional 463 BTC for $53.7 million, continuing its accumulation of the world's largest cryptocurrency.

Metaplanet disclosed Monday that it purchased the latest 463 BTC at an average price of $115,895 per bitcoin. The company now holds a total of 17,595 BTC, acquired for approximately $1.78 billion at an average price of $101,422, according to its CEO Simon Gerovich.

The latest bitcoin acquisition follows the company's Friday filing of plans to raise up to 555 billion yen ($3.7 billion) through issuing new perpetual preferred shares to support its bitcoin buying strategy.

"Our goal is to have multiple tools to raise capital for buying Bitcoin," said Gerovich in a Sunday post on X. "On a Bitcoin standard, the mission is to continuously grow Bitcoin per share. Issuing perpetual preferreds is a highly accretive tool designed to maximize long-term shareholder value."

With total holdings of 17,595 BTC, Metaplanet currently ranks seventh globally in bitcoin holdings, behind Strategy, MARA, XXI, Bitcoin Standard Treasury Company, Riot, and Trump Media, according to data from Bitcointreasuries.

Metaplanet's stock fell 4.7% by midday Monday in Japan, according to Yahoo Finance data, with markets still open.

Meanwhile, Bitcoin traded up 0.8% in the past 24 hours at $114,645 late Sunday night, recovering slightly from a weekend dip, according to The Block's bitcoin price page.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The cryptocurrency market has seen a strong rebound over the past 24 hours, with several major coins recording solid price increases. The global market cap rose by nearly 2% to reach $3.73 trillion, signaling renewed investor interest after days of uncertainty.

Bitcoin climbed 1.16% to trade at $114,797, while Ethereum jumped 3.69%, now sitting above $3,570. Altcoins also joined the rally. XRP saw a strong 6.65% surge, bouncing back to $3.01, making it one of the day’s top gainers.

Cardano rose 3.76%, Dogecoin gained 3.37%, and Solana added 2.29%, continuing its upward trend with over 14% gains in the last week. SUI and Stellar surged 2.52% and 10.36% respectively.

The sudden shift in market sentiment comes as Trump Media & Technology Group announced a major Bitcoin purchase, adding $2 billion worth of BTC to its treasury. This move brought its total holdings to $3.1 billion.

With the Fear & Greed Index now sitting at a neutral 52, the market seems to be balancing between caution and confidence.

Bitcoin Sees Temporary Rebound

Bitcoin has climbed back above $114,000, showing a mild recovery after its recent dip. However, according to current chart trends and market signals, this may not be the full reversal just yet. Analysts have said that Bitcoin could still retest support levels around $110,000 to $109,000 in the short term. The good news is that Bitcoin is not far from the oversold zone, suggesting that the correction might be nearing its end.

Despite short-term uncertainty, Bitcoin remains well above its 200-day moving average, a key technical indicator that signals the overall trend is still bullish. This move is seen as a healthy retest rather than a sign of weakness. Patterns like an inverse head and shoulders on the chart also hint at a possible upside breakout in August.

XRP is once again under pressure as bearish signals continue to build on both weekly and daily charts. One analyst has said that the token is just hours away from possibly confirming a major bearish divergence on the weekly timeframe, a technical pattern that has previously led to steep price declines. However, at the time of writing, XRP has gained 7% and is trading at $2.99.

Weekly Chart Flashing Warning Signs

XRP’s weekly price chart shows the formation of higher highs in price, while the Relative Strength Index (RSI) is forming lower highs, a classic sign of bearish divergence. This pattern was last seen between late 2020 and mid-2021, when XRP experienced a 60%–70% price drop over three months. Despite some strong bounce-backs during that drop, the overall trend was bearish.

Now, with a similar setup developing, a short-term bounce is still possible. However, the overall outlook for the next one to two months appears bearish, especially if this week’s candle confirms the divergence.

Daily Chart Retests Key Levels

On the daily chart, XRP is currently testing an important price zone between $2.90 and $3.00. This range has acted as both support and resistance in the past. Right now, it’s unclear whether XRP will manage to reclaim this level or get rejected.

If XRP fails to break above $3 and starts forming red candles from this zone, it could signal a new wave of selling. In that case, traders may consider short positions, especially if the level is confirmed as resistance. But if XRP successfully breaks and holds above $3, the token could bounce to $3.15–$3.20, or even test the next resistance near $3.40.

Structure Breakdown Resembles Early 2025 Pattern

The recent price action is looking similar to XRP’s pullback between January and April 2025, when the price broke below multiple key supports after a strong start to the year. That period saw several relief bounces, but the trend remained downward overall.

This means that even if XRP sees temporary recoveries, the larger structure currently leans bearish. Just like earlier this year, where the breakdown played out over weeks, a similar pullback may unfold now, although it may not happen in a straight line.

At this point, much depends on how XRP behaves around the $2.90–$3.00 zone. A rejection could open the doors to a deeper fall, while a strong reclaim above $3 might delay the bearish momentum.

White House AI and crypto czar David Sacks has pushed back on growing fears that AI will wipe out large swathes of the workforce, arguing it still relies heavily on human supervision to generate real business value.

His comments come after Microsoft researchers unveiled a list of the 40 positions most likely to be replaced by AI, some of which are roles also found within the crypto industry.

But Sacks said the “AI job loss narrative is overhyped,” pointing out in a Saturday post on X that AI still needs to be prompted and verified to “drive business value.”

AI does the middle-to-middle work, while humans manage the end-to-end processes, he said.