Crypto Today: Bitcoin at risk of further decline, Ethereum recovers to $2,500, XRP holds steady at $0.55

• Bitcoin and Ethereum gain ground on Monday after opening September in the red. 
• XRP hovers around $0.55 as pro-crypto attorneys discuss the impact of a possible SEC appeal to the Ripple lawsuit ruling. 
• Cardano rises slightly after successfully completing its Chang Hard Fork network upgrade. 

Bitcoin, Ethereum and XRP updates

• Bitcoin trades around $58,400, early on Monday. The largest crypto asset by market capitalization opened the month in the red but recovered part of the losses on Monday. Historically, BTC has yielded negative returns for traders in September even as Q4 as a whole remains relatively profitable compared to the rest of the quarters. 
• Ethereum trades at $2,520 after bouncing from key support at $2,400. Over the weekend, Vitalik Buterin discussed on X his recent on-chain Ether transfers, saying that he never sold the altcoin for a profit. Buterin added that he transferred Ethereum tokens to projects he found valuable and for charity purposes. Ethereum founder Vitalik Buterin says never sold Ether for profit, ETH slips under $2,400
• XRP edges up slightly on Monday, trading at around $0.5550 and retracing part of Sunday’s losses. Traders digest the implications for the token in case the US  Securities & Exchange Commission (SEC) decides to appeal the ruling in its case against payment-remittance firm Ripple. 

Chart of the day: DOGE

DOGE/USDT daily chart

Dogecoin (DOGE) is changing hands at $0.09765 at the time of writing. The price of the largest meme coin recovers slightly on Monday, but a look at the daily chart suggests the downward trend persists. In case of a further decline, DOGE could sweep liquidity at the lower boundary of the Fair Value Gap (FVG) extending between $0.09000 and $0.09417, representing a 6.47% price correction from the current levels.

The red histogram bars below the neutral line on the Moving Average Convergence Divergence (MACD) momentum indicator suggest a negative underlying momentum in DOGE. 

Still, a daily candlestick close above $0.10000 could invalidate the bearish thesis and push the meme coin towards the next key resistance at $0.12000. 

Market updates 

• Cardano completed its Chang Hard Fork on September 1, further decentralizing the ADA ecosystem. The update introduced on-chain governance in Cardano and CIP-1694, a Cardano Improvement Proposal that outlines the changes and the community governance structure. 
• Ran Neuner, a widely-followed CNBC crypto trader, left XRP, Shiba Inu and Cardano out of his top 20 crypto recommendations: 

• Data from the Block shows that revenue from Bitcoin miners was at its lowest level in 2024 in August. 

Bitcoin miner revenue (monthly)

Industry updates

• Crypto exchange OKX receives a Major Payment Institution License from The Monetary Authority of Singapore. 

• Chief Legal Officer of Coinbase, Paul Grewal, slammed the SEC for warning bankrupt crypto exchange FTX against making payments in cryptocurrencies.

SEC warns FTX exchange against paying back creditors in stablecoins, digital assets

• Metaplanet CEO Simon Gerovich announced on Monday that the firm has collaborated with SBI VC Trade to enhance its Bitcoin strategy with support from Japan-based institutions. The collaboration is focused on trading, custody and management of Metaplanet’s Bitcoins.

---