Hyperliquid Dominates DeFi Revenue, HYPE Hits New ATH, Analysts Say XRP is Preparing for a Huge Run

Hyperliquid is on track for another record-breaking month, having earned $97 million in August, more than it did in July. With the massive growth of the Hyperliquid, the HYPE token has surged to a new all-time high above $50, with analysts predicting it could rise even higher.

Ripple (XRP) is another crypto with positive events lining up. New York Pension Fund has increased its XRP exposure by 543% while the chances of Ripple being used as the global payment system’s blockchain jump to an all-time high. With this, analysts have predicted that the XRP price could pump soon.

$HYPE Hits New ATH As Hyperliquid Dominates DeFi Revenue

The Hyperliquid token, $HYPE, has surged to a new all-time high above $50.99. In August, the price of HYPE increased from under $35 to surge to $50.99. However, $HYPE has now briefly corrected back to the $48.2 zone.

The price surge comes amidst an increase in the adoption of the Hyperliquid exchange. The rise in adoption is reflected in the DeFi revenue generated by Hyperliquid. In July, Hyperliquid led all blockchains in DeFi revenue, clocking a whopping $86.5 million.

Hyperliquid looks on track to break this record, having earned $97 million so far in August. Data from DeFiLlama also shows that the TVL of Hyperliquid is at an all-time high of $747.5 million. 

With the rapid growth of Hyperliquid only projected to continue, analysts have predicted that the price of HYPE will rise even further. According to an analysis from ZeroOnChain, $HYPE has smashed through a key resistance and is trading in an ascending triangle pattern. 

According to the analyst, the HYPE chart structure looks strong, and momentum points towards another big leg up. When the Hyperliquid token breaks out, the next target for HYPE can be as high as $70+.

Ripple Adoption Rises: Will XRP Hit a New All-Time High?

Ripple has seen a significant rise in adoption. According to a post by Tom Tucker, NY State Common Retirement Fund, one of the biggest pension funds in the United States, has boosted its $XRP holdings by 543%. 

According to the analyst, this move signals serious long-term confidence in $XRP and the Ripple blockchain by the NY State Common Retirement Fund. In addition, the odds for XRP being used as a global payment system blockchain have jumped to an ATH of 78%.

In addition, the OI of $XRP Futures OI has surged to $1.27 billion, its highest point in months. This means that big positions are being built by top investors. This suggests that a big move could happen soon.

While this represents just market sentiment, analysts believe that the XRP price is undervalued. Altcoin Gordon tweeted that the fractal of XRP is looking strong and the coming market rally will shock many. 

According to his XRP price prediction, the altcoin can rally as high as $4.39 for a new ATH. The 2W chart shared by Cryptollica suggests that the XRP price could hit $10 in this bull season.