Crypto Market Update August 11: Chainlink Tops Gains as XRP and Cardano Retest Support Levels

The crypto market is down today, August 11, with the total market cap falling by 1.02% to $2.19 trillion. Chainlink (LINK) is an outlier, as the price records one of its biggest daily gains this month amid Standard Chartered’s bullish forecast. Meanwhile, Ripple (XRP) and Cardano (ADA) are retesting their support levels as selling pressure rises.

Key Factors Driving the Crypto Market Today

The crypto market is dropping today because of returning ETF outflows. The price of Bitcoin (BTC) dropped to $63,700 after BTC ETFs recorded $144 million in outflows on August 10.

Ethereum (ETH) ETFs also saw $14 million in outflows, marking an end to a four-day inflow streak.

Data from SoSoValue shows that only Bitcoin and Ethereum ETFs had outflows on August 10, with the other crypto ETFs registering either slight inflows or zero flows. Solana (SOL) stood out with the highest inflows of $8.83 million.

The geopolitical situation between the US and Iran is also hindering gains in the crypto market after President Trump dismissed calls by Iran for the US to pay for the damages caused by US strikes in the country.

Data from prediction markets now shows that there is a 65% chance that the price of crude oil will reach $85 in August 2026 as traders price in continued aggression between the US and Iran.

The other factor moving the crypto market is the inflation data that comes out tomorrow, August 12, as analysts expect inflation to drop from 3.7% in June 2026 to 3.6% in July 2026 and boost demand for crypto assets.

Crypto Market Data Today

• Total Crypto Market Cap: $2.2 trillion (-0.90%)
• 24-hour Trading Volumes: $54.86 billion
• Bitcoin: $64,340 (-1.11%)
• Ethereum: $1,892 (-1.37%)
• XRP: $1 (-2.48%)
• Bitcoin Dominance: 58.8%
• Ethereum Dominance: 10.4%
• Altcoin Season Index: 39/100
• Fear and Greed Index: 29 (Fear)

Derivatives Market Analysis

Data from Coinglass shows that the open interest across the crypto market is up by 0.6% today, August 11, to $115.48 billion. The total derivatives trading volumes have also doubled from $76 billion on August 10 to $148 billion on August 11.

The total liquidations across the crypto market have also increased by 127% to $211 million, with $151 million being long liquidations and $59 million being short liquidations.

Bitcoin and Ethereum have also seen the biggest liquidations of $51 million and $48 million, respectively. The biggest liquidation order occurred on Hyperliquid, where a BRENTOIL/USD position worth $10.55 million was closed.

Binance also dominated with the biggest liquidation volumes across the crypto market of $88 million, followed by Hyperliquid with $44 million in total liquidations.

Chainlink Price Technical Outlook After 4% Rally

Chainlink price is up by 4.59% to trade at $8.68 at the time of writing. The gains come amid high buying pressure, with data from CoinMarketCap showing that the total trading volumes have increased by 72% to $339 million.

LINK price is gaining because of the bullish long-term Chainlink forecast shared by Standard Chartered analyst Geoff Kendrick, who said Chainlink will reach $200 by 2030.

If Chainlink price continues to outperform the crypto market amid the high buying pressure, the price could target the 200-day EMA of $8.85 before the next bullish leg takes it to the psychological resistance of $10.

The RSI reading of 60 also suggests that the momentum is favoring bears, and this could result in more gains for LINK price.

XRP Price Retests the Psychological Support at $1

XRP price is down by 2.5% today, August 11, to trade at $1 at the time of writing. Bulls are defending this psychological support at $1, considering that XRP has bounced above it two times within 24 hours.

A previous report by CoinGape noted that XRP could drop below $1 because of uncertainty around whether the CLARITY Act bill will pass in 2026.

Data from prediction markets show that there is only a 22% chance that the CLARITY Act bill becomes law in 2026, with the falling odds of passage causing a bearish outlook towards XRP.

If XRP price closes below $1, the price could drop to $0.95 per a previous CoinGape XRP price analysis.

Cardano Flashes Warning Signs as Analyst Predicts Crash to $0.17

Cardano price is down by 3.77% today, August 11, to trade at $0.188 at the time of writing, making it one of the biggest losers in the crypto market today. Data from CoinMarketCap also shows that trading volume had increased by 18% to $243 million.

Analyst Ali Charts now warns that the price of Cardano could drop to $0.144 because the TD Sequential indicator has created a sell signal

The analyst also adds that the MVRV has created a death cross to suggest that the bearish momentum is gaining strength.

Martinez notes that if selling pressure increases because of these warning signs, the price of ADA could drop to test support at $0.170.

Catch up with yesterday’s biggest moves in our Crypto Market Update August 10.