Quick overview

Live XRP/USD Chart

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Bitcoin (BTC) outperformed XRP on May 22 as the GENIUS Act’s progress fueled hopes for Congress to pass the Bitcoin Act. The pioneer crypto asset reached a new high on Thursday, hitting above the $111K resistance line while XRP strolled below the $2.5 resistance line

There has been a surge in state-level support for cryptocurrencies, raising expectations that lawmakers will enact the Bitcoin Act. Senate Bill 21, also known as the Texas Strategic Bitcoin Reserve and Investment Act, was approved by Texas on May 21.

Once Governor Greg Abbott signs the bill into law, the state can establish a special treasury fund to invest in cryptocurrencies, including Bitcoin.

Ripple still needs legal clarity. The SEC requested an indicative ruling on the terms of the case’s settlement, but Judge Analisa Torres denied their request.

The agency had asked Judge Torres to reduce the $125 million fine and to ban the sale of XRP to institutional investors. Due to a procedural error, Judge Torres denied the SEC’s request, stating that it was not filed following Rule 60.

The recent court decision raises another significant issue. The SEC may decide to vote on whether to dismiss the appeal, regardless of the settlement’s outcome, particularly if Ripple chooses to withdraw its cross-appeal. Additionally, more delays in spot ETF reviews are expected today, as the SEC has recently postponed its review of Grayscale’s XRP Trust conversion and the Franklin XRP Fund.

However, the weekly Golden Cross of XRP/BTC has frequently preceded XRP outperforming Bitcoin. This crossover suggests that the trend may be shifting back in XRP’s favor, potentially sparking a surge in investor interest.

Activity within the XRP Ledger ecosystem is spiking at this signal’s occurrence. Messari reports this quarter saw a 142% increase in active addresses and a 304% surge in RLUSD’s market capitalization. With improved fundamentals and heightened institutional recognition of the network, the Golden Cross is not isolated in this context; rather, it is part of a larger dynamic.