Category: Crypto market

Ripple Chief Faces U.S Lawmakers on Crypto Legislation

Posted on by Olumide Adesina

Ripple CEO Brad Garlinghouse announced he will speak before the Senate Banking Committee about the importance of passing legislation related to the structure of the cryptocurrency market. His appearance is part of a hearing scheduled for Wednesday, titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets.”

The hearing will feature prominent figures in the crypto industry, including Dan Robinson, General Partner at Paradigm; Jonathan Levin, CEO of Chainalysis; Summer Mersinger, CEO of Blockchain Association; and Brad Garlinghouse. Garlinghouse shared his commitment to attending the Senate Committee hearing in a post on X.

His speech will focus on the urgent need for effective legislation governing the cryptocurrency market structure.

The event is part of “Crypto Week,” a term popularized by House Financial Services Committee Chair Rep. French Hill.

Lawmakers will discuss three significant bills related to the cryptocurrency sector: The Anti-CBDC Surveillance State bill, the market structure CLARITY bill, and the GENIUS stablecoin bill.

Garlinghouse intends to highlight the importance of the CLARITY bill, which aims to regulate the entire cryptocurrency market and address long-standing concerns regarding crypto assets. This legislation seeks to clearly define the regulatory roles of federal agencies, including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Ripple has been striving to move past nearly five years of legal battles with the SEC. The recent progress made by the House could be beneficial, particularly following changes in the SEC’s leadership.

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Ripple: RLUSD integrated into Hidden Road, XRP Explosion Likely

Posted on by Olumide Adesina

Ripple CEO Brad Garlinghouse announced RLUSD will be integrated into Hidden Road’s platform as collateral for all services, marking a major milestone for both Ripple and the digital asset industry.

Garlinghouse emphasized RLUSD’s unique potential for wide-ranging cross-margin trading between digital assets and traditional financial markets.

He pointed out that, unlike many other collateral options tied to outdated financial infrastructure, RLUSD’s main benefit is its ability to operate seamlessly around the clock, year-round. Ripple aims to place RLUSD at the core of global liquidity flows to bridge virtual assets and traditional financial instruments, as Garlinghouse highlighted.

XRP Bollinger Bands suggest that Ripple’s cross-border token may experience a significant move soon, despite trading between $2.15-$2.30 over the past week. According to X user, STEPH IS CRYPTO, the bands are squeezed to a level last seen in November of last year.

Back then, XRP was trading at about $0.50, but in the following months, it surged roughly 600 percent to nearly $3.40. A move of that magnitude could push XRP above $16, where it is currently trading at about $2.27. When a token shows a Bollinger Band squeeze, it indicates a period of mild volatility and may signal an upcoming large price pump or correction.

It’s also important to consider that other factors contributed to XRP’s impressive performance, even though the tightening bands late last year might have played a role.

Ethereum (ETH) Begins Path to $6k Resistance

Posted on by Olumide Adesina

Ethereum (ETH) is expected to reach a new high above $5,000, possibly reaching $6,000 in the upcoming months, based on favorable technical indicators. Since its peak in November 2021, Ethereum has been consolidating in a descending triangle pattern, according to the long-term weekly charts that serve as the basis for the outlook.

ETH is completing a massive ABCDE wave structure within a years-long “symmetrical pennant,” according to Weslad, a market technician, which can only mean an explosion. Weslad recently broke down Ethereum’s price action, explaining that it has formed a massive consolidation pattern since its all-time high of $4,851

He claims that the upper boundary of this structure is currently being tested as it approaches wave D, a critical inflection point.

On the daily chart, a bullish Inverse Head and Shoulders (IHandS) pattern is also developing at the same time. Its neckline is serving as obstinate resistance at $2,855. The analyst’s conclusion was clear:

He dismissed granular metrics in favor of a broad bullish tide, basing his argument on the accelerating adoption of Web3 and a favorable regulatory shift. This technical confluence suggests a coiled spring ready to unleash tremendous energy into the market.

Market watcher Titan of Crypto’s $4,100 target is not far from the ballpark. Ether’s successful recovery back inside its pivotal weekly trading range, with momentum building towards the range high, is the key to his thesis. Strong buying pressure was evident as ETH swiftly recovered the level after briefly falling below it.  It is believed that this move signals the conclusion of a protracted bearish phase that started in March 2024.

Bernstein: Coinbase-Circle Relationship Crucial USDC Growth

Posted on by Olumide Adesina

Coinbase experienced increased investor interest since Circle’s successful listing. The token forms the core of much of the exchange’s stablecoin revenue, which grew by nearly 51% in the first quarter as USDC’s market value hit record highs.

Coinbase earns all interest income from USDC held directly on its platform under the current revenue-sharing agreement, while profits from USDC held off-platform (e.g., other platforms and exchanges) are divided equally between Coinbase and Circle.

It is uncertain whether this agreement will be renegotiated, as the companies renew it every three years, with the next renewal due in 2026. Both parties seem to view the agreement as a foundational partnership rather than a temporary arrangement.  Coinbase’s reach and distribution were crucial for USDC’s growth

 Bernstein analysts stated that Coinbase’s broad reach and distribution were essential for USDC to bootstrap liquidity, which has become a vital advantage for Circle moving forward.

Coinbase is also the largest institutional and retail exchange in the United States with a 67% market share, . Coinbase is expected to remain a major growth driver for USDC as trading activity and stablecoin innovations are increasingly adopted in the US, especially with the anticipated impacts of the GENIUS Act and CLARITY Act. On July 21, Coinbase will launch its perpetual futures product in the US, with USDC as the main collateral.

Bernstein further noted, “There are sufficient tailwinds for both partners to maintain this relationship throughout the long development of the crypto industry and USDC’s widespread adoption outside of the crypto ecosystem.”

Regarding new anchor partners, Bernstein considers Coinbase’s approach to Binance, the world’s largest cryptocurrency exchange with 270 million registered users, to be realistic. “We believe Coinbase would consider the economic sharing in a broader context of extending USDC dominance into payments beyond crypto markets, should Circle pursue new anchor partnerships with leading internet platforms (hypothetically),” Bernstein said

Accordingly, the partnership is likely to remain practical, aiming to boost USDC’s dominance and strengthen its network effects. Bernstein expects Coinbase’s revenue share to slightly decrease by 2027, reaching  50% as USDC’s market share expands within Binance and from increases in blockchain trading and financial services,

XRP: Standard Chartered Bets on Ripple

Posted on by Olumide Adesina

SWIFT and other legacy financial systems are becoming outdated as users prioritize speed and digital responsiveness.

Gautam Jain, Global Head of Digitization and Client Access at Standard Chartered’s Transaction Banking division questioned the viability of traditional payment infrastructure in a recent video posted on X by Edoardo Farina. Jain highlighted the shortcomings of SWIFT and Standard Chartered’s collaboration with Ripple as part of a broader effort to modernize the banking system.

 

Standard Chartered is a key partner of Ripple. Jain’s comments align with a global reassessment by financial institutions of the feasibility of current systems.

Ripple CEO Brad Garlinghouse recently predicted that XRP will capture 14% of SWIFT’s market share within five years, reaffirming Ripple’s goal to transform cross-border payments through XRP and its partners. Many experts believe Ripple will replace SWIFT with XRP.

Meanwhile, ETFs are gaining increasing importance in the cryptocurrency market, particularly for XRP. If an ETF receives approval, XRP could see improved price stability and liquidity, making it more attractive to institutional investors.

There appears to be growing interest in ETFs, which could push the price of XRP higher. Although ETFs can enhance liquidity, they cannot fully eliminate volatility because they remain vulnerable to the unpredictable nature of the cryptocurrency market.

Observers note that XRP’s current prices are relatively stable. It is believed that this price stagnation may be a pause before the market finds a new direction. Given the technical patterns and the rising popularity of ETF products, XRP might be on the verge of a significant price surge.

Nano Labs: Nasdaq-listed Company Buys 74,315 BNB

Posted on by Olumide Adesina

Nano Labs, a publicly traded Chinese company that manufactures Web3 infrastructure and mining chips, announced it acquired 74,315 Binance Coins (BNB). This significant strategic shift marks a bold move for the company, which previously focused on Bitcoin (BTC). Last year, it made headlines by purchasing $55 million worth of Bitcoin and designating it as a reserve asset.

BNB

These developments suggest that Nano Labs is implementing a well-planned strategy to capitalize on the recently passed Stablecoins Bill, set to take effect at the beginning of August. The total transaction is valued at approximately $50 million, with an average price of $672.45 per coin.

Binance’s native token, BNB, is currently the fifth-largest cryptocurrency by market capitalization, worth $100 billion. The founder of Binance, Changpeng Zhao (CZ), has expressed support for this move.

The business has specifically referenced creating regulatory frameworks for Bitcoin and Bitcoin-Number (BTC) and plans to apply for a stablecoin license in Hong Kong. As a result of this acquisition, they now hold about $160 million in total digital currency reserves, including Bitcoin and Binance Coin.

Although Nano Labs is the first publicly traded company to hold BNB in its reserves, other companies are beginning to do the same. The company also announced before the end of last year that it had started accepting Bitcoin payments.

Accepting Bitcoin aligns with Nano Labs’ long-term goal of staying at the forefront of technological development and providing value to customers worldwide. This new capability positions the company to attract more partners and clients who value innovative financial solutions.

 

Ripple: SEC’s Radio Silence Keeps XRP Face Down

Posted on by Olumide Adesina

Ripple (XRP) faces increasing downside risks, reflecting a decline in market sentiment. As of now, XRP is down more than 1 percent at $2.22, despite steady interest in the token, especially in the derivatives market.

The Open Interest (OI) for XRP futures stands at $4.61 billion, up 23.2 percent from its June low of $3.54 billion. OI represents the total value of all futures and options contracts that have not yet been closed or settled. A sustained rise in open interest indicates a growing risk-on sentiment when traders bet on future price increases.
XRP remains in limbo after the SEC stayed silent for another week in the Ripple case. Investors await the SEC’s decision on whether it will appeal the Programmatic Sales of XRP ruling.

The SEC has yet to comment on Ripple’s appeal after the company announced it would withdraw its cross-appeal. Regarding Judge Analisa Torres’ repeated denials of joint motions for an indicative ruling on settlement terms, the SEC has also remained silent.

The SEC’s closed meeting provided SEC Chair Paul Atkins and the Commissioners their first opportunity to vote on whether to dismiss the appeal. A formal announcement may be awaited until the closed meeting on July 10.

Ripple CEO Brad Garlinghouse stated: “Ripple is dropping our cross-appeal, and the SEC is expected to drop their appeal, as they’re doing.”
Exchanges now hold 3.41 billion XRP tokens, up nearly 4.4 percent from the 3.23 billion recorded on June 25.

The rise in exchange balances increases the risk to XRP’s price because investors are more likely to sell when transferring assets between exchanges, according to Glassnode data. Any potential recovery could be hindered by overwhelming selling pressure, which could reduce upward price movements if the uptrend persists. Monitoring this in the coming days and weeks remains crucial