Category: Crypto market

Ripple: U.S Court decision weighs on XRP

Posted on by Olumide Adesina

XRP traded lower on Thursday due to reduced buying support. Price action showed the altcoin fell below $2.25 amid mild sell-offs in the crypto market.

The SEC versus Ripple case remains in the market spotlight as the Court of Appeal submission deadline approaches. The SEC is required to file a report outlining the progress toward a settlement with the Court of Appeals by June 16. However, very little progress has been made toward a settlement since Judge Analisa Torres denied the SEC’s indicative ruling on settlement terms.

The expectation that the SEC will change its mind and file a second request for an indicative ruling has almost faded. However, the agency is certainly notorious for last-minute motions.

Ripple is looking to acquire a license that would permit banking payments powered by XRP in the region, which would greatly increase adoption.

Ripple collaborated with JETRO to support Japan-based Web3 startups and foster innovation. As part of this program, grant funding of up to $200,000 is available per project in areas such as DeFi, tokenization, and payments.

SBI Holdings has already integrated XRP to enable quick and inexpensive cross-border transactions. If the U.S. sees the same level of success as Japan, particularly following the outcome of the SEC vs. Ripple case, it might be a turning point for XRP and the entire cryptocurrency market.

The company’s platform claims high exposure in the global foreign exchange market with end-to-end visibility and real-time settlement. This utility elevates it above the status of a speculative asset.

Ripple’s dedication to innovation is further demonstrated by the launch of Ripple USD (RLUSD), a stablecoin created to solve inefficiencies in conventional payment systems. The anticipated usefulness and adoption of XRP are expected to rise as Ripple continues to enhance its ecosystem.

Forex Signals Brief June 11: US CPI Data Looms Large as Trade Effects Eyed

Posted on by Skerdian Meta

Investors are watching this week’s U.S. CPI release closely for signs of whether April’s inflation uptick was a blip—or the start of a longer tariff-driven trend. Continue reading “Forex Signals Brief June 11: US CPI Data Looms Large as Trade Effects Eyed” →

ProShares Pushes Back on XRP, SOL ETF

Posted on by Olumide Adesina

ProShares filed a request with the financial regulator to amend the effective date for its Solana and XRP spot ETFs, establishing a new deadline of June 25.

The SEC’s cautious approach reflects ongoing concerns about investor protection, market manipulation, and the overall maturity of cryptocurrency markets. In the past, these factors have led to delays in  ETF approvals.

ProShares and Franklin Templeton’s amended filings highlighted a strategic plan for navigating these regulatory challenges, emphasizing compliance and transparency.

This update supports industry expectations that spot cryptocurrency ETFs will soon be approved in the United States as Franklin Templeton’s XRP ETF deadline draws near. S. marketplace.

The SEC’s timeline adjustments are procedurally based, as evidenced by the statement, “This post-effective amendment designates a new effective date for a previously filed post-effective amendment.”.

 ProShares extended the deadline for the Solana and XRP ETFs to June 25, 2025, while Franklin Templeton’s XRP ETF is near approval.

Market analysts have noted the potential for spot ETFs to improve liquidity and expand market access, and investor sentiment has been cautiously optimistic since the announcement.

An important turning point would be reached with the approval of these ETFs, which might lead to more money entering the cryptocurrency market.

Additionally, having well-known financial companies like ProShares and Franklin Templeton in the ETF market lends legitimacy and might inspire more product development in the crypto industry

GameStop Volatility Returns: GME Stock Rides Bitcoin Highs, Tumbles on Q1 Earnings

Posted on by Skerdian Meta

As investors process worse quarterly earnings, GameStop’s stock is once again exhibiting indications of instability following a huge increase driven by its unexpected Bitcoin purchase.
Continue reading “GameStop Volatility Returns: GME Stock Rides Bitcoin Highs, Tumbles on Q1 Earnings” →

U.S Government Charged Crypto Chief For Money Laundering

Posted on by Olumide Adesina

Evita’s founder, a  US-based cryptocurrency payments company, was charged by federal prosecutors in Brooklyn with running what they claim was a complex global money laundering scheme that transferred more than half a billion dollars on behalf of Russian banks and other organizations that were subject to sanctions.

 

Manhattan resident Iurii Gugnin, 38, is a Russian national who was arrested, charged, and ordered to be detained without bail until trial on Monday.

Gugnin is charged in a 22-count indictment with wire and bank fraud, money laundering, violating export controls and US sanctions, and neglecting to follow legally mandated anti-money laundering procedures.

According to a statement from Assistant Attorney General Eisenberg, the defendant is accused of transforming a cryptocurrency company into a clandestine conduit for illicit funds, transferring more than half a billion dollars through the US financial system to support sanctioned Russian banks and assist Russian end users in obtaining sensitive US technology.

 Gugnin processed payments totaling approximately $530 million through his businesses, Evita Investments and Evita Pay, while hiding the sources and uses of the money.

He allegedly channeled funds through US banks and cryptocurrency exchanges between June 2023 and January 2025 using Tether, a popular, dollar-pegged stablecoin.

Ripple: 14 million XRP Tokens destroyed, price hit $2.3 per token

Posted on by Olumide Adesina

About 14 million XRP tokens were permanently destroyed by the XRP Ledger, igniting new debates among the XRP Community. This continuous burn has eliminated over $33 million worth of tokens due to protocol-level transaction fees at $2.3 per XRP.

 

Cobb (@Cobb_XRPL), a well-known voice in the XRP ecosystem, claimed the network destroys between 3,000 and 4,000 XRP daily.

Members of the XRP community have responded by calling this burn mechanism a “quiet march toward scarcity,” highlighting its importance in the long run.

This consistent reduction in supply is regarded by many analysts as a strategic advantage rather than a coincidence.

As daily burn rates continue, the idea that XRP is “burning itself into scarcity” is gaining traction, particularly in a market where many tokens are subject to inflationary pressure.

The deflationary effects of these burns are starting to become apparent as long as XRP is utilized for actual transactions, especially cross-border payments. The more the network is used, the more XRP is permanently lost.

This could eventually drive up prices if demand exceeds the declining supply

Few other digital assets can match the steady decline in XRP’s overall supply. A minimum reserve requirement on the XRP Ledger prevents spam and ensures network integrity.

However, the continuous token burning that occurs automatically with each transaction remains unaffected by this protection

MSTR: Strategy spends $110 million on Bitcoin, holds 582,000 BTC

Posted on by Olumide Adesina

Michael Saylor revealed that Strategy (MSTR)  added 1045 Bitcoin to its holdings with another significant purchase.

 

The business spent about $110,2 million at $105,426 per coin.

Strategy has yielded 17.1% BTC so far this year, and as of yesterday, it had 582,000 BTC that it had purchased for $70,086 each, worth over $42 billion. The company developed a Bitcoin playbook for diversifying corporate treasuries with the top digital asset, so the most recent acquisition is not shocking.

Saylor’s optimism about Bitcoin was strengthened by increased buying pressure from the Nasdaq-listed firm. He is adamant that once Wall Street firms begin investing just 10% of their reserves in Bitcoin, the price will rise to $1 million.

Bitcoin had risen above $108,320 during the U.S. afternoon trading session.

Throughout the morning session, the digital asset traded below $106,000, but the bulls took over and drove the price higher, clearing out about $65 million worth of short positions in just the last six hours. Rekindled hopes of a successful tariff settlement between the US and China are probably linked to the bullish run.

Walter Bloomberg on X reports that the two nations’ delegations reached London and are set to begin negotiations to strengthen the shaky trade truce. Vice Premier He Lifeng leads the Chinese delegation, while Treasury Secretary Scott Bessent heads the US team.

 

 

Forex Signals Brief June 9: Inflation and GDP – What to Watch in Global Forex

Posted on by Skerdian Meta

In a busy macro week, global markets anticipate data on US CPI and PPI inflation, GDP figures, and central bank signals.
Continue reading “Forex Signals Brief June 9: Inflation and GDP – What to Watch in Global Forex” →

Coinbase uses XRP, DOGE to Boost DeFi

Posted on by Olumide Adesina

Coinbase unveiled two new “wrapped” tokens, allowing traders to use Dogecoin and XRP on DeFi protocols. The platform aims to meet the growing demand for cross-chain functionality in the complex DeFi landscape with cbDOGE and cbXRP.

Coinbase Q1 earnings highlight the day

The American listed exchange is leveraging its Ethereum layer-2 Base network to make these new offerings available.

Marcus Hardt, the CEO of the DeFi app Balancer Labs, emphasized that cbDOGE and cbXRP represent a smart strategy to boost user engagement and unlock new liquidity. A Coinbase representative stated: “The introduction of cbDOGE and cbXRP on Base makes trading more accessible to all users and enables customers to utilize the assets they currently own in new ways.”

Applications in the cryptocurrency sector that aim to automate actions like lending or borrowing, eliminating intermediaries and centralized authorities, are collectively known as decentralized finance, or DeFi.

DeFi’s launch aligns with a broader movement into the mainstream. President Trump endorsed a decentralized finance initiative in what was once a complicated and unregulated market. Traders looking to utilize Bitcoin or other digital tokens in DeFi may face challenges since these applications often run on Ethereum.

Wrapped Bitcoin (WBTC) on Ethereum is the most popular solution, attempting to address this issue. However, many wrapped tokens are emerging as the blockchain industry expands.