Category: Crypto market

President Donald Trump may have been misled into supporting XRP as a global reserve currency. The report sparked significant debate in the political and cryptocurrency realms, given President Trump’s positive stance on the crypto industry.

According to the reports, Trump’s close associates misled him. However, this newfound enthusiasm may not be based on a comprehensive understanding of the token or its implications.

These individuals may have promoted XRP as a government-backed digital asset that could outperform the U.S. dollar, appealing to Trump’s nationalistic tendencies and desire to maintain American dominance in the global economy.

This incident brings to light a growing problem in crypto politics: deliberate deception and manipulation.
As digital assets become more integrated into financial systems and election-related talking points, concerns about how influential people are informed and counseled on these matters are growing.

The situation escalated when Trump shared content on Truth Social, suggesting that XRP could be a “suitable alternative to the U.S. dollar” in a global reserve context. This post sparked rumors by pro-XRP influencers making exaggerated claims about XRP’s connections to international banks and governmental organizations.

Trump may not have been aware of XRP’s regulatory and legal history, particularly its ongoing disputes with the US Securities and Exchange Commission (SEC). By endorsing a contentious digital asset, Trump may have unintentionally lent political significance to one of the most divisive issues in the cryptocurrency space.

The Japanese investment firm is expanding its crypto treasury by issuing additional bonds, following its most recent acquisition of Bitcoin. In a statement released on May 9, the company stated that  “funds raised will be allocated to the purchase of Bitcoin” through a $21 million issue of “0 percent Ordinary Bonds.”.

 

The holder of a zero-coupon bond receives no interest. They are typically issued at a significant discount to their full value, which is paid to the holder upon maturity.

The company announced it would issue 14th Stock Acquisition Rights to Cayman Islands investment management company EVO Fund, with a November 7 redemption date following its most recent board of directors meeting on May 9.

The Tokyo-listed company revealed on May 7 that it had paid $ 53.4 million to purchase 555 Bitcoin at an average price of $96,134. The business currently owns 5,555 Bitcoin, which were acquired for $481.52 million at an average price of $86,672.

Metaplanet announced on May 7 that it would issue $25 million in zero-coupon ordinary bonds to finance additional Bitcoin purchases.

Metaplanet created Metaplanet Treasury, a fully owned US subsidiary in Florida. To expand its Bitcoin strategy and access US capital markets, it intends to raise $250 million. As a result of Michael Saylor’s company’s Strategy, formerly MicroStrategy, an increasing number of businesses have chosen to include Bitcoin on their balance sheets.

Ether almost recovered more than 70% from the April low, which probably signaled the end of a 10-week bear market that ended on April 9 at a low of $1,385. Over $450 million in short ETH futures positions were liquidated, indicating that market makers and whales were shocked.

 

Traders have remained neutral in ETH derivatives despite the spike.

It is unclear whether the lack of conviction indicates a true trend reversal or signals the start of another test of the $2,000 level. However, they have contributed significantly to establishing Ethereum as the top platform in decentralization and security.

Whether this is evident, some analysts see it as a chance for more short covering, while others argue that Ethereum’s fundamentals haven’t significantly improved yet. Ethereum continues to lead the decentralization space. Recent network improvements have improved layer-2 scalability, regardless of Ether’s price movement.

Ethereum’s most recent achievement: the Pectra upgrade went live, bringing cutting-edge features like account abstraction that streamline user interactions on the blockchain. This update makes Ethereum easier to use for wider acceptance.

Ethereum’s price saw a dramatic 20% increase, surpassing $2,500 on Friday. The strategic withdrawal of $116 million worth of Ethereum from exchanges by Abraxas Capital highlights the increasing interest in Ethereum among institutional investors.

The ETH options market shows whether market makers and whales expect more negative risks. Put (sell) and equivalent call (buy) options are trading at comparable levels, suggesting a neutral outlook. Ether bulls are a little disheartened by this result.

However, after US President Donald Trump changed his mind after publicly endorsing rival altcoins in the past, Ether might once again attract market attention.

Several XRP traders have demanded a steep ascent to recover above $3.9. As of this writing, the asset is trading at $2.32, up 3 percentage points in the last 23 hours and 9 percentage points last week.

 

Bullish calls have been favorable in the crypto market.

The asset will reach multi-year highs following the Securities and Exchange Commission (SEC) lawsuit. An inverse head-and-shoulders pattern appears to be emerging for XRP, with a possible upward target of $2.70 to $2.9. The main driver anticipated to support this bullish trajectory is institutional demand for XRP.

Spot Bitcoin ETFs saw almost $40 billion last year, which caused the price to reach several all-time highs. Following significant investments over the past few months, XRP and Solana ETFs rank highly as investors shift their focus to altcoin products.

Ripple has nearly concluded its lengthy battle with the SEC, the same US Securities and Exchange Commission that has been going after the company since 2020 for allegedly unlawfully selling XRP tokens as securities for several years. The token’s price has been under strain.

Today, however, things have drastically changed. The SEC and Ripple have petitioned the court to authorize a partial settlement. It claims that of the $125 million that was initially suggested, Ripple only agrees to pay $50 million. They receive the remaining 75 million, so one is essentially over.

Ethereum surged, surpassing major altcoins due to strong buying demand in the cryptocurrency market. Since the last week of April, Ethereum has rebounded from a sharp drop in Q1 following President Trump’s tariffs on foreign trading partners.

Ethereum has spent more than two weeks settling between the $1,700 and $1,861 ranges.  It broke above its upper consolidation boundary around the $1,861 mark and posted double-digit gains.

A bullish move was also indicated by the fact that it closed above its descending trendline, which was formed by joining several high levels since early January. As of this writing on Friday, it is leveling off at about $2,200.

ETH may rise toward the $2,550 resistance if it maintains the $2,200 support line.

A strong move above this resistance might signal the start of a significant recovery. However, the Relative Strength Index (RSI) and the Stochastic Oscillator validate exhaustion. Additionally, both technical indicators in the overbought area allow for a possible short-term correction.

Institutions and whales are displaying a preference for the leading altcoin after its rise. Based on data from on-chain alerter Lookonchain, digital asset investment firm Abraxas Capital purchased 49,644 ETH using Binance and Kraken.

Ethereum’s exchange reserve has dropped by 132,000 ETH over the last four days, bringing its total decline since April 24 to 323,000 ETH. This indicates that buying pressure is present.

Developers hope to release Fusaka amid the upcoming update.

Ethereum Foundation (EF) declared that in Q1 of 2025, it gave $32.64 million in grants to several Ethereum ecosystem projects.

The funded projects seek to enhance Ethereum in several important areas: the execution layer, protocol growth and support, developer experience and tooling, cryptography and zero knowledge proofs, consensus layer, community and education, and protocol.

Ripple has agreed to pay $50 million of the $125 million penalty originally proposed in a settlement with the SEC. The company will receive the remaining $75 million.

Market action showed XRP  broke above the $2.25 resistance line during Friday’s trading session amid a bullish crypto market

This officially closes one of the longest-running legal battles in the cryptocurrency industry. The case has been closely monitored throughout the digital asset sector since it was filed during Gary Gensler’s tenure at the SEC. Ripple appears well-positioned for faster growth, having remained financially stable throughout the court case.

Ripple paid a record $1.22 billion to acquire the prestigious brokerage firm Hidden Road. The company was also negotiating a potential $5 billion acquisition with Circle, the USDC issuer, but that offer was reportedly declined.

Ripple will likely intensify its domestic and international acquisition strategy with the lawsuit now resolved and a significant portion of the penalty returned. The court ruling may also impact XRP’s regulatory status, strengthening the argument that XRP is a commodity rather than a security. This clarification could facilitate the approval of an XRP ETF.

Glassnode data indicated that whales have interpreted XRP’s April recovery and early May downtrend as a signal to buy. In total, whales have amassed $2 billion worth of XRP over the previous 30 days, prompting some traders to wonder if some purchases were insider trading.

The altcoin has performed poorly this year. Year-to-date is only 1% higher but 35% lower than its January highs.

Similarly, the token’s inability to sustain its upward momentum in late April and its two rejections of the $2.29 level within a week make it hard to believe that the overall trend will change based on recent market activity. At the very least, the accumulation shows confidence that the token can remain stable before rising again.

Whales offloaded 370 million XRP during the first two weeks of April, making the significant selling by major holders particularly noteworthy.