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"Ethereum Eyes $1,690 as On-Chain Data Hints at Bottoming Reversal"

The Crypto Basic

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#Ethereum on-chain data and RSI suggest a possible trend reversal toward $1,690 despite a bearish streak and whale exits. 

Read more on: https://thecryptobasic.com/2025/04/09/ethereum-eyes-1690-as-on-chain-data-signals-bottom-formation/
#CryptoNewsCommunity 

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A prominent crypto whale has drawn attention by opening a long position on #XRP with $12 million. According to data from blockchain analytics firm Lookonchain, the whale first capitalized on Ethereum’s early May 2025 rally, securing over $10 million in unrealized gains. However, the focus shifted to XRP, as the same entity recently initiated a long, $12 million leveraged position in the asset. This XRP bet, placed just hours before Lookonchain’s update on May 12, 2025, accumulated over $260,000 in paper profits. Gains on Ethereum Set Stage for XRP Long The whale’s Ethereum strategy unfolded early in the rally, as ETH climbed from around $1,800 to above $2,500 within less than a week. By May 11, Lookonchain confirmed that the trader’s long ETH position had yielded a substantial unrealized profit of more than $10 million. This successful execution appears to have laid the groundwork for the next strategic step. Now, the same whale shifted focus to XRP, opening a 2x leveraged position valued at nearly $12 million. This XRP position has quickly become profitable. Within eight hours, the trade was already up by $261,000. Over the past seven days, XRP posted an over 10% increase, moving from $2.1 to $2.4. Anticipating XRP’s explosive Rally Essentially, this positioning suggests this entity is anticipating XRP’s explosive growth, as the coin has yet to capitalize on the ongoing bull momentum in the market. Despite a modest price increase of over 11% in the past week, XRP has remained relatively subdued compared to earlier market surges. Recall, XRP saw a strong rally that peaked in January 2025, briefly pushing its price above the $3 mark. Following that high, the asset entered a corrective phase, even slipping below the $2 threshold around April. #Crypto

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With Bitcoin returning above $100,000, Binance’s Changpeng Zhao has outlined a golden rule that holders must adhere to in order to lock in good returns. The flagship cryptocurrency reclaimed $100,000 on Thursday, extending its recent top form. Notably, the rally has induced ecstasy in the crypto community, replacing the fears and panic seen in the market a few weeks back when Bitcoin dumped below $80,000. Changpeng Zhao, the co-founder of Binance, acknowledged this mood shift in a recent X post, advising enthusiasts on how to stay profitable in the crypto market. He stated that Bitcoin is easy if you “just don’t panic sell.” Don’t Just Panic Sell: CZ CZ’s tweet was particularly directed to those who could not withstand the market volatility in the past few months and chickened out of their holdings. According to him, holding above the fears, doubts, and uncertainties (FUD) is crucial, as panicking in the face of adverse market conditions would ensure you sell at a loss. Remarkably, the former Binance CEO remained exceptionally calm during Bitcoin’s price slump from its all-time high of $109,300 in January to $74,000 last month. He has often encouraged investors to remain calm and leverage the dips to buy more. With Bitcoin regaining bullish momentum, CZ has reinstated the benefits of not panicking and just holding. To him, it is easier to make staggering returns on the pioneering cryptocurrency and the crypto market cap at large if you keep to this simple but golden rule. Why People Don’t Hold: CZ Meanwhile, in a parallel tweet on May 9, he further highlighted why holding is tedious for some people. In the piece, he emphasized that the lack of girth to HODL is due to investors not understanding blockchain technology and finance. The prominent industry leader noted that buying Bitcoin based on recommendations without an in-depth knowledge of its underlying technology and future trajectory results in lower conviction to hold during downsides. To cure this, CZ recommended personal research and knowledge seeking... #CryptoNewss

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The U.S. SEC and Ripple file a joint motion requesting an indicative ruling to enforce the parties’ settlement agreement. In an unexpected turn of events, the parties filed a motion in a New York federal court yesterday, informing the court of their settlement. SEC Approves Settlement with Ripple The filing comes hours after the SEC officially announced a settlement with Ripple and two of its executives, Chris Larsen and Brad Garlinghouse. The SEC’s commissioners expectedly approved the settlement terms, which require Ripple to pay a fine of $50 million instead of the initial $125 million order and also vacate the permanent injunction imposed on the company’s future XRP sales. This approval has been pending for over a month. However, the SEC approved the decision yesterday following a closed-door meeting at the commission. Parties Ask Judge Torres for Indicative Ruling Following the approval, the parties jointly filed a settlement agreement letter in the New York federal court. In the filing, the SEC and Ripple asked Judge Analisa Torres for an indicative ruling. This ruling would determine whether the judge, upon a future joint motion, would vacate the permanent injunction she imposed in her final judgment last year and release the $125 million held in escrow. Of this amount, the parties want $50 million allocated to the SEC, with the $75 million balance returned to Ripple. Next Steps to Full Resolution Meanwhile, famous defense lawyer James K. Filan highlighted the next steps in resolving the lawsuit. Following the parties’ latest filing, the next steps will hinge on whether Judge Torres grants the indicative ruling to dismiss the injunction and release the fine held in escrow. If granted, the SEC and Ripple will file a motion with the Second Circuit asking for a limited remand to have Judge Torres enforce these orders. Once approved, Judge Torres will have jurisdiction over the case for a limited time.... #Crypto

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