CryptoPotato

Is Ripple Truly in Possession of 48 Billion XRP Tokens?

Ripple Labs, the company behind the highly popular altcoin XRP, has been mired in controversy over allegations of selling their own altcoin to fund operations. Recently, attention has been drawn to the large number of tokens the company allegedly controls—approximately 48 billion XRP or $100 billion worth, which it uses to fund operations and sells a portion of each month.

Ripple's CTO, David Schwartz, and a senior software engineer, Mayuka Vadari, argue that while these funds are in escrow and will ultimately return to Ripple, the company cannot currently access or use them. Despite the technicality, Ripple Labs is expected to receive these tokens according to escrow conditions, just as it has in the past.

Could the Expiry of $15 Billion Worth of Bitcoin Options Affect Cryptocurrency Markets?

Approximately 140,000 Bitcoin options contracts, with a notional value of nearly $15 billion, are set to expire on Friday, June 27. The event coincides with the end of the month and the second quarter, potentially impacting spot markets. The options contracts have a put/call ratio of 0.74, indicating more long sellers than shorts, and a max pain point of $102,000. Open interest is highest at the $140,000 strike price.

In addition to Bitcoin, about 940,000 Ethereum contracts are also expiring, with a notional value of $2.3 billion. This brings the total notional value of crypto options set to expire on Friday to approximately $17.3 billion. The crypto market is currently in a two-month sideways trading channel, with Bitcoin showing resilience despite failing to surpass resistance at $108,000.

Global Network Introduces Preferential Blockspace for Authenticated Users Supporting 13M Members

World, previously known as Worldcoin, has introduced a new feature called "Priority Blockspace for Humans" (PBH) on its World Chain mainnet. The infrastructure prioritizes transactions from verified human users, stepping away from the traditional gas fee bidding mechanisms. PBH activates during network congestion, reserving space for transactions from Orb-verified individuals. The system aims for quicker and more reliable access to core services without additional costs.

This supports developers building for World's 13 million verified users network, and is part of a broader goal to create an international network of over a billion authenticated users. The project launched in the US in April and continues to expand despite ongoing scrutiny over its data collection practices.

XRP Value Declines After Latest Ripple Disappointment in Ongoing SEC Lawsuit

US District Judge Analisa Torres has ruled against both the SEC and Ripple in their joint motion, dealing another blow to the ongoing legal battle that commenced over four years ago. Despite Ripple CEO Brad Garlinghouse's announcement in March that the lawsuit had concluded, the case remains unresolved. Ripple and the SEC had agreed on a minor penalty of $50 million, substantially less than the original $125 million ruling or the SEC's initial claim of $2 billion.

However, Judge Torres rejected the joint motion for an indicative ruling, considered a setback for both parties. This has impacted XRP's price negatively, which has declined by over 3% and trades well below $2.15, despite overall market improvements.

Not Only TRUMP: Wallets Associated with MELANIA Coin Liquidate Substantial Shares Amid 98.4% Price Plunge

The group managing the second meme coin tied to America's First Family, MELANIA, have been selling a significant amount of the token over recent months. Lookonchain's on-chain data reveals that they've sold over 8% of the total MELANIA supply, amounting to over $35 million from 44 wallets. The MELANIA coin has experienced a severe price drop, with its value declining by 98.4% in just a few months.

This sell-off trend mirrors that of the TRUMP token, which has also seen large portions being disposed of by associated wallets. A notable instance occurred just before the US initiated a missile attack on Iran, causing the entire crypto market, including the TRUMP meme coin, to plummet.

Market at a Turning Point as Bitcoin's Net Taker Volume Exceeds $100M

Bitcoin and other cryptocurrencies are recovering impressively following the increased global tensions between Israel and Iran. As Bitcoin trades above $107K, it is approaching a crucial point as on-chain and macroeconomic signals merge. On June 24, Binance’s Net Taker Volume exceeded $100M for the first time since June 9, indicating increased buying and selling pressure. However, this surge might be due to aggressive retail participation or over-leveraged short positions liquidation rather than sustainable investor demand.

Meanwhile, the outflows of stablecoins from derivative exchanges have surpassed $1.25B, indicating weakening support for long positions and a broader capital withdrawal from risk-on environments. These developments, along with growing speculation about a shift in US monetary policy, suggest increasing risk-off sentiment in financial markets and potential for a near-term market correction.

Bitcoin Enthusiasts Keen to Break $108,000 Barrier, Faced with Stiff Resistance from Sellers (Market Monitor)

Bitcoin's value has repeatedly attempted to surpass the $108,000 mark in the last two days, indicating a bullish trend. However, sellers have been staunchly defending this level, preventing any significant increase. The cryptocurrency has reached this key level several times but has yet to break through successfully. Currently, Bitcoin is trading around $107,500, and it remains to be seen whether the bullish trend can push it above the $108,000 hurdle.

It's important to note that Bitcoin has reclaimed its 50-day exponential moving average, a critical technical indicator which is often seen as support during corrections in a broader bullish trend. Meanwhile, the performance of altcoins has been mixed, with Bitcoin Cash showing a nearly 4% increase on the day, while others such as HYPE, ADA, DOGE, SUI, HBAR, and DOT have dropped between 2% to 5%.

Metaplanet Increases Bitcoin Portfolio, Surpassing Tesla with $133M Investment

Metaplanet, a Tokyo-based investment company, recently purchased an additional 1,234 Bitcoins for $133 million, taking its total holdings to 12,345 BTC. With this acquisition, Metaplanet has overtaken Tesla to become the fifth-largest corporate Bitcoin holder. The company's CEO, Simon Gerovich, announced this milestone on Twitter, marking the achievement as a significant step for the firm. The acquisition follows a funding round in which Metaplanet raised ¥74.9 billion ($515 million), primarily aimed at expanding its Bitcoin portfolio.

The firm aims to own 1% of Bitcoin's total capped supply of 21 million coins, making it one of the most dedicated corporate Bitcoin advocates. Metaplanet has also proposed a "555 Million Plan" to issue 555 million new shares to raise $5.4 billion for future Bitcoin investments.

Kalshi Attains $2B Valuation After Recent Funding Round in Crypto Prediction Market

Cryptocurrency prediction platform, Kalshi, successfully raised $185 million in a Series C round, led by Paradigm, reaching a $2 billion valuation. CEO Tarek Mansour stated that the funding will be used to expand the firm’s technology team for integration with more brokers. The company has already collaborated with Robinhood Markets and Webull, providing customers access to Kalshi’s contracts.

Interestingly, this comes as Kalshi's main competitor, Polymarket, is raising $200 million at a $1 billion valuation. The two prediction market platforms are taking different approaches to regulation and market access. Kalshi operates legally in the US under CFTC regulation, while Polymarket faces restrictions in several countries.

Ethereum (ETH) Continues to Encounter Intense Sell-off at Key Threshold

Ethereum (ETH) recently rallied after nearing the $2,000 mark, driven by renewed optimism following a ceasefire announcement between Israel and Iran by President Trump and a resurgence in US spot Ethereum ETF inflows. This pushed ETH past the $2,400 level, with the digital asset currently testing its 50-day Exponential Moving Average (EMA), a historically crucial turning point.

CryptoQuant analysis suggests that a definitive breakout above the $2,500-$2,600 range could lead to a short-term rally towards the $2,800 resistance, and potentially up to $4,000. Geopolitical tensions involving the US, Israel, and Iran, however, continue to introduce volatility into the crypto market. Bitcoinsensus's latest findings indicate Ethereum is entering the final and most explosive phase of its 4-year market cycle, hinting that the 2025 market top could come earlier than expected.

Wen altseason?

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Leading Cryptocurrencies to Monitor: Data Indicates Potential for Significant Growth

New on-chain data shows a significant profit disparity among major cryptocurrencies, sparking conjecture about which are set for significant growth. Market intelligence platform, Santiment, reports that 94.5% of Bitcoin (BTC) holders and 88.7% of Ethereum (ETH) holders are in unrealized profit. However, less than half of Cardano (ADA) holders are in profit, suggesting potential undervaluation. Despite recent sell-offs, Bitcoin has maintained its value due to new buyer demand.

On the other hand, ADA has been declining, making it potentially attractive to contrarian investors. Santiment's data suggests coins like Chainlink (LINK) and ADA might have untapped growth potential if sentiment improves. Crucial factors include Bitcoin's ability to maintain support amid profit-taking, Ethereum's leverage unwind, and the conversion of oversold signals into sustained demand for altcoins.

Is XRP Approaching a Significant Breakout Point? A Price Analysis

XRP has been steadily consolidating over several months, maintaining key support levels and exhibiting accumulation signs against both USDT and BTC pairs, hinting at possible underlying developments. Technical analysis shows XRP/USDT is trading within a descending channel, demonstrating lower highs and lows. However, a recent price bounce after sweeping sell-side liquidity below the $2 mark may indicate a weakening bearish momentum.

Despite a neutral bias suggested by the RSI around 50, regaining 100 and 200-day moving averages between $2.2-$2.4 could pave the way for a breakout. Similarly, the XRP/BTC pair, on a clear downtrend since March, is nearing its channel's lower boundary, aligning with a significant fair value gap (FVG). This could act as a strong demand zone, potentially slowing the bearish momentum and triggering bullish continuation.

Evaluation of Ethereum's Value: Key Developments Needed for ETH Stability

Ethereum staged a technical bounce back last week, recovering from the $2,200 region to above $2,400. However, ETH remains under pressure from macro uncertainty and weakening bullish momentum across altcoins. If key resistance levels are not reclaimed with volume and conviction, the bounce may be short-lived. The 200-day moving average is a critical resistance zone, and if buyers fail to convincingly reclaim it, ETH could drop further.

On the other hand, a strong close above the $2,550 mark will invalidate the bearish structure and open the possibility of reaching the $2,800 resistance level. Ethereum's holdings on centralized trading platforms have dropped to 18.8 million ETH, the lowest in recent years, reflecting reduced selling pressure and preference for self-custody. This could set up a potential supply shock, but short-term price action remains technically vulnerable.

Bitcoin Value Peaks at $108,000 Amidst Trump's Remarks on Iran-Israel Conflict

The value of Bitcoin briefly surged by 2.8% in the past 24 hours, reaching a high of $108,000. This caused approximately $210 million worth of long and short positions across the derivatives markets to be liquidated, based on data from CoinGlass. The cryptocurrency value has since slightly decreased, currently trading at around $107,600.

This fluctuation coincides with US President Donald Trump's recent comments on the Iran-Israel conflict, stating that he believes the war is over and doesn't anticipate Iran's re-involvement in nuclear activities. Trump also mentioned Russia and the Ukraine situation, expressing his belief that Russian President Putin is "misguided". He further stated plans to converse with Iranian leaders next week, hinting at the possibility of signing an agreement with a condition of no nuclear activities. The market remains highly volatile at the time of reporting.

Essential Update to the Ripple Ledger: Important Insights for XRP Users

XRP Ledger (XRPL) has rolled out version 2.5.0, a considerable milestone as it competes with blockchain platforms like Ethereum and Solana. Notable features include support for batch transactions and escrow support for RLUSD and other crypto assets. The update also provides delegated permissions and permissions to decentralized exchange controls. Bug fixes have also been made to RPC responses and NFT interactions with trustlines.

The upgrade has introduced improvements to performance, reliability, and developer experience, including better memory usage, faster build times, clearer documentation, and updated developer tools. In the lead-up to the update, XRPL addresses and whale wallets soared to record numbers. Following the upgrade, XRP gained about 6% and trades at $2.20.

Forecast of Pi Network (PI) Coin Value for the Current Week

Pi Network's cryptocurrency, PI, experienced a substantial bounce back after finding support at $0.52, triggering a sustained rally that saw the price climb to 64 cents before sellers intervened. This significant reversal could lead to buyers regaining control and challenging the resistance level at $0.67.

Buyer volume has surged in the past few days, pushing the price nearly 30% higher. If this buying volume can be maintained, it is likely that the key resistance level will be tested soon. The daily MACD also showed a bullish cross, a strong indication that buyers are returning with a serious intent. For PI, maintaining this momentum is critical in the coming days to bolster confidence in this move.

Forecast for Cardano (ADA) Prices This Week

Cardano (ADA) failed to maintain its price above 60 cents, indicating a need for lower support. The key support levels currently stand at $0.50 and $0.45, while the resistance levels are $0.64, $0.90, and $1.3. ADA's price has dropped below 60 cents, currently standing under $0.58, and seems unlikely to regain its previous position. The drop indicates the potential for a fall to the $0.50 support level.

The daily Relative Strength Index (RSI) indicates increasing bearish momentum as it falls once more after bouncing out of the oversold zone. Despite brief bounces, sellers are dominating the market, causing higher highs and dictating the price direction. A lower low on Sunday indicates a bearish signal. The hope is that the 50-cent support level will stem the continuing selloff.

What's Behind the Surge in SEI's Value Today?

SEI has seen a staggering rally of over 100% in the past fortnight, with its price currently resting at 30 cents. The surge has been attributed to a considerable increase in buy volume, pushing the price higher and higher. The current resistance and support levels are at $0.36 and $0.27 respectively.

However, the daily RSI is now above 70 points indicating an overbought market, which suggests buyers may soon tire and a pullback may occur. The last time the SEI buy volume was at this level was in November 2024, with the price also making a higher high. This implies that the rally could continue despite potential pullbacks, especially if the 36-cent resistance level is broken.

PI Token Soars by 16%, Bitcoin Maintains Position at Weekly Peaks: Cryptocurrency Update

Bitcoin, following two successive drops below $100,000, is seeing a price recovery, charting a weekly high of approximately $107,000. Bitcoin's bounce back is due to the improved geopolitical scene over the last few days, despite a significant plunge triggered by escalating tension in the Middle East. In addition, most larger-cap alternative coins are also slightly in the green.

The PI Network's token is leading the surge, experiencing a 16% rise, driven by rumors of a potential listing on a major exchange. Ethereum has rebounded back to $2,400, with XRP close to $2.2. Other cryptocurrencies, including ADA, TRX, BNB, SOL, DOGE, LINK, BCH, and HYPE, have also seen minor price increases. The total crypto market cap has recovered another $40 billion overnight, standing at $3.4 trillion.