Daily Crypto Signals: Bitcoin Battles $85K as XRP Surges Amid Franklin Templeton ETF Filing
Crypto markets show mixed signals as Bitcoin stabilizes above $80K and XRP enjoys a 6% rally following Franklin Templeton’s ETF filing. Meanwhile, inflation data shows the first CPI decline since July 2024, potentially easing pressure on crypto markets.
Crypto Market Developments
After a wild week whereby Bitcoin dropped below $77,000 and Ethereum sank under $2,000 for the first time since December 2023, the cryptocurrency market showed indications of stabilization today. Better-than-expected US inflation statistics helped market mood to rise; the Consumer Price Index (CPI) dropped to 2.8% – below estimates and represents the first drop in both headline and core CPI since July 2024.
Still, macroeconomic tensions are high since the European Union slapped retaliatory tariffs on $28 billion worth of US exports beginning in April. This action responds to recent 25% tariffs on steel and aluminum imports by President Trump, which raise questions regarding a possible trade war that might boost market volatility.
With Ripple Labs maybe next in line after years of litigation, the US Securities and Exchange Commission seems to be relaxing its enforcement measures against multiple crypto businesses at this same time.
Bitcoin Battles Resistance at $85,000
Currently trading at almost $83,800, Bitcoin [[BTC/USD] shows resiliency following a low of $76,606 on March 11. Although experts notice favorable divergence in technical indicators implying selling pressure may be weakening, the leading cryptocurrency confronts opposition near $85,000 and the 20-day exponential moving average ($87,262).
According to Glassnode’s market research, short-term holders who bought close to January’s peak have caused most current selling. If sales keep on, the company forecasts a possible bottom close to $70,000; $71,000-$72,000 is indicated as a key supporting zone.
Regarding regulations, US Senator Cynthia Lummis brought out her BITCOIN Act on March 11, which would let the government keep over a million Bitcoin in a newly created strategic reserve. Unlike the last version, the revised measure allows the US to get BTC by legal channels other than direct acquisition, including civil forfeitures and transfers between government agencies.
Can Ethereum Price Cross the Key $2,000 Mark?
Ethereum ETH/USD continues under the crucial $2,000 level, trading at about $1,903 after momentarily declining to a multi-year low of $1,502 on March 11. With ETH going below its realized price of $2,054 for the first time since February 2023, on-chain analytics show a worrying picture with general unrealized losses across the network.
Reflecting average 7% loss for all ETH holders, the Market Value to Realized Value (MVRV) ratio has plummeted to 0.93. Ethereum’s total value locked (TVL) has dropped to a six-month low of $45.6 billion, down 41% from its December record of $77 billion; meanwhile, network fees have dropped to their lowest levels since July 2020.
Regarding regulatory developments, the SEC has delayed ruling on Cboe BZX Exchange’s request to offer options connected to Fidelity’s Ethereum Fund (F ETH) until May 14. As the government reviews Ether ETF possibilities, this delay tracks similar postponements for Nasdaq ISE and Cboe Exchange proposals in February.
XRP Holds Above $2.20
With a 6% rise over the previous 24 hours to trade above $2.20, XRP XRP/USD is today’s best performer currently 18% above its 24-hour low of $1.89. Franklin Templeton’s March 11 application for a spot XRP ETF with the SEC seems to be mostly responsible for the movement.
Franklin Templeton oversees $1.5 trillion in assets, therefore joining other leading financial companies as Bitwise, Grayscale, and WisdomTree in seeking XRP-based ETFs. With prediction markets now displaying a 76% chance of XRP ETF certification in 2025, the submission has raised market confidence.
Typically linked with accumulation stages, on-chain data also supports XRP’s recovery as the 30-day MVRV ratio falls to -16% – its lowest level since April 2024. With possible resistance between $2.30 and $2.45, technically XRP looks to be creating a V-shaped recovery pattern with a goal of $2.64 should the pattern complete.
Top Altcoins to Watch Today
- BNB BNB/USD – Trading at $570.76, BNB has shown strength by defending the $500 support level. The token faces resistance at the 20-day EMA ($592) but could remain within a $460 to $745 range if it breaks above this level.
- Solana SOL/USD – Currently at $125.67, Solana has bounced from the $112 support level. The RSI shows signs of positive divergence, suggesting potential weakening of bearish momentum. A break above the 20-day EMA ($145) would signal strength.
- UNUS SED LEO (LEO) – Trading at $9.76, LEO has formed an ascending triangle pattern below the $10 level, suggesting potential for an upward breakout. If the pattern completes, LEO could target $12.04.
- Hedera (HBAR) – At $0.1982, Hedera has defended the $0.17 support level but faces resistance at the 20-day EMA ($0.22). A break above this level and the downtrend line could signal a rally toward $0.29.
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