Daily Crypto Signals: Ripple and SEC Reach Final Agreement, Trump Media Eyes Crypto ETFs
Ripple and the US Securities and Exchange Commission have reached a final agreement, bringing an end to over four years of litigation, while Trump Media has announced plans to partner with Crypto.com to launch a series of exchange-traded funds (ETFs) focused on “Made in America” digital assets and securities. These developments, alongside movements in Bitcoin, Solana, and Cardano, highlight a dynamic day in the cryptocurrency market.
Crypto Market Developments: Ripple Settles with SEC, Trump Media Enters ETF Race
With Ripple Labs and the US SEC at last consenting to dismiss their separate appeals in their protracted legal dispute, the bitcoin market saw notable movement today. This closes a case that has lingered over the crypto sector for years to some extent.
Signing a non-binding agreement with Crypto.com to investigate the launch of a series of ETFs targeted on digital assets and securities with a “Made in America” theme, Trump Media & Technology Group (TMTG), the operator of Truth Social, has signaled further integration of traditional finance and the crypto space. Following the recovery of cash from a market maker approved by Binance for unusual trading activity, the Movement Network has announced a $38 million token buyback.
Bitcoin’s Bullish Long-Term Outlook Contrasts with Short-Term Seller Pressure
Bitcoin BTC/USD is trading around $87,800 at the time of writing. Based on past data, Bitcoin network economist Timothy Peterson has a positive long-term view and suggests a 75% probability of BTC reaching fresh all-time highs in the next nine months. He also sees a 50% likelihood of a 50%+ short term gain.
Short-term research suggests possible headwinds, though, based on data from CryptoQuant revealing that Bitcoin whales have established short positions in the $88,000 to $90,000 level, implying likely profit-taking. Based on onchain cost basis research, a dip could set off more sales in a crucial liquidity zone between $84,000 and $85,000.
Though there is temporary caution, data from IntoTheBlock shows notable net BTC outflows from exchanges, suggesting stockpiling by some holders.
XRP Eyes Gains Amid End of Ripple’s SEC Litigation in Sight, Appeals Dropped
After reaching a last decision to abandon their respective appeals in the protracted lawsuit, Ripple Labs and the US SEC have The business will dismiss its cross-appeal against the SEC, according to Ripple Chief Legal Officer Stuart Alderoty; the SEC will likewise drop its appeal over the August 2024 ruling.
This implies that the lower court’s decision—which found Ripple XRP/USD responsible for $125 million but also gave the business several wins—will mostly stand. With the remaining $75 million kept in escrow given to the firm, Ripple will essentially pay the SEC $50 million.
The SEC is also supposed to ask the court to remove the earlier issued standard injunction. Subject to court approval, this accord ends over four years of fierce legal conflict between Ripple and the SEC.
Solana’s Rally Fueled by ETF Hopes and Increased Network Activity
Having lately traded at $144, Solana SOL/USD has seen a major price surge. Rising network activity and growing expectation of a Solana exchange-traded fund (ETF) clearance in the US are among the various causes ascribed for this jump.
To show positive attitude, top Binance traders have also raised their leveraged long holdings on SOL. The latest submission by Cboe BZX Exchange to list a proposed Fidelity Solana ETF, following a similar file for a Franklin Templeton SOL fund, fuels the hope even further.
Bloomberg Intelligence analysts project a seventy- percent likelihood of a spot SOL ETF being approved this year. Furthermore enhancing the Solana ecosystem is Polymarket, a blockchain-based prediction market, which has included Solana to lower expenses and enhance user experience.
Cardano Gains Momentum Amid Positive Market Sentiment and Technical Developments
Currently at about $0.62, Cardano ADA/USD shows good price activity. This increasing momentum matches more general favorable attitude in the bitcoin market. Technical analysis of Ali Charts indicates that ADA has passed a significant resistance level at $0.59, thereby opening the path for more increases towards $0.78.
Rising whale transactions on the Cardano network point to growing interest from significant players. Rising adoption and network activity are shown by on-chain data also revealing a notable increase in the number of new Cardano addresses, hitting levels not observed since February.
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