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Veteran Crypto Trader Expects XRP to Rise 600% and Hit $3.3 Soon 

Lele Jima
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Veteran Crypto Trader Expects XRP to Rise 600% and Hit $3.3 Soon 

Popular crypto trader Altcoin Moe speculated that XRP could surge 6x to $3.3327 in a bull run, with the prediction expected to play out in the coming months.  

The current market reality of a prolonged bloodbath has contrasted with investors’ expectation of a bull run. Over the past week, the prices of various crypto assets, including XRP, have plummeted heavily, leaving investors disappointed. 

Given the current situation in the market, many speculated that the bull run ended after the March rally. However, others believe that the dip usually precedes a bull run and have remained hopeful that the prices of crypto assets will witness significant rallies before the end of the 2024/2025 market cycle. 

XRP to Spike 6x (600%)

Therefore, top market watchers have been issuing predictions for top crypto assets, like XRP. In the latest development, Altcoin Moe, a trader who claims to have been in the crypto market since 2014, outlined a list of cryptocurrencies based on their perceived risk and potential return during a bull run. 

The categories include super safe, intermediate, and risky investments, offering returns of 3-8x, 5-25x, and over 100x, respectively. 

In particular, Altcoin Moe placed XRP in the intermediate investment category, projecting that the coin could spike 6x in the bull run. It bears mentioning that a 6x return on investment (ROI) is the same as a 600% growth. 

With XRP trading at $0.4761 per token, a 6x ROI could take the asset’s price to $3.3327. This projected price is still down 13.21% from XRP’s all-time high (ATH) recorded on January 4, 2018. The market watcher suggests this prediction could materialize in the next few months. 

“Save this tweet to your bookmarks & come back in a few months!” Altcoin Moe remarked. 

Meanwhile, they did not indicate any factor that could propel XRP for a 6x surge in the bull run. 

Other Positive XRP Predictions 

Besides Altcoin Moe, other famous crypto experts have also issued mouthwatering predictions for XRP over the past months. 

For instance, Armando Pantoja of the Benzinga crypto advisory committee expects XRP to trade between $8 and $20 by 2026.  Casi, another prominent analyst, also set a target of $13 for XRP. Casi noted that XRP would spike to the $13 target after it breaks out from its six-year consolidation phase.  

Furthermore, popular market watcher Jake Gagain projected that XRP would witness a surge to $5 by next year. Similarly, in March, popular crypto chartist Dark Defender set a bull run target of $5.85 for XRP. 

Whether XRP would ever hit any of these targets remains to be seen. Nonetheless, factors such as increased institutional adoption and positive resolution in the SEC v. Ripple lawsuit could significantly propel XRP’s price for a surge to unprecedented levels. 

Market Expert Confirms XRP Has Bottomed, Projects Mid-Term Rally to $2

Sam Wisdom Raphael
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Market Expert Confirms XRP Has Bottomed, Projects Mid-Term Rally to $2

Captain Faibik, a notable market analyst, believes XRP has bottomed amid the ongoing downtrend and predicts an imminent Mid-Term rally to $2.

The chartist disclosed this in one of his most recent XRP price analyses, as prices dropped below the $0.50 region for the third consecutive month. XRP has demonstrated more resilience than the rest of the market in the downturn. However, it still collapsed to a low of $0.4620 on June 24. 

Analyst: XRP Has Bottomed

Captain Faibik suggests that XRP has bottomed at this price level, suggesting its price is unlikely to drop below this point. 

As identified in the chart below, the Fibonacci 0 level aligns with the $0.4620 floor. This Fib region acts as a robust support level for XRP, with the bulls looking to defend it against any breach.

XRP Fibonacci Retracement Levels
XRP Fibonacci Retracement Levels

If the support is potent enough, a retest of this level could serve as the launchpad for the much-awaited rebound. However, such a retest must occur at a time when the broader market is primed for a resurgence. The Crypto Basic confirmed earlier this week that Bitcoin (BTC) has already reached its highest oversold level since last August.

A Projected $2 Mid-Term Target

This metric suggests that the premier cryptocurrency could be on the verge of a recovery push. Notably, such a move would positively impact the rest of the market, granting XRP bulls enough strength to stage a rebound. Captain Faibik has already set a mid-term target of $2 for when this rebound occurs.

Interestingly, the last time XRP saw the $2 level was in 2018 during its historic rally. XRP failed to breach $2 in the 2021 bull run despite most assets recording new all-time highs. Many ascribed XRP’s underperformance to legal pressure from the SEC’s lawsuit against Ripple. 

Faibik’s chart reveals a symmetrical triangle that XRP has battled on the weekly chart since 2020. With the SEC case now in remedies, analysts expect an XRP recovery after it sees a decisive end. This recovery could prepare the groundwork for a break above the triangle’s upper trendline, allowing XRP to clinch Faibik’s $2 mid-term target.

XRP Records Bullish Market Metrics

Meanwhile, market data from Santiment indicates that XRP’s price volatility has continued to drop on multiple timeframes. The daily volatility (red) has collapsed to 0.004883, while the weekly volatility (yellow) has slumped to 0.016566. These values represent the lowest figures since earlier this month.

XRP Price Volatility Santiment
XRP Price Volatility | Santiment

Reduced price volatility during a downtrend can signify market consolidation, where buyers and sellers reach a temporary equilibrium. This could indicate that the downtrend is losing momentum and might be nearing an end or preparing for a reversal.

XRP currently changes hands at $0.4690 as of press time, down 0.17% this morning. Coinglass data shows that the token’s Long/Short Ratio remains below 1, currently at 0.9309. This represents a predominance of shorts, a trend that could support the rebound strength if a recovery push clears these short positions.

XRP LongShort Ratio Coinglass
XRP LongShort Ratio | Coinglass

PEPE Now 2x Away from Surpassing Shiba Inu Market Cap

Zabi
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PEPE Now 2x Away from Surpassing Shiba Inu Market Cap

Ethereum-based memecoin PEPE now needs a 2x price increase to surpass the market cap of Shiba Inu (SHIB), the second-largest meme coin.

The crypto community is abuzz with the potential of Ethereum memecoin PEPE to surpass Shiba Inu (SHIB) in market capitalization. According to Whale Insider, PEPE is currently valued at $0.00001255, and is just 2x away from flipping SHIB’s market cap, with SHIB trading for $0.00001755. 

Speculation Meets Excitement

This price gap has led to significant speculation. If PEPE were to match SHIB’s market cap, its price would rise to $0.00002457, marking a 1.96x increase from its current value. Presently, PEPE’s market cap is $5.26 billion, approximately 0.51x of SHIB’s $10.3 billion.

Whale Insider’s latest report highlights PEPE’s rapid ascent in the crypto market. Notably, market participants and PEPE proponents have expressed their excitement over the meme coin’s potential to flip SHIB. 

One commenter noted the impressive rise of PEPE, while another highlighted that the coin might still have more significant growth ahead. This sentiment underscores the community’s belief that PEPE’s recent gains could be just the beginning of a more extended run.

24-Hour Price Comparison

A chart from CoinMarketCap provides a 24-hour price comparison of PEPE and SHIB from June 26 to June 27. The chart indicates that PEPE experienced greater volatility than SHIB, with sharper declines and recoveries. Both cryptocurrencies initially trended downward, hitting their lowest points around 4:00 AM. 

PEPE v Shiba Inu CoinMarketCap
PEPE v Shiba Inu | CoinMarketCap

Afterward, they both showed signs of recovery, with PEPE exhibiting more pronounced peaks and troughs. By the end of the period, both PEPE and SHIB were on an upward trajectory, with PEPE ending slightly above its previous low, while SHIB recovered more steadily.

Further, early June data shows a surge in interest for PEPE, surpassing more prominent assets like XRP and Shiba Inu in trading volume. At the time, PEPE achieved an impressive 30-day trading volume exceeding $41 billion, with 2.86 quadrillion PEPE tokens traded. 

Ripple CLO Reacts as Court Slams SEC for Acting Unlawfully 

Sam Wisdom Raphael
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Ripple CLO Reacts as Court Slams SEC for Acting Unlawfully 

The Ripple Chief Legal Officer, Stuart Alderoty, takes to X to express his views on another criticism of the U.S. SEC by a federal court.

In a recent ruling, the court found one of the SEC’s actions unlawful in the case of the National Association of Manufacturers (NAM) vs. SEC, further scrutinizing the agency’s legal decisions.

Alderoty’s comments came in response to the court’s decision, which criticized the SEC for improperly rescinding a rule on proxy advisory firms. This rule was originally established in 2020 but never came into effect as planned. 

The court highlighted that the SEC failed to follow proper legal procedures, specifically those outlined in the Administrative Procedure Act (APA), a law requiring federal agencies to follow specific guidelines when creating or changing regulations.

Details of the Ruling

The backdrop to this legal battle centers around a rule introduced by the SEC in 2020 intended to regulate proxy advisory firms—entities that provide services to shareholders, including voting recommendations for corporate governance issues. 

The rule aimed to impose notice-and-awareness conditions on these firms to ensure transparency and fairness in their advice. However, before the rule could be enforced, the SEC, under new leadership, moved to rescind it.

This shift occurred when Gary Gensler took office as the SEC Chairman in April 2021. Shortly after his appointment, Gensler directed the SEC staff to reassess the 2020 rule, leading to its suspension and eventual rescission in November 2021. 

During the SEC’s legal battle with the NAM, a Texas district court vacated the suspension in June 2022. However, the SEC rescinded key portions of these rules, which NAM challenged as arbitrary. In 2022, the court granted summary judgment to the SEC, and NAM appealed this decision. 

The Fifth Circuit Court of Appeals heard arguments last August and has now made a ruling. The court found the SEC’s move problematic, noting that its decision bypassed the APA’s requirements, which mandate a public notice-and-comment period before rescinding or amending existing rules.

Ripple CLO Spotlights SEC’s Woes

Alderoty emphasized that this decision by the SEC under Gensler’s direction was both illegal and indicative of broader issues within the agency’s regulatory approach. He underscored the criticism aimed directly at Gensler’s leadership in his commentary, a trend that has persisted for some time.

The court noted that the SEC’s rescission process was expedited under Gensler’s explicit instructions, reflecting an administrative overreach. This ruling adds to a series of legal challenges the SEC has faced recently, where its decision-making processes and adherence to legal standards have come under scrutiny. 

In March, a court criticized the regulatory agency for presenting statements that were misleading in its case against DEBT Box. Moreover, two months back, the court of appeals denied a motion from the SEC to review an earlier decision against it in the legal battle against Aaron Govil.

For Ripple and other entities engaged in legal disputes with the SEC, such judgments are significant. They highlight potential weaknesses in the SEC’s regulatory practices that could influence ongoing and future cases.

VanEck Files for First-Ever US Solana ETF, SOL Price Soars

Abdulkarim Abdulwahab
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VanEck Files for First-Ever US Solana ETF, SOL Price Soars

Prominent digital asset manager VanEck has officially submitted an application to list a Solana ETF with the U.S. SEC.

Matthew Sigel, the Head of Digital Assets Research at VanEck, announced the development on X a few hours ago. VanEck’s official X handle also confirmed the filing, boasting of being the first asset manager to pursue a Solana ETF in the U.S. market.

Why VanEck Wants Solana ETF

Notably, VanEck’s application for Solana ETF comes after the firm succeeds with similar products for Bitcoin and Ethereum. According to the announcement, VanEck’s motivation for pursuing this investment product stems from Solana’s favorable comparison to Ethereum. 

The firm highlighted Solana’s versatility in handling various applications, including trading, gaming, payments, and social engagements. VanEck also emphasized the unique benefits of Solana’s blockchain in terms of speed, scalability, and low costs.

Furthermore, VanEck expressed their belief that Solana’s native token, SOL, is a commodity similar to Bitcoin and Ethereum.

SOL Price Soars

Notably, this Solana ETF application comes amid heightened interest in the crypto community for the next crypto asset to get an ETF after Ethereum. 

Industry commentators, including billionaire Mike Novogratz, have forecasted Solana to be the right candidate for the next ETF. They often cited its close competition to Ethereum and broader market appeal.

Accordingly, the ultimate arrival of a Solana ETF application has sparked significant excitement in the crypto scene. Moreover, the excitement has been reflected in the market value of SOL. In particular, SOL has posted an 8% gain today, with a more pronounced surge occurring in the last few hours.

Approval for VanEck Solana ETF Unlikely Soon

Now that a Solana ETF has come before the SEC, the prospect of approval still remains uncertain. Bloomberg analyst James Seyffart has argued that the regulator will unlikely approve a Solana spot ETF without a Solana futures market regulated by the CFTC.

Furthermore, Solana’s prospects are hindered by the SEC’s previous ruling that SOL is a security.

Seyffart believes that VanEck’s Solana spot ETF application has a slim chance of launching, stressing it is only possible if there is a change in administration in the White House and the SEC by 2025. Even then, he notes that approval is not guaranteed.

Coinbase Sues SEC, FDIC Over Noncompliance with FOIA Request  

Lele Jima
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Coinbase Sues SEC, FDIC Over Noncompliance with FOIA Request  

America’s largest crypto exchange Coinbase sues the U.S. SEC and the FDIC to obtain documents relating to the agencies’ efforts on crypto regulations. 

According to a FOX Business report, Coinbase filed the lawsuits in a district court in Washington D.C., accusing the SEC and FDIC (Federal Deposit Insurance Corporation) of refusing to comply with its Freedom of Information (FOIA) requests. 

The exchange contended that these agencies are compelling banks to cut off crypto companies from the federal banking system, emphasizing that such a move could sabotage the industry’s growth.

The Coinbase lawsuit mirrors concerns within the crypto industry over Operation Chokepoint 2.0, which describes regulators’ efforts to restrict crypto firms from accessing banking services. 

Coinbase’s FOIA Requests

Furthermore, Coinbase asked the court to order the FDIC and SEC to comply with its FOIA request. For context, Coinbase recently filed different FOIA requests with the agencies. 

In particular, it asked the SEC to provide information concerning three of its crypto-related investigations between 2018 and 2024. 

One of the inquiries revolves around the SEC’s investigation into ETH and Ethereum’s developer Consensys. Recall that the SEC recently closed its investigation into Ethereum 2.0 following a multi-month scrutiny. Interestingly, the agency did not recommend any enforcement action regarding its investigation. However, Coinbase sought information about how the SEC views ETH in its FOIA request.

Additionally, the exchange sent an FOIA request to the FDIC asking for information about the agency’s so-called ‘pause letters.’ Notably, the FDIC sent letters to selected U.S. banks between March 2022 and May 2023, ordering them to steer clear of crypto-related activities until it clarifies the risks associated with the asset class. 

Coinbase claimed that the FDIC and SEC denied it access to the information, citing concerns about jeopardizing ongoing enforcement investigations. As a result, it asked the court to force the agencies to comply with the FOIA requests. 

Coinbase Seeks to Understand Motive Behind SEC Enforcement Action 

In addition to gaining access to the information, Coinbase also hopes that the lawsuit will shed light on the rationale behind the SEC’s litigation against the firm. 

It bears mentioning that the SEC and Coinbase have been embroiled in a legal battle since June 2023. As reported earlier, the SEC alleged that Coinbase violated federal laws by facilitating the trading of assets deemed as securities. The suit is still ongoing in a New York federal court.

Cardano Founder’s Comment Triggers 96% Drop in Cardano Meme Coin

Mark Brennan
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Cardano Founder’s Comment Triggers 96% Drop in Cardano Meme Coin

Cardano-based meme coin RIO dropped 96% after Cardano founder Charles Hoskinson revealed his pet parrot’s real name is Daisy, not Rio.

Charles Hoskinson, the founder of Cardano, recently became the center of attention with his social media posts inadvertently influencing the meme coin market. 

The emergence of Nike, a meme coin named after Hoskinson’s pet pig, quickly garnered significant popularity, achieving a multi-million dollar market capitalization. However, a subsequent meme coin faced a severe downfall following a minor yet impactful comment from Hoskinson.

The RIO Token Incident

Notably, the Cardano community witnessed the launch of several meme coins linked to Hoskinson’s pets, including the RIO token. This token reportedly used an image of a parrot shared by Hoskinson in 2021. 

The token initially gained traction, bolstered by Hoskinson’s social media influence. However, when a Cardano enthusiast inquired about the coin, Hoskinson clarified that his parrot’s real name was Daisy, not Rio. This revelation led to a significant sell-off, causing the RIO token’s price to plummet by over 96% in just one hour.

Community Reactions and Market Impact

The drastic drop in the RIO token’s value elicited varied reactions within the community on X. While some suggested a name change to reflect the parrot’s real name, Daisy, others expressed skepticism about the sustainability of meme coins based on such trivial foundations. 

Following the event, the developers behind the token claimed the RIO ticker was merely a placeholder as they were not sure of the bird’s name. They lauded themselves for helping uncover the parrot’s name, equating the RIO ticker to Daisy.

The Rise of NIKE Token

It is important to recall last week, when the NIKE token, named after Hoskinson’s pig, saw a rise in market value. Within just 12 hours, it nearly reached a $1 million market cap. The rapid ascent of the NIKE token was revealed by a screenshot from TapTools showcasing its market metrics. 

This meteoric rise sparked diverse reactions from the community, with some expressing excitement and others voicing concerns over the speculative nature of such developments in the cryptocurrency space.

Bitrue Pledges to Stand by XRP in Bear and Bull Conditions

Lele Jima
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Bitrue Pledges to Stand by XRP in Bear and Bull Conditions

Leading Singapore-based crypto exchange, Bitrue, promises to support XRP irrespective of market conditions. 

In a recent X post, Bitrue emphasized its willingness to stand by XRP whether the market is bearish or bullish. 

XRP Takes Huge Blow Amid Market Downturn 

The market is currently in a bearish condition, as prices of various digital assets, including XRP, have plummeted heavily over the past week. 

Data from CoinMarketCap shows that XRP has dipped 6.3% over the past week and 11.58% in the monthly charts. XRP’s price has plunged from a monthly high of $0.5321 to a low of $0.4636. At press time, XRP is trading at $0.4665, reflecting a decline of 1.76% in the past day. 

Despite the massive collapse of XRP’s value, Bitrue is still optimistic about the coin’s potential for enormous growth, as indicated in the rocket emoji attached to its post. 

Importance of Community Support to XRP Prominence  

In a follow-up tweet today, Bitrue noted that despite people’s opinions about XRP, the asset still retains a spot among the top 10 cryptocurrencies by market cap. Currently, XRP stands as the seventh-biggest crypto with a market cap of $25.99 billion. 

The exchange emphasized the importance of community support, suggesting that this collective effort is instrumental in XRP’s success in the market. 

 

Bitrue’s Unwavering Support for XRP  

Since last year, Bitrue has been supportive of XRP, speculating that the coin would witness a parabolic run. It has actively promoted XRP as a lucrative financial instrument, emphasizing the importance of gaining exposure.

For instance, Bitrue urged investor with uncertain investment decisions to go all-in on XRP earlier this week. 

In addition, the exchange’s support for XRP extends beyond its positive remarks on X. Notably, XRP has been paired with top crypto assets on Bitrue, with the number of supported XRP spot trading pairs surpassing 90, including XRP/USDT and XRP/BTC. 

Moreover, Bitrue often introduces giveaway events to celebrate the addition of new XRP trading pairs. In March, it announced a trading competition focusing on eight XRP trading pairs, with users sharing a prize pool of $50,000. 

Ripple President: It is Sensible To Launch XRP ETF

Abdulkarim Abdulwahab
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Ripple President: It is Sensible To Launch XRP ETF

Ripple President Monica Long has argued that it is sensible for an asset management firm to launch a spot XRP ETF in the U.S. market.

Long expressed this view during an interview on Tuesday. She highlighted that it is logical to expect an application for an XRP spot exchange-traded fund (ETF) as the asset checks major boxes for such an investment product. Specifically, the Ripple president pinpointed five factors why XRP deserves an ETF.

Factors Making XRP ETF Sensible

First, Long noted that XRP is among the most prominent crypto assets, having traded in the top 10 for almost its entire existence. Currently, XRP ranks as the seventh most valuable cryptocurrency, with a valuation of over $25 billion. Among risk assets, XRP trails only Bitcoin, Ethereum, BNB, and Solana.

Furthermore, the Ripple executive noted that XRP is one of the most heavily traded assets, pointing to the vast market for which XRP is available. XRP is listed and tradable on over 100 crypto exchanges, including major U.S. platforms like Coinbase, Kraken, and Uphold.

Moreover, Long highlighted that the most crucial factor warranting an ETF for XRP is the July 2023 court ruling, which clarified that XRP itself is not a security. She emphasized that XRP and Bitcoin are the only two crypto assets in the United States with clear regulatory status.

Given these factors, Long expressed optimism about the potential for an XRP spot ETF to surface following the successful approval of Bitcoin and Ethereum ETFs. 

XRP Army Reacts

Amid the bullish sentiment from Ripple’s president, Abdullah Nassif, the Good Morning Crypto podcast host, polled community members about the likelihood of an XRP ETF launching this year. Most respondents answered affirmatively.

XRP ETF Timeline

Notably, other Ripple executives, including CEO Brad Garlinghouse, have echoed similar sentiments. During an interview with Bloomberg in February, Garlinghouse said an XRP ETF makes sense for the XRP ecosystem. In a subsequent commentary, he projected a 2025 timeline for the launch of an XRP spot ETF.

Meanwhile, other industry leaders, such as Nate Geraci, president of The ETF Store, and Bloomberg analyst James Seyffart, do not believe the crypto industry is prepared to welcome an XRP ETF soon. Seyffart argued the earliest would be a 2026 launch.

XRP Price Glitch Takes XRP to $62,032 on Kraken Exchange

Abdulkarim Abdulwahab
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XRP Price Glitch Takes XRP to $62,032 on Kraken Exchange

A mysterious XRP price glitch has reportedly occurred on the U.S.-based exchange Kraken, showing a massive trading price of $62,032.

X user Jimmy Crypto first called attention to the occurrence in a post on Wednesday. He noted he had witnessed the glitchy XRP price unfold for 10 minutes on the Kraken exchange. 

The accompanying screenshot indicated multiple instances where traders on Kraken purportedly placed buy and sell orders for XRP at around $62,032. Meanwhile, the prevailing value for the asset on the platform was $0.476.

This latest development has reignited excitement among optimistic community members, particularly those who have long argued that recurring price glitches for XRP reflect its true value.

These enthusiasts hope that the high prices seen in the glitch will one day become a reality. Besides, they leveraged the incidents to support their claim that XRP’s price is being artificially suppressed. “They can’t hide it anymore,” a community member remarked.

Scrutinizing the Claims

Notably, the mysterious $62,032 price failed to reflect in the asset’s 24-hour price change despite occurring on at least 12 buy and sell orders, as shown in the screenshot. 

Additionally, Kraken did not post any unusual market volume for XRP, with trading volume remaining around $4.8 million. This discrepancy casts doubt on the validity of the reported glitch. This is likely due to the fact that no order was fulfilled at such price.

X user Sabr, who commented on the event, suggested that the issue may be due to the observer’s browser malfunctioning and distorting the order book data. Sabr also noted that it is possible to replicate this behavior by rapidly switching between currency pairs.

This assessment gains credibility, considering that Bitcoin traded around $62,000 on Wednesday when Jimmy reported observing the glitch on Kraken. Bitcoin opened at $61,789.68 on June 26, reached an intraday high of $62,434.14, and closed at $60,811.28.

Notably, this recent incident is not an isolated event. The XRP community has reported numerous price anomalies on various trading platforms in the past.

Other Reported XRP Price Glitch 

The XRP Army recently resurfaced a historical price glitch on TradingView, where the platform incorrectly displayed XRP trading at $9,864. Similarly, in March, the crypto community witnessed an XRP price surge to $70 on the Atlantis Exchange platform. 

Additionally, community members reported an XRP price anomaly of $34,603 on CoinMarketCap last October. While some of these anomalies occurred due to low trading activity on some exchanges, some claims have been manufactured.

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