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Why is Bitcoin Price Up Today? BTC Eyes $75k ahead of Ethereum ETFs

Mark Brennan
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Why is Bitcoin Price Up Today? BTC Eyes $75k ahead of Ethereum ETFs

Bitcoin price rose as high as $71,954 on May 20, its highest in 38 days, on-chain data trends highlight lingering reactions to recent US macroeconomic indices and impending Ethereum ETF approval as key catalyst behind the rally. 

Why is Bitcoin (BTC) price up today?

Bitcoin price surged to a 38-day peak of $71,954, on May 21, 2024, largely due to a reports from Bloomberg analysts that the US Securities and Exchange Comission is set to approve Ethereum ETF.

After a volatile start to the month, Bitcoin price fell as low as $60,207 on May 11. But since then the crypto market has flipped bullish thanks to a successive bullish whispers emerging from US regulators, ranging from the US Non-Farm Payrolls, to the latest Consumer Price Index (CPI) data.

Bitcoin Price Action | BTCUSD
Bitcoin Price Action | BTCUSD

Since Bloomberg Sr. ETF Analyst, Eric Balchunas statement on Monday afternoon that ETH spot ETF approval chances are now 75%, Bitcoin price surged 9% from $66,859 to $71,934 before finding support around the $71,000 level at the time of writing on May 20.

$1.8 Billion Decline in Exchange Reserves Could Drive BTC Toward $75k

Undoubtedly, bullish tailwinds from the positive sentiment surrounding Ethereum ETF approval is pivotal to the latest wave of the BTC price rally.

However, on-chain data suggests a continuation of the bullish accumulation trend that began shortly after the latest US CPI data release.

CryptoQuant Exchange Reserves chart below shows the real-time changes balance of all bitcoins deposited in exchange-hosted wallets. Declining Exchange Reserves occur when majority of Bitcoin holders are bullish, and are opting to shift their holdings into long-term storage.

Bitcoin price vs. BTC Exchange Reserves |CryptoQuant
Bitcoin price vs. BTC Exchange Reserves |CryptoQuant

On May 15, the US labor of Bureau Statistics announced that the US core inflation declined to 3.4% in April 2024. The BTC exchange reserves (blue) trend line above shows how Bitcoin investors reaction to the dovish US CPI report may have contributed to the 9% BTC price breakout in the last 48 hours.

Bitcoin investors held a total of 1,946,808 BTC as of May 15, when the cooler-than-expected CPI data was released. But since then there has been a clear trend of investors shifting large amount of BTC into long-term storage.

At the time of publication on May 21, the total bitcoin deposited on exchanges and trading platforms has now dropped to 1,919,030 BTC. This implies that investors have removed 27,778 BTC (worth approximately $1.96 billion) from the supply of coins readily available to be traded on exchanges.

When such a large number of coins are removed from the market supply, it signals bullish sentiment among holders, and it also increases the odds of a price breakout, if it coincides with a demand surge.

This partly explains why BTC price rapidly jumped 9% within just 12-hours, after Bloomberg analysts announced the likelihood of Ethereum ETFs approval by the SEC.

Bitcoin Price Forecast: Imminent Breakout above $75k?

Bitcoin price looks set for another leg-up after the 9% surge recorded in the 24-hour timeframe. With BTC exchange reserves still trending lower than last month’s bottom, there’s a chance that an official positive verdict from the SEC could spark another breakout above $75,000 in the days ahead.

IntoTheBlock’s global in/out of the money price data also affirms this bullish stance.

Bitcoin Price Forecast BTC/USD | IntoTheBlock
Bitcoin Price Forecast BTC/USD | IntoTheBlock

It shows that at the current prices, 98.7% of all active Bitcoin holders are in profit. Hence majority of BTC traders could be unwilling to sell, at least, until the SEC’s verdict on Ethereum ETFs expected before the May 23/24 deadline.

If this scenario holds, BTC will likely consolidate the $68,900 support level, where over 1.45 million investors had previously acquired over 954,500 BTC.

Flare to Welcome First Ever Native Stablecoin USDX

Sam Wisdom Raphael
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Flare to Welcome First Ever Native Stablecoin USDX

Flare Networks announces the upcoming launch of its first ever native stablecoin a month after Ripple disclosed plans to introduce a stablecoin to the XRP Ledger (XRPL).

The team behind Flare announced the upcoming project in a press release today, highlighting the stablecoin as a product designed to strengthen the Flare DeFi ecosystem, which is still in its early stages of development.

Hex Trust, a leading figure in digital asset custody, will oversee the launch of the stablecoin. The company will utilize its tokenization division, HT Digital Assets, to develop USDX, positioning it as a model of stability within the Flare ecosystem.

Details of the USDX Stablecoin

The stablecoin will maintain a 1:1 ratio with the U.S. dollar, further supported by liquid assets such as short-term Treasury Bills, with security from prominent financial institutions. This framework looks to inspire considerable confidence among prospective USDX users.

While multiple stablecoins have sprung up in the crypto industry, some of them have been plagued by cases of depegs. For instance, the Terra ecosystem collapse of May 2022 occurred due to the depeg of TerraUSD (UST), the ecosystem’s native stablecoin. These depegs have underscored the importance of maintaining stability.

Per the latest press release, Hex Trust will collaborate with Clearpool, a blockchain-based credit marketplace, to launch the forthcoming Flare stablecoin. Clearpool’s contribution involves establishing a liquidity pool specifically for staking USDX on the Flare Network.

This will enable USDX holders to stake their stablecoins and earn real-world yields, without any lock-up periods. Users staking USDX on Clearpool will receive a wrapped version known as cUSDX. These yields include base returns as well as additional incentives in the form of FLR tokens.

Another notable feature of the upcoming stablecoin is its incorporation into Flare’s FAsset system. The upcoming FAsset system looks to enable smart contracts capabilities for assets that do not natively support them, including XRP, Bitcoin and DOGE. Flare will allow users to leverage cUSDX as collateral on the FAsset project.

Flare Takes Part in the Stablecoin Scene

Despite the growing saturation, the stablecoin market has room for further growth, boasting a valuation of $150 billion at last check. With the market projected to reach $2.8 trillion in the next four years, Hex Trust is the latest to express interest. 

Notably, Ripple announced last month that it would also be launching a stablecoin on the XRPL and Ethereum networks later this year. Interestingly, several industry commentators had speculated that Ripple’s upcoming stablecoin could also bear the name USDX.

Analyst Sees Ethereum at $6,446 by July if Spot ETH ETF Gets SEC Approval

Albert Brown
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Analyst Sees Ethereum at $6,446 by July if Spot ETH ETF Gets SEC Approval

Analyst Miles Deutscher predicts Ethereum could surge to $6,446 by July 23 if a spot ETH ETF product secures approval, citing Bitcoin’s post-ETF performance.

Miles Deutscher, a market analyst, has recently predicted a surge in Ethereum’s price if spot ETH ETF products are approved. Drawing parallels with Bitcoin’s historical performance post-ETF approval, Deutscher suggested that Ethereum (ETH) could rally to $6,446 by July 23. 

Historical Context and Bitcoin’s Performance

Deutscher’s analysis is rooted in historical data, specifically the performance of Bitcoin (BTC) following the approval of its spot ETFs. Bitcoin experienced a notable 75% rally over 63 days after the ETF approval. This historical trend provides a basis for projecting similar movements in Ethereum’s price, assuming the approval of a spot ETH ETF materializes.

According to Deutscher, if Ethereum follows a similar trajectory as Bitcoin did, it could see a 75.17% increase in its value. Following this post, other observers suggest there might be more upside in Ethereum’s price due to indicators such as market capitalization.

It is important to note that Ethereum is up 23.5% on the daily charts, to $3,787.17, during this press. On the other hand, Bitcoin is changing hands at $70,894.16, up over 5% in the past 24 hours.

Rising Odds of Spot ETH ETF Approval

Meanwhile, recent developments indicate a growing likelihood of the U.S. Securities and Exchange Commission (SEC) approving a spot Ether ETF. Sources familiar with the matter revealed that the SEC has reached out to at least one exchange to revise the necessary filings.

This shift suggests that the odds of approval are increasing, with Bloomberg analysts estimating a 75% probability of passage. The speculation bolstered Ethereum’s rebound, leading to a 20% boost in price on May 20.

Further, Standard Chartered analysts, including Geoff Kendrick, forecast significant inflows into Ethereum following ETF approval. They predict inflows between $15 billion and $45 billion in the first 12 months, potentially driving ETH prices to $8,000 by the end of 2024. This optimistic outlook is shared by other market analysts who foresee Bitcoin reaching $150,000 by the end of the same period.

The first round of deadlines for spot Ether ETFs is approaching rapidly. The final deadline for the VanEck ETF filing is May 23, followed by the ARK Invest and 21Shares deadline on May 24. Per Reuters, the SEC’s recent request for Nasdaq and CBOE to fine-tune their applications signals a possible approval.

Fidelity Removes Staking From Ethereum ETF Filing as SEC Asks CBOE, Nasdaq to Update Filings 

Lele Jima
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Fidelity Removes Staking From Ethereum ETF Filing as SEC Asks CBOE, Nasdaq to Update Filings 

The U.S. SEC reportedly asks leading exchanges seeking to list shares of Ethereum spot-based exchange-traded funds (ETFs) to update important documents relating to the product. 

Reuters, citing three sources familiar with the matter, reported that the SEC asked exchanges, like CBOE and Nasdaq, to quickly update their 19b-4 filings ahead of a crucial deadline this week. According to Reuters, the move suggests that the SEC could approve the filings. 

By Thursday, May 23, the SEC will decide whether to approve or deny CBOE’s application to list Ethereum ETF shares from Ark Investments/21Shares and VanEck. 

Sudden U-turn 

Before now, the securities regulator had little to no engagement with exchanges and issuers regarding the details of the ETF filings. This limited engagement, coupled with the recent scrutiny of past Ethereum-related transactions, stirred speculations that the agency could deny these ETF applications. 

Surprisingly, on Monday, the SEC asked Nasdaq and CBOE to modify their 194-b filings quickly. 

However, despite the renewed optimism, this does not guarantee that the Ethereum ETFs will be approved and listed for trading this week. Asset management companies, including VanEck, seeking to offer these products still need the SEC to approve their S-1 applications. 

SEC Could Delay Decision on Issuers’ Ethereum ETF Applications 

Nate Geraci, co-founder of The ETF Institute, emphasized that the SEC must approve both the exchange filings and S-1 applications for spot-based Ethereum ETFs to commence trading in the United States. 

He speculated that the SEC could approve the exchange filings and delay its decision on the S-1 applications, given the agency’s low engagement with prospective issuers. 

Despite this, Bloomberg’s ETF analysts, Eric Balchunas and James Seyffart, increased the odds of the SEC approving exchanges’ applications to list Ethereum ETF to 75%, up from their previous forecast of 25%. 

Fidelity Amends Ethereum ETF Filings  

Meanwhile, top asset manager Fidelity Investments has modified its S-1 application for a spot-based Ethereum ETF. 

In its initial filing, Fidelity stated that it would stake some assets from its prospective Ethereum fund with a staking provider. However, in the updated filing, Fidelity removed every word relating to staking, suggesting that the SEC might not permit staking. 

In the meantime, the price of Ethereum reacted positively to the news, as it is currently up 23.1% over the past 24 hours to $3,795, riding on the back of the broader market resurgence.

XRP Bullish Breakout Targets $15-$20; Analyst Predicts 2,000% Gains

Mark Brennan
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XRP Bullish Breakout Targets $15-$20; Analyst Predicts 2,000% Gains

Analyst Javon Marks sees strong RSI momentum in XRP, predicting a bullish breakout with target prices of $15-$20 and potential returns of up to 2,000 percent.

XRP is approaching a crucial moment as it nears a key convergence point identified through recent technical analysis. Financial analyst Javon Marks highlighted this development in a recent X (formerly Twitter) post, noting an RSI pattern that suggests robust underlying momentum in XRP prices. Marks believes this pattern indicates a potential bullish breakout in the near future.

XRP to $15
Image Source: https://x.com/JavonTM1/status/1792653689750016430

Projected Price Targets

Marks’ analysis draws attention to the RSI pattern, which has been forming a series of lower highs and higher lows. This descending trendline in the RSI suggests a decrease in momentum as the price consolidates within a symmetrical triangle pattern on the chart.

Historically, this type of pattern often precedes a significant price movement, either upward or downward. In this case, the RSI pattern supports the potential for an upward breakout. Should the bullish breakout occur, Marks’ post further projects a conservative target price range of $15 to $20 for XRP, contingent on current market conditions.

“A conservative target for a breakout and logarithmic follow-through here could be $15-$20, which could result in a 20X-36X from here in a more than 2,000% run!”

This potential price surge represents a substantial increase, potentially yielding returns between 20 to 36 times the current value—an impressive gain exceeding 2,000 percent. The long-term target suggested by the chart is approximately $19.82, reflecting a potential 2905.05% increase from the current price level.

Historical Price Movements

According to Marks’ chart, XRP experienced a dramatic spike in early 2018, where the price of XRP/USD soared to approximately $3.84, marking an astounding increase of about 2907.25% from its lower price points.

Following this peak, the price entered a prolonged downtrend, stabilizing by mid-2020. During this period of consolidation, XRP formed a symmetrical triangle pattern, a common indicator of an impending breakout.

Speculative Long-Term Forecasts

In addition to these projections, Marks has made bolder predictions regarding XRP’s future price movements. As reported by Crypto Basic, he envisions an ambitious $200 price target for XRP. With the current value at $0.53, this forecast implies an extraordinary 37,635% price surge. This projection draws inspiration from XRP’s historical rally in 2017/2018, where the cryptocurrency experienced a 75,000% increase following a breakout.

FLOKI Approves Major Token Burn of 15,200,000,000 Billion Tokens

Albert Brown
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FLOKI Approves Major Token Burn of 15,200,000,000 Billion Tokens

On May 22, 2024, Floki DAO will burn 15.2 billion FLOKI tokens, following a 99.84% vote in favor, aiming to manage supply and enhance token value.

The Floki DAO will execute a significant token burn, on May 22, 2024, destroying 15,246,000,000 FLOKI tokens. This decision follows a proposal that received overwhelming support from the Floki community, with 99.84% of voters in favor of the burn.

Incentivizing Compliance

According to the proposal, one of several blacklisted wallets, which had previously failed to comply with a deadline, returned 15,400,000,000 FLOKI tokens to the project’s multi-sig wallet. 

This prompted the DAO to deliberate on a proposal to return 1% of these tokens to the sender as a goodwill gesture while burning the remaining 99%. This move is aimed at encouraging other holders of excess tokens to return them, promoting the community’s standards on token circulation.

The Floki community has a history of making pivotal decisions concerning token burns. Earlier this year, in February 2024, the DAO approved the burning of approximately 190.9 billion FLOKI tokens. These tokens were recovered from a Multichain bridge. This event followed another burn in January 2023, when about 4.97 trillion FLOKI tokens were burned following the disabling of the Floki cross-chain bridge.

Market Impact and Community Reaction

Following the announcement of the new burn proposal on May 14, 2024, there was a notable uptick in the price of FLOKI. Conversely, at the time of this report, the price of FLOKI is $0.0002132, up 7.86%, with a 24-hour trading volume of $269,082,290.74.

This price movement has sparked discussions of optimism among community members and observers. One commenter questioned the potential for FLOKI to reach $1, reflecting the optimistic sentiment among some investors.

Further, crypto analyst Scofield stated that Floki is in a strong position both technically and fundamentally. The Elon Musk parody account has also posted on this development to its 199K followers.

The account highlighted that the meme coin craze is far from over and that FLOKI is well-positioned for dominance. It cited two catalysts for this belief: the imminent burn of over 15 billion FLOKI tokens and a special announcement expected a few days later.

Here’s the Number of Cardano Addresses in Profit as ADA trades at $0.5021 

Lele Jima
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Here’s the Number of Cardano Addresses in Profit as ADA trades at $0.5021 

With Cardano surging 4.19% over the past 24 hours to trade at $0.5021, over 1.9 million addresses are currently seeing profits on their ADA holdings. 

Cardano (ADA) joined other prominent crypto assets in the latest rally led by Bitcoin (BTC). With Bitcoin breaching the $71,000 resistance yesterday, ADA also witnessed massive gains, as its price spiked to a daily high of $0.5090 from $0.4646. 

Like most crypto assets, ADA saw a slight retracement as a unit of the coin was changing hands at $0.5021 in the hours leading up to press time. 

Cardano Profitability 

Nonetheless, despite this slight retracement, many Cardano addresses are still holding ADA at a profit. Data from IntoTheBlock shows that Cardano has a total address count of 4,466,970 (4.46 million). 

Of this figure, 1,943,290 (1.94 million) wallets are holding ADA in profit at the current price of $0.5021. According to the data, these addresses hold a combined 19.63 billion ADA coins, representing 55% of Cardano’s circulating supply. This suggests that these addresses could sell and take profit as the price is currently above their entry. 

Conversely, about 2,477,590 (2.47 million) Cardano addresses are holding ADA in losses at the current price. The cumulative amount of ADA held by these addresses is around 14.89 billion. 

Furthermore, only 46,090 addresses are at break even, which implies that they are neither holding ADA in profit nor loss. 

Major Resistance Ahead 

In the wake of the recent market uptrend, Cardano investors have remained optimistic about ADA’s potential surge to the levels projected by market watchers. These analysts speculate that ADA could surge to $6.66, $7.5, $7.77, or $27 at the peak of the bull run. 

It is noteworthy that the targets are above Cardano’s previous all-time high of $3.10, which it attained in September 2021. For ADA to achieve this feat, the coin must breach major resistances from its current price down to the previous ATH. 

The first resistance is currently around the range of $0.5029 – $0.5843, where 334,620 addresses bought 3.34 billion ADA. Afterward, the next resistance is positioned in the $0.5843 – $0.7183 price levels, where 402,150 addresses purchased 6.76 billion ADA coins, worth $3.39 billion at the current price.

Shiba Inu Army Grows by 100,000, Latest Record Shows

Abdulkarim Abdulwahab
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Shiba Inu Army Grows by 100,000, Latest Record Shows

Shiba Inu statistics from the market analytics platform Glassnode reveals that the SHIB Army has increased by approximately 100K members since last year.

Recently published data from Glassnode shows that the number of wallets with non-zero Shiba Inu balances peaked just six days ago. 

Shiba Inu Army Expanded by 100K

Specifically, on May 15, Shiba Inu’s holder count exceeded 1.4 million, an all-time high since its inception. Meanwhile, the number of Shiba Inu holders has regressed slightly, reaching 1,391,806 at press time.

Despite wallet addresses with non-zero balances being below the all-time high set last Wednesday, the current numbers suggest that the SHIB Army expanded by almost 100,000 in one year. Notably, the Shiba Inu Army’s strength was around 1.29 million last year.

Shiba Inu holders
Shiba Inu holders with non-zero balances | Glassnode

This trajectory has been on a steady uptrend over the past months despite the downturn in SHIB’s market value. When Shiba Inu’s price set out with an explosive rally in early March and late February, the number of holders barely bulged. Interestingly, the metric even dipped slightly during the upswing, as illustrated in Glassnode’s chart.

Remarkably, the current number of Shiba Inu holders exceeds the individual population count of 104 cities in the United States.

Holders of SHIB

Data from the market intelligence platform IntoTheBlock suggests that most Shiba Inu holders are long-term investors, with 76% holding SHIB for over a year. 

On the other hand, 21% of SHIB holders bought the asset within the last 12 months. Only 3% of the holder spectrum comprises those who joined the SHIB market within the last 30 days.

Notably, the leading Shiba Inu holders are wallets of centralized exchanges. Topping the chart is Crypto.Com, where one of its wallets holds over 36 trillion SHIB tokens. One of Binance’s cold storages followed closely with 35 trillion SHIB. 

Essentially, SHIB enthusiasts continue to entrust trillions of tokens with these prominent trading platforms. Yet, data has shown that the Shiba Inu wallet reserves of exchanges continue to diminish, which has bullish implications for the asset.

Top Trader Predicts Pepe to Surpass Shiba Inu Soon

Albert Brown
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Top Trader Predicts Pepe to Surpass Shiba Inu Soon

HsakaTrades, a seasoned trader, predicts Pepe (PEPE) might soon surpass Shiba Inu (SHIB) in market capitalization as the second dominant meme coin.

A top trader, HsakaTrades, believes that Pepe (PEPE) might soon surpass Shiba Inu (SHIB) in market cap. This prediction, shared on X, has stirred discussions about the market dynamics of these memecoins.

Currently ranked 27th on CoinGecko, PEPE has shown remarkable growth, while SHIB, sitting at 13th, maintains a stronger market presence. Shiba Inu is the second-largest meme coin by valuation, only behind market leader and the original meme coin Dogecoin.

PEPE Needs 221.8% Price Rise to Match SHIB

For PEPE to reach SHIB’s market cap, its price would need to rise to approximately $0.00003582. This shift represents a 221.8% increase from PEPE’s current price. As of today, Pepe (PEPE) is priced at $0.00001113 with a 24-hour trading volume of $1,623,019,274.71. 

Despite a significant 19.61% increase in the last 24 hours and a 7.71% rise over the past week, PEPE’s market cap stands at approximately $4.69 billion. In comparison, Shiba Inu (SHIB) holds a price of $0.00002553 with a 24-hour trading volume of $786,954,243.17. SHIB’s market cap is significantly higher at around $15.05 billion, reflecting its stronger market presence and investor interest.

Recent Performance and Trends

PEPE has shown notable growth, particularly influenced by external market factors. The resurgence of the GameStop (GME) rally spilled over into the crypto markets, fueling a wave of interest in meme coins like PEPE.

On May 14, 2024, PEPE’s price soared to an all-time high of $0.000010, driven by this renewed market enthusiasm. As The Crypto Basic reported, the nostalgic sentiment from the infamous 2021 GME rally, where retail traders clashed with institutional bears, seems to rejuvenate the recent PEPE rally.

Further, a report from March indicated that PEPE might continue to outperform competitors, as it lags behind in the number of holding addresses. While Dogecoin and Shiba Inu have millions of holders—6.3 million and 1.3 million respectively—PEPE has a relatively modest 170,000 holding addresses. A lower number of holders suggests considerable room for growth as more investors become aware of the frog-themed meme coin.

Shiba Inu’s Market Position

Meanwhile, Shiba Inu is not standing idle amidst speculation about the rise of PEPE. Market analyst Javon Marks predicts SHIB might leverage its latest price upswing to rally towards the $0.00015 mark.

SHIB has reportedly formed a bull flag pattern, which typically indicates a consolidation before resuming an uptrend. Historically, SHIB surged over 370% in early 2024, reaching a yearly high of $0.00004567.

Despite this bullish outlook, SHIB has been facing strong resistance around the $0.000025 level. In a longer timeframe, SHIB’s performance shows struggles to decisively surpass this price range, retreating below it amid bearish pressure. However, at press time, SHIB seems to be breaking this resistance following the overall surge in crypto markets.

David Schwartz Explains Why Ripple is XRP Biggest Seller 

Lele Jima
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David Schwartz Explains Why Ripple is XRP Biggest Seller 

Ripple CTO David Schwartz addresses a new wave of concerns regarding the company’s XRP sales in Q1 2024.

For the uninitiated, Ripple’s Q1 2024 report showed that the company sold a whopping 841.5 million XRP in the first quarter of the year. Consequently, Ripple’s XRP holdings depleted to 44.94 billion (44.94% of the coin’s max supply) as of March 31, 2024.

It bears mentioning that Ripple’s XRP sales in Q1 2024 marked a 16% decline from the 1.006 billion coins the company sold in the previous quarter. Nonetheless, Ripple still remains the biggest seller of XRP.

Here’s Why Ripple Is XRP’s Biggest Seller 

Reacting to this assertion, Schwartz pointed out that Ripple happens to be the biggest seller of XRP because the company holds the most XRP.

According to Schwartz, since Ripple possesses a considerable amount of XRP, the only option available to the company, apart from selling it, is to continue holding the coins for an indefinite period.

Ripple’s XRP Holdings

Of the 44.94 billion XRP Ripple held as of March 31, 40.1 billion were held in multiple escrow wallets, programmed to be released in batches on the first day of each month. 

At press time, Ripple’s escrowed balance has dropped to 39,708,537,355 (39.7 billion), according to XRPScan data. The depletion stems from the release of 400 million XRP added to the company’s spendable account in April and May.

Ripple’s spendable balance was around 4.84 billion XRP as of March 31, 2024. Notably, Ripple usually conducts sales from this spendable account to cater to its legitimate business expenses.

Ripple’s XRP Sales Stirs Concerns

Meanwhile, at the current exchange rate of $0.5357, XRP is down 13.4% year-to-date (YTD). Critics have attributed XRP’s underperformance to Ripple’s continuous sales. They recommended that the company burn all XRP held in escrow to pave the way for a parabolic price spike.

However, Schwartz is unconvinced that burning the escrowed XRP coins would positively impact the price.

On the other hand, some enthusiasts speculate that the SEC lawsuit is why XRP has underperformed in recent years. The lawsuit, which contributed majorly to preventing XRP from reaching a new all-time high in the 2021 bull cycle, is close to its end.

Popular crypto stakeholders, including Schwartz, believe a final resolution would occur this year. The parties have already submitted their final briefs in the remedies phase and are waiting for the final judgment.

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