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FTX Pays $800M to Small Creditors; Next Payout Date Revealed

Lele Jima
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FTX Pays $800M to Small Creditors; Next Payout Date Revealed

Following the commencement of the first distribution of claims to FTX creditors, top representative Sunil Kavuri has highlighted the next payment date. 

In an X post yesterday, Kavuri disclosed that FTX has commenced repayments to creditors with claims worth less than $50,000. According to the activist, the defunct crypto exchange initiated the first payment yesterday, February 18, 2025, at 10:00 a.m. (ET).  

Notably, FTX will distribute a total of $1.2 billion to creditors with less than $50,000 in individual claims. Of this amount, the exchange repaid $800 million to creditors yesterday. 

Kavuri revealed that this payment covers 162,000 accounts, representing 35.21% of the 460,000 eligible claims. Per Kavuri, the payments were evenly split between the original FTX account holders and claim buyers. These categories of creditors received $400 million (50% of the $800 million earmarked for the first payment) each. 

Next Payment Schedule  

In a follow-up tweet, Kavuri disclosed the next payment schedule for FTX reimbursement. He highlighted April 11, 2025, as the official record date for claims exceeding $50,000. Notably, creditors with claims above $50,000 must be recognized to confirm their eligibility for repayment. 

Afterward, distribution will commence on May 30, 2025, for creditors within this category. The defunct exchange will also reimburse smaller claims below $50,000 on this date. These are users who did not receive payouts yesterday despite being approved for repayment. 

FTX Debacle 

The ongoing distribution comes nearly three years after FTX suffered a devastating collapse in late 2022, plunging it into bankruptcy. After several legal proceedings, a bankruptcy judge approved the FTX reorganization plan in October 2024, paving the way for repayment. 

The $1.2 billion earmarked for smaller claims represents 9.23% of the $13 billion FTX is expected to distribute to creditors. Leading crypto exchanges BitGo and Kraken are handling the payouts. 

In the meantime, FTX founder Sam Bankman-Fried is serving a 25-year jail term for fraud amid the exchange’s collapse. Despite confirming his wrongdoings, he believes the 25-year jail term is extreme. Hence, he appealed the ruling with the hope of reducing the sentencing. 

How MicroStrategy Bitcoin Itch is Being Enabled by Barclays, Citigroup and Other Top Banks

Okoya David
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How MicroStrategy Bitcoin Itch is Being Enabled by Barclays, Citigroup and Other Top Banks

Top banks stick their necks out to support Strategy’s (MicroStrategy) Bitcoin itch.

Despite persisting debates about the sustainability of MicroStrategy’s (now Strategy) Bitcoin treasury… strategy, demand for the debt instruments fueling the firm’s digital asset purchases shows no signs of slowing as investors seek high beta exposure to the asset. Now, Banks are taking note.

In the latest instance highlighting this, at least four top banks are set to underwrite the firm’s latest convertible note offering to facilitate more Bitcoin buys.

A Packed Roster

On Tuesday, February 18, the firm announced that it plans to raise another $2 billion through senior convertible notes with a 0% interest rate for general corporate purposes and, of course, to facilitate more Bitcoin purchases. 

According to VanEck Head of Digital Asset Research Matthew Sigel, prominent banks like Morgan Stanley, Barclays, Citigroup, and Goldman Sachs will manage this new sale.

The participation of these prominent names is likely to inspire greater confidence among investors, boosting Strategy’s goals.

Lucrative Fees

The increased desire to participate in Strategy’s capital-raising efforts comes as demand shows no signs of slowing, with these banks undoubtedly eying the lucrative underwriting fees.

A recent instance is the success of the firm’s perpetual preferred offering, Strike Preferred Stock (STRK), which offers long-term dividend payments to investors. The firm stated that the offering beat expectations, raising over $560 million, roughly thrice the projected target. 

At the same time, analysts continue to highlight that demand for the instrument is growing even after the capital raise as its price has surged over 23% since from $80 to about $98.60 at the time of writing—the best performing and most liquid perpetual security to be listed in the U.S. since 2022.

STRK 2025 02 19 09 59 30
STRK 30-minute candle chart. Source: TradingView

With up to 2% of sale proceeds paid to underwriters, Strategy’s $560 million STRK offering translates to a $11.2 million fee pool for banks.

With the planned $2 billion offering, banks stand to gain even more, as it will translate to an estimated $40 million fee pool.

Michael Saylor Won?

Factoring these lucrative fees, the continued demand, and the improving crypto regulatory environment, more banks will likely throw their hats in the ring to facilitate Strategy’s capital-raising efforts. 

One market pundit has tipped this likely trend as evidence of the success of the firm’s Bitcoin strategy.

“The beginning of the financialization of Bitcoin is settled; Michael Saylor won,” Arch Public co-founder Andrew Parish, better known as “AP Abacus” on X, asserted in a recent post.

Strategy holds 478,740 BTC worth nearly $46 billion after failing to announce new purchases last week in line with its almost weekly shopping spree. The firm intends to raise $42 billion to buy the asset through 2027. This year alone, the company has already purchased 31,270 BTC at an aggregate price of $3.17 billion.

Bitcoin Pump Incoming? $1.25B in Stablecoins Injected into the Market in 24 Hours

Elendu Benedict
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Bitcoin might rebound from recent lows due to growing liquidity as stablecoin issuers deploy $1.25 billion in USDT and USDC into the market.

With fading optimism about Donald Trump’s executive order on a national Bitcoin reserve and macroeconomic headwinds, the premier asset has lost bullish traction recently. BTC has consolidated below $100,000 for 14 consecutive days, dropping to $93,000 yesterday before a swift rebound.

Meanwhile, the lackluster price action correlates with a lack of whale activity on the Bitcoin network. Recent analysis shows that large holders of the premier asset have remained unusually quiet, neither buying nor selling.

A Rebound on the Horizon?

However, latest on-chain activity suggests Bitcoin may rebound from the recent shake-off. Market analytical firm Lookonhain highlighted positive activity among stablecoin issuers in the past day.

In a tweet, the firm disclosed that $1.25 billion worth of liquidity was injected into the crypto market in the past 24 hours. Remarkably, these deployments came from Tether and Circle, the two largest stablecoin issuers in the sector.

Further analysis from Arkham shows that nine hours ago, Tether issued $1 billion worth of USDT on the Tron network. The prominent issuer has now issued $61.7 billion in USDT on Tron, expanding liquidity in the crypto market.

Meanwhile, Solscan shows that Circle issued $250 million in USDC on the Solana network, its second in two days. Notably, the second-largest stablecoin issuer has now minted $2.25 billion in USDC on the Solana network alone since the start of February.

This incessant stablecoin minting and deployment suggest that demand for stablecoins is on the rise. This could mean that market participants are preparing to massively buy the dip, which could spur a price rebound in the near term.

However, it could also indicate that investors are taking a cautious approach and liquidating their crypto holdings for stablecoins. The next few days would reveal which disposition market users are taking.

Miner’s Bitcoin Sales Dampening Market Mood

Meanwhile, Bitcoin miners’ recent activities have highlighted a cautious atmosphere. Miners of the pioneering cryptocurrency have increasingly sold their stash in the past week, substantially depleting their reserves.

For context, data shows that miners sold over 2,000 BTC in the past seven days, adding to their recent dumps. As of February 17, their reserve now holds approximately 1.81 million BTC. 

Notably, an analysis reveals that a negative Bitcoin miners’ position index (MPI) usually precedes an intense market correction. The commentary suggests that unless the indicator changes, Bitcoin may correct further.

Bitcoin MPI /Ali Martinez

In the meantime, Bitcoin trades at $95,697, almost unchanged in the past 24 hours.

SEC Acknowledges Bitwise XRP ETF as Commodity-Based Trust

Lele Jima
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SEC Acknowledges Bitwise XRP ETF as Commodity-Based Trust

The U.S. Securities and Exchange Commission (SEC) acknowledges Bitwise’s prospective XRP ETF as commodity-based trust shares. 

On Tuesday, the SEC acknowledged another exchange filing relating to XRP ETFs. Specifically, the regulator accepted Cboe BZX Exchange’s bid to list Bitwise’s proposed XRP ETF shares. 

Bitwise XRP ETF Filing 

Notably, Bitwise was the first asset manager to submit an S-1 application to launch an XRP ETF in the U.S. Following its application, several prospective issuers, including WisdomTree and 21Shares, also applied to launch a similar product. 

A few months after Bitwise’s application, Cboe BZX Exchange submitted a 19b-4 filing to list the fund on its platform. The SEC has acknowledged the filing and kicked off the Bitwise ETF decision process. 

The SEC typically has a maximum of 240 days from the filing’s publication in the Federal Register to approve or reject the application.

SEC Recognizes Bitwise XRP ETF as a Commodity 

Meanwhile, popular XRP community figure Chad Steingraber called the public’s attention to an essential part of the SEC’s acknowledgment. 

Steingraber shared an excerpt from the acknowledgment showing that the SEC recognized the Bitwise XRP ETF as ‘Commodity-Based Trust Shares.’ 

It bears mentioning that shares of a commodity-based trust grant investors exposure to the price movements of a commodity, which in this case is XRP. 

This development sparked speculation with several investors suggesting that the SEC now considers XRP a commodity. On the contrary, acknowledging the Bitwise XRP ETF as commodities-based trust shares does not indicate that the regulator views XRP as a commodity. 

A similar speculation emerged recently after the SEC acknowledged 21Shares XRP ETF. However, FOX Business Journalist Eleanor Terrett dismissed this speculation, noting that the regulator only acknowledged prospective issuers’ applications to list XRP as a commodity under a securities wrapper. 

She suggested that the SEC’s view about XRP’s regulatory status will become clearer during approval. 

SEC Acknowledges Three XRP ETF Applications in Five Days

In the meantime, the SEC has acknowledged three applications relating to XRP ETF in less than one week. The regulator first recognized Grayscale’s XRP ETF on February 13, followed by 21Shares’ application the following day. 

It acknowledged the Bitwise XRP ETF on February 18, bringing the total number of recognized filings to three within five working days. 

While these recognitions do not guarantee that the SEC will approve any of the applications, they do raise the approval odds, which Bloomberg analyst James Seyffart previously set at 65%. 

Bitget CEO Highlights Progress in Bitcoin Reserve Talks

Albert Brown
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Bitget CEO Highlights Progress in Bitcoin Reserve Talks

Bitget CEO Gracy Chen does not anticipate the Bitcoin strategic reserve to materialize in the first half of 2025 but noted ongoing progress on the subject.

The potential inclusion of Bitcoin in the U.S. strategic reserve is under evaluation, with ongoing discussions among government officials.

Chen recently addressed this topic in an interview with Bloomberg. She acknowledged that the new administration, under President Donald Trump, is assessing the feasibility of such a move. However, no official decision has been reached, and timelines remain uncertain. 

Chen stressed that the discussions remain exploratory, with no formal commitment expected in the short term. She cautioned against anticipating any concrete developments in early 2025 or throughout the year.

Trump’s crypto Czar, David Sacks, also confirmed that the administration is considering the concept but has not reached a conclusion. In an appearance on FOX Business, he stated that President Trump has instructed officials to study the matter, but no definitive timeline has been provided. 

Drivers Beyond the Bitcoin Halving

Regarding catalysts for Bitcoin price movement, Chen noted that the 2024 Bitcoin halving was not expected to serve as a primary catalyst, given that it had already been priced in. Instead, she pointed to unexpected events as key drivers for price movements.

Meanwhile, Chen emphasized that potential monetary policy changes in the U.S., particularly interest rate cuts and fiscal policy shifts, could significantly impact the market.

The influence of high-profile figures in the crypto industry remains a relevant factor. Chen referenced Elon Musk’s role in Dogecoin’s market movements, noting that non-political figures have historically affected crypto sentiment.

She also drew a comparison between Musk and Trump, suggesting that both exhibit business-oriented leadership styles that could drive market changes.

Texas Advances Bitcoin Reserve Plan

While federal discussions remain in the exploratory phase, individual states are moving forward with their own Bitcoin initiatives. The Texas Senate recently held a public hearing on a proposal to establish a Strategic Bitcoin Reserve. 

The hearing, held on February 18, examined the potential allocation of state funds into Bitcoin as part of a broader diversification strategy. The initiative follows the introduction of Senate Bill 21, formally titled the Texas Strategic Bitcoin Reserve and Investment Act. 

Senator Charles Schwertner sponsored the bill to position Texas as a leader in state-level Bitcoin adoption. The bill reached the Senate’s secretary less than a week before the hearing, indicating momentum behind the legislative process.

Leading Custodian Banks State Street and Citi to Enter Crypto Custody as Early as Next Year

Elendu Benedict
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Leading Custodian Banks State Street and Citi to Enter Crypto Custody as Early as Next Year

The largest custody banks on Wall Street are weighing crypto custody following the recent SAB121 scrap, with State Street to proceed as early as 2026.

Thanks to easing regulations, financial institutions are finally getting their long-desired exposure to digital assets. Two of the largest custody banks in the world have teased the idea of launching crypto custodian services for their clients.

A recent report shows that State Street, the second-largest custody bank in the world, will begin custodying Bitcoin and other cryptocurrencies for its clients in 2026. Citi Bank, the fourth-largest custody bank in the world, will also venture into the enterprise at an undisclosed time.

Banks Get Much-Desired Crypto Exposure

Traditional financial institutions have pursued cryptocurrency exposure for several reasons, with one reason being the sector’s growing institutional adoption and the need to retain customers seeking Bitcoin exposure.

State Street, with $46 trillion in assets under custody (AUC), has been interested in crypto custody long before now. According to a recent survey, State Street clients have shown an increased appetite for crypto custody and tokenization, fueling its scramble to enter the growing sector.

Last year, the custodian bank partnered with Taurus to bolster its capabilities for crypto custody. The bank appointed a new digital asset director in October, replacing Nadine Chakar, who left in 2022 to join Securrency.

Citi Bank has also made considerable efforts to enhance its competitiveness on the digital asset front. The custodian bank partnered with Metaco—one of Ripple’s latest acquisitions—in 2022 to offer crypto-related services. 

Furthermore, the $25 trillion AUC bank launched the Citi Integrated Digital Assets Platform (CIDAP) and rolled out its digital token for on-chain asset tokenization.

Nonetheless, the duo has failed to record definitive progress like BNY Mellon, the world’s largest custodian bank. BNY Mellon secured a regulatory exemption last September to hold Bitcoin and Ethereum ETFs for its clients.

Growing Foray Amid SAB 121 Repeal

Meanwhile, this bullish development comes after the recent Staff Accounting Bulletin 121 (SAB 121) repeal by the US Securities and Exchange Commission (SEC). Under acting chair Mark Uyeda, the securities watchdog scrapped the law stopping banks from holding digital assets on their balance sheets.

Moreover, the regulatory landscape in the United States has metamorphosed from hostile to friendly. Banking regulators, including the Federal Reserve System, have reassured banks that they can meddle with the crypto industry as long as they adhere to existing rules.

Bitcoin Firm Fold Holdings Begins Trading on Nasdaq as First BTC-Focused Public Company

Albert Brown
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Bitcoin Firm Fold Holdings Begins Trading on Nasdaq as First BTC-Focused Public Company

Fold Holdings, Inc., a Bitcoin-focused financial services company, is set to begin trading on the Nasdaq Capital Market. 

The company’s common stock and warrants will be listed under the ticker symbols “FLD” and “FLDDW,” respectively, starting today. This development follows the completion of Fold’s business combination on February 14, 2025, which included a name change from FTAC Emerald Acquisition Corp.

Fold’s Public Listing

The company’s entry into the public markets aligns with the growing institutional interest in Bitcoin and the increasing demand for regulated crypto-financial products.

The Nasdaq listing provides Fold with expanded access to capital markets and public reporting obligations, ensuring greater transparency. Accordingly, the firm gains enhanced credibility with institutional partners and customers.

As part of its strategy, the company aims to integrate Bitcoin into everyday financial services.

Expansion of Bitcoin Financial Services

Fold has been working to establish itself as a gateway for Bitcoin financial services through premium offerings. The company’s platform has facilitated over $2.5 billion in transactions, with a user base exceeding 600,000. 

Notably, by focusing on consumer adoption, Fold seeks to incorporate Bitcoin rewards into mainstream financial services. The move will position the asset as a long-term savings tool. Will Reeves, Chief Executive Officer of Fold, remarked in the announcement:

“We believe this transformative business combination positions Fold to advance the vision of building a gateway to Bitcoin-based financial services and expanding access to wealth creation for our users.”

Fold Bitcoin Rewards Credit Card

As part of its expansion, Fold announced a partnership with Visa on February 11, introducing the Fold Bitcoin Rewards Credit Card. 

Notably, the card integrates Bitcoin rewards into traditional credit card structures. This offers users up to 2% BTC rewards and $250 in incentives. 

Moreover, the product provides additional financial services. These include insured Bitcoin custody, zero-fee Bitcoin trading, and access to FDIC-insured transactional accounts.

ITC CEO Shows Gold Has Been a Better Investment Than XRP Since 2018, But Here are the Facts

Sam Wisdom Raphael
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ITC CEO Shows Gold Has Been a Better Investment Than XRP Since 2018, But Here are the Facts

The CEO of Into The Cryptoverse indicated that gold has been a better investment than XRP since 2018, but a broader assessment paints a different picture.

Notably, the evaluation came up as Peter Schiff, a well-known gold advocate and chief economist at Europac, reignited the discussion around gold and Bitcoin, as he and Bitcoin proponents continue to debate which is a better asset.

Bitcoin vs Gold Comparison

In his latest commentary, Schiff argued that anyone comparing the two does not understand gold. This statement led to a response from Into The Cryptoverse CEO, Benjamin Cowen, who highlighted Bitcoin’s growth compared to gold since Bitcoin’s launch 16 years ago.

Cowen stressed that while Bitcoin surged from zero to $100,000 between 2009 and 2015, gold only moved from $2,000 to $3,000. His comments aimed to highlight Bitcoin’s superior returns, but they also sparked reactions from other crypto proponents, including an anonymous XRP enthusiast. 

Interestingly, the XRP proponent countered Cowen’s claims by arguing that Bitcoin’s high volatility and repeated crashes prevent it from being a reliable store of value. 

They also pointed out that gold, the U.S. dollar, and the euro hold Tier 1 asset classification by the Bank for International Settlements (BIS), whereas Bitcoin does not. Further, the XRP enthusiast claimed that in the coming years, XRP and gold would gain more recognition.

Gold Has Outperformed XRP Since 2018

In response, Cowen highlighted that XRP had lost 45% of its value against gold over the past seven years. This statement suggested that gold outperformed XRP within this timeframe, with Cowen humorously noting that even gold has been a better investment than XRP since 2018.

However, in a more interesting twist, the reality is even more discouraging for XRP. Cowen’s assessment took into account XRP’s market capitalization relative to gold, which is not the most accurate way to measure price performance, as its increasing circulating supply also contributes to higher market caps.

When evaluating XRP’s actual price performance against gold, the XRPXAU trading pair tells a more bearish story. In early 2018, XRP’s peak value against gold stood at 0.00250. Today, it trades at around 0.00086, showing a more substantial 65% decline in value over the past seven years. 

XRP Against Gold Since 2018
XRP Against Gold Since 2018

XRP Up 19,313% Against Gold Since Launch

However, Cowen’s evaluation does not fairly assess XRP’s performance, as it considered a time when XRP reached its peak. Looking at a broader scope, since its launch in August 2013, XRP has significantly outperformed gold. 

At the time when XRP started trading in the open market, the XRPXAU pair stood at 0.000004430. By today’s value of 0.00086, XRP has surged by over 19,313%, proving that it has been a superior store of value over the long term.

XRP Against Gold Since 2013
XRP Against Gold Since 2013

Bitcoin, however, has seen even greater growth. The BTCXAU trading pair has skyrocketed by 43,743% within the same period. This indicates that while XRP outperformed gold over the past decade, Bitcoin outshined both assets by a much larger margin.

Meanwhile, some XRP enthusiasts attribute XRP’s underperformance since 2018 to regulatory challenges. The SEC’s lawsuit against Ripple, which began in December 2020, led to widespread delistings from major exchanges in the U.S. and Canada. 

As a result, XRP missed out on the 2021 crypto bull run. Now, with regulatory clarity improving, XRP has begun recovering from years of price suppression. Despite nearly reclaiming its previous highs, it still has a long way to go to make up for the lost years.

Donald Trump Shares 2 Posts About Ripple on Truth Social

Lele Jima
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Donald Trump Shares 2 Posts About Ripple on Truth Social

U.S. President Donald Trump posts links to two articles relating to Ripple on Truth Social, stirring speculation among XRP enthusiasts. 

In a startling development, the 47th President of the United States took to Truth Social to share two separate posts about Ripple Labs. 

Details of Trump’s Ripple Posts 

The post relates to comments made by Ripple CEO Brad Garlinghouse last month ahead of Trump’s inauguration. As previously reported, Garlinghouse highlighted the changing tides in the crypto landscape following Trump’s reelection in November 2024. 

He emphasized that Trump’s victory was personal to Ripple, given that the previous SEC administration, led by Gary Gensler, froze its business opportunities in the U.S. for several years. 

However, Garlinghouse disclosed that everything changed ahead of Trump’s inauguration. Specifically, Ripple secured more U.S.-based business deals within the last six weeks of 2024 compared to the previous six months before the election. 

Consequently, Garlinghouse disclosed Ripple’s domestic hiring efforts, with 75% of the company’s open roles now U.S.-based. Before the election, Ripple’s hiring efforts were focused abroad since the company’s major clients were not residing in the U.S. 

However, “the Trump effect” changed the company’s operations and opportunities, with more U.S. deals secured and 75% of its open positions also focused on U.S. residents. 

Donald Trump sharing news about Ripple
Donald Trump sharing news about Ripple

XRP Community Reacts  

Expectedly, Trump’s post about Ripple triggered positive reactions among crypto enthusiasts, particularly XRP proponents. 

Some users suggested the development could signal potential political or regulatory support for Ripple and XRP. Others speculated that the Trump administration could end the regulatory uncertainty surrounding XRP, particularly the SEC v. Ripple lawsuit. 

Ripple’s opportunities in the U.S. were frozen through the SEC’s lawsuit against the company. The case alleges that Ripple offered and sold XRP as a security to U.S. investors. 

Notably, Ripple won a major part of the case. U.S. District Judge Analisa Torres held that Ripple’s retail sales of XRP did not violate securities law. However, she declared that those made to institutional investors were securities. 

Meanwhile, the Gensler-led SEC wanted a total victory, filing an appeal of the rulings. Speculation suggests that the SEC could withdraw the appeal from the Second Circuit and reach a settlement with Ripple. 

This hypothesis gained momentum after the regulator and Binance agreed to freeze their lawsuit’s proceedings. Pundits expect a similar action in other non-fraud cases involving crypto businesses, like Ripple, with Trump’s post boosting this speculation. 

Meanwhile, Trump’s posts could only be news highlights and may not reflect policy intentions that could lead to a resolution of the Ripple lawsuit.  

XRP Not Crashing, Expert Says It’s Only Filling in an Ascending Triangle Formation

Mark Brennan
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XRP Not Crashing, Expert Says It’s Only Filling in an Ascending Triangle Formation

XRP has been observing lower highs over the past three days, but a market analyst believes it’s merely filling an ascending triangle formation.

This bearish turn of events began on Saturday, Feb. 15, after XRP claimed a two-week peak of $2.83 on the back of positive developments around XRP ETFs. Due to the lack of support from the broader market, the resistance at this top triggered a pullback that XRP has continued to face.

Over the past three days, XRP has dropped 7.5%, giving up the $2.7 and $2.6 psychological marks within this period. Market analyst EGRAG Crypto confirmed in his latest analysis that XRP has since witnessed up to four losses over the past six 12-hour candlesticks, confirming the bearish pressure.

XRP Merely Filling up a Symmetrical Triangle 

However, despite the reality of things, the market commentator insists that XRP is not particularly “crashing,” as some believe. According to him, the ongoing correction is all “part of the game,” urging investors to stay calm despite the bearish price action.

EGRAG insists that the pullback is necessary for XRP to fill a symmetrical triangle that started forming at the beginning of February after XRP witnessed a three-day collapse. Within these three days, XRP dropped 18.53%. The asset suffered subsequent drops but found support around the $2.3 price level.

The consolidation that followed led to the formation of the current symmetrical triangle. However, XRP broke out prematurely when it spiked to $2.83 on Feb. 15. Now, the bears have triggered a correction that has brought XRP back into the triangle as the asset looks to fill it to the apex.

XRP 12h Symmetrical Triangle EGRAG Crypto
XRP 12h Symmetrical Triangle | EGRAG Crypto

While assets can witness early breakouts from symmetrical triangles without actually filling them, these breakouts are usually less reliable. A more reliable breakout occurs after the asset has filled the triangle to an extent, showing that bulls took control after a period of consolidation.

XRP Now Needs to Consolidate Within the Triangle

XRP has now slipped back into the triangle and is looking to consolidate within it for a few more days. This is the typical order of things. EGRAG called the initial uptick to $2.83 a fake-out and pointed out that XRP is now retesting the edge of the formation. However, the asset needs to ensure it does not slip below the lower trendline.

Nonetheless, if it actually drops below the trendline, EGRAG’s chart points to a sturdy support around an ascending channel at the $2.47 level. Meanwhile, on the upside, if XRP fills the triangle and breaks out again, its first major resistance lies at the $2.9 mark. This represented XRP’s initial roadblock on Dec. 3, 2024.

A decisive push above this resistance would take XRP above $3 again, with the next roadblock at $3.224 before $3.4. Currently, XRP changes hands at $2.53, which was already down 1.10% this morning. The bulls must retain the $2.5 level to keep XRP within the symmetrical triangle.

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