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Bitcoin Eyes $112K as Open Interest Surges to $68B

Albert Brown
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Bitcoin Eyes $112K as Open Interest Surges to $68B

Will the price of Bitcoin reach a new all-time high as speculation grows in the derivatives market, with open interest rising to $68 billion?

Bulls are preparing for a fresh rally as Bitcoin bounces back to the $105,000 level. Over the past 24 hours, the crypto market has remained divided, with $225 million in liquidations.

With $103 million in long and $122 million in short liquidations, the market stands at a crossroads despite the short-term recovery. With the potential to create a new all-time high, will Bitcoin reach the $112,000 mark soon?

Bitcoin Price Analysis

In the 4-hour chart, the BTC price trend reveals a bullish recovery from the 50-EMA line to challenge the $107,123 resistance level. However, failing to surpass the overhead supply zone, Bitcoin experienced a bearish reversal.

Bitcoin Price Chart
Bitcoin Price Chart

Currently, Bitcoin trades at a market price of $105,547 with two consecutive 4-hour bearish candles. This accounts for a pullback of 1.3%. Furthermore, the current trend also suggests the possibility of a double-top pattern if the downtrend continues.

Nevertheless, the overall recovery has influenced a positive alignment in the crucial exponential moving average lines. Additionally, the daily RSI remains above the halfway mark, reflecting strong bullish demand. 

Bitcoin Open Interest Hits $68 Billion

With the overall recovery, Bitcoin’s open interest has surged by 2.60%, reaching $68.88 billion. Furthermore, the long-to-short ratio over the past 24 hours has turned bullish at 1.0288, indicating a significant increase in bullish positions alongside the broader market recovery.

However, the funding rate has dipped to 0.0060%, down from the previous level of 0.0110%.

This suggests a minor dip in trader confidence holding bullish positions. Nevertheless, Bitcoin’s overall optimism in the derivatives segment remains strong, signaling a potential recovery in the coming days.

BTC Price Targets

As bullish speculation in the derivatives market suggests a potential recovery, the immediate resistance at $107,123 remains key. A breakout above this level could extend the recovery rally, potentially leading to a new all-time high.

Based on Fibonacci levels, the next potential price target is the 1.272 Fibonacci level at $112,056. On the other hand, crucial support is at the 78.6% Fibonacci level at $103,393.

XRP Ledger Processed $3B in Trades in 2024, But Omni CTO Expects 1,000x Surge with Bank Adoption

Sam Wisdom Raphael
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XRP Ledger Processed $3B in Trades in 2024, But Omni CTO Expects 1,000x Surge with Bank Adoption

Despite the large volume processed by the XRP Ledger (XRPL) in 2024, the Omni Network CTO believes a 1,000x spike could materialize with greater institutional adoption.

Notably, the XRP Ledger has been a leader in institutional-grade blockchain solutions. Last year, the network’s native decentralized exchange (DEX) processed over $3 billion in trading volume. This signaled its growing significance in the crypto scene. 

Potential Institutional Adoption

However, Tyler Tarsi, Co-founder and Chief Technology Officer at Omni Network, believes the XRPL has still not reached its full potential. According to him, the network could see a dramatic increase in adoption, particularly among banks and hedge funds, as President Donald Trump assumes office.

With President Trump’s pro-crypto stance, industry leaders believe there could be a more favorable regulatory atmosphere for crypto assets and institutions to thrive. Notably, Circle CEO already expects the president to sign an executive order allowing banks to trade and offer crypto to wealthy clients.

Furthermore, the CEO of Bank of America, Brian Moynihan, recently suggested that traditional banks and financial institutions are willing to start adopting blockchain and cryptocurrencies if regulators allow it. 

XRPL Designed for Institutions

Amid these discussions, Tarsi believes the XRPL will thrive the most. He noted that the network operates with a distinct strategy. While trading volumes on DEXs have increased exponentially over the years, institutional adoption has remained elusive. 

Tarsi attributes this to a lack of compliance functionality, a major barrier for traditional financial institutions like top-tier banks and hedge funds.  

He noted that the XRPL is different because it was created with institutional users in mind. The Omni Network CTO cited a previous comment from Ripple CTO David Schwartz to confirm this statement.

Notably, the XRPL was specifically designed to handle high volumes and support tokenized assets like major fiat currencies, including the Japanese yen (JPY), euro (EUR), British pound (GBP), and the newly introduced stablecoin RLUSD. 

These features make it attractive for banks and hedge funds seeking to enter the crypto trading space.  However, according to Tarsi, compliance is a major issue for institutional adoption. 

Financial institutions often face strict regulatory requirements, and any platform they use must align with these standards. Most decentralized exchanges currently lack the necessary compliance mechanisms, preventing participation from these entities.  

Permissioned Domains  

To address this, Tarsi called attention to the XRPL’s “Permissioned Domains” proposal as a potential solution. This feature is designed to enable regulated and compliant trading, addressing a major concern for financial institutions. 

RippleX developer Mayukha Vadari introduced the proposal last September. Notably, Tarsi believes the protocol could lead to the next phase of growth for the XRPL and potentially attract massive institutional trading volume.  

The XRPL’s performance over the past year is impressive, considering that the compliance problem has not yet been fully addressed. Tarsi predicts that once the Permissioned Domains feature is implemented, the platform could see a surge in adoption by banks and hedge funds.  

Tarsi pointed out that the $3 billion in trading volume recorded last year occurred without participation from traditional financial institutions. He suggests that the introduction of compliance-friendly features could lead to massive growth, with banks potentially driving trading volumes up to 1,000 times higher than current levels. 

US Bitcoin Reserve Will Drive BTC Price “Way Up”: Coinbase CEO

Okoya David
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US Bitcoin Reserve Will Drive BTC Price “Way Up”: Coinbase CEO

Coinbase CEO Brian Armstrong asserts that the establishment of a U.S. Bitcoin reserve will send Bitcoin’s price soaring.

The crypto industry has had several reasons to be optimistic about the Donald Trump administration, not the least because the president promised to establish a strategic Bitcoin reserve. Recently, one of the crypto industry’s most prominent leaders has offered insight into what this move could mean for the leading digital asset.

Coinbase CEO Envisages Higher Bitcoin Prices

Coinbase CEO Brian Armstrong has asserted that the establishment of a U.S. Bitcoin reserve will send Bitcoin’s price soaring.

The crypto executive expressed this view in an interview with Yahoo Finance‘s Brian Sozzi on Tuesday, January 21, at the World Economic Forum in Davos.

Speaking to Sozzi, Armstrong expressed optimism that Trump would follow through with his promise, noting that the president seemed “excited about it.”

The Coinbase chief, who asserted that the world was moving to a Bitcoin standard for money, contended that other G20 countries were likely to also establish Bitcoin reserves if the U.S. followed through with Trump’s promise. The crypto executive asserted that this would drive the price of Bitcoin “way up.” 

In a separate interview with CNBC‘s Andrew Sorkin on the same day, Armstrong estimated Bitcoin’s price potential following the establishment of such reserves to be millions of dollars, adding other factors like growing institutional adoption.

He further asserted that many finance ministers he had spoken to at Davos seemed more open to pursuing Bitcoin reserves in their country amid Trump’s plan.

A Matter of National Security?

Brian Armstrong’s Tuesday statements follow a blog post from Friday, January 17, in which he argued for countries to establish Bitcoin reserves as a matter of national security.

In the post, he asserted that Bitcoin had the potential to become as crucial to the global economy as gold, adding that in this world, its ownership could tip the scales of power among nation-states. 

This view comes as proponents of the digital asset continue to tip it as a strong hedge against inflation that will eventually surpass gold. In practice, however, the asset has yet to prove this case as it largely continues to move in tandem with risk assets like equities.

Meanwhile, despite Armstrong’s high hopes for a U.S. Bitcoin reserve, popular crypto prediction market Polymarket currently places the odds of this happening within the first 100 days of Trump’s administration at only 36%.

SEC Forms Crypto Task Force to Reshape Regulations Under New Trump Leadership

Albert Brown
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SEC Forms Crypto Task Force to Reshape Regulations Under New Trump Leadership

The Securities and Exchange Commission (SEC) has initiated efforts to develop a structured regulatory framework for digital assets. 

On Tuesday, the agency announced the formation of a new crypto task force, marking Acting Chair Mark Uyeda’s first official action after being appointed by President Trump on Monday. Uyeda, a Republican commissioner, will hold the position until the Senate confirms Paul Atkins as the agency’s permanent head.

Task Force Aims to Clarify Crypto Regulations

The newly established task force will be led by Republican Commissioner Hester Peirce, a longtime advocate for balanced crypto regulations. Industry stakeholders have often referred to Peirce as “Crypto Mom” for her support of innovation in digital assets.

The SEC’s announcement emphasized that the task force will engage with industry participants to create a more transparent and predictable regulatory environment.

The agency outlined several objectives for the task force, including defining clearer regulatory boundaries, providing structured paths for crypto firms to register, and developing comprehensive disclosure guidelines.

Additionally, the task force will focus on deploying enforcement measures more selectively, aiming to enhance compliance without stifling technological advancement. Collaboration with other federal agencies, such as the Commodity Futures Trading Commission (CFTC), will also play a key role in shaping regulatory oversight.

Previous SEC Actions Under Gensler

Under former Chair Gary Gensler, the SEC pursued an enforcement-heavy approach, initiating over 100 legal actions against crypto firms in the past four years. These cases involved allegations ranging from fraud to companies failing to register digital asset sales as securities.

While some lawsuits addressed credible concerns, others raised disputes over the classification of digital assets under existing securities laws.

Industry participants have frequently criticized the lack of regulatory clarity, arguing that the decentralized nature of crypto makes them distinct from traditional securities. Many have urged regulators and lawmakers to develop a framework tailored to digital assets.

Ripple Responds to Regulatory Shift

With the new task force in place, key figures in the crypto sector have responded to the SEC’s latest move. Stuart Alderoty, Chief Legal Officer at Ripple, pointed to the prior administration’s approach as fostering confusion and discouraging innovation. 

“The SEC’s war on crypto created confusion about what is legal and an environment hostile to innovation and conducive to fraud,” Alderoty says.

He emphasized the need for regulatory clarity, welcoming the task force’s potential role in creating a more constructive regulatory landscape.

After Meeting Donald Trump, Ripple CEO Meets With US Vice President

Lele Jima
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After Meeting Donald Trump, Ripple CEO Meets With US Vice President

XRP community members expressed enthusiasm as Ripple CEO Brad Garlinghouse met with James David Vance, the Vice President of the United States. 

In a tweet, Garlinghouse shared a picture of him and Vance at a recent event. The Ripple CEO highlighted a series of high-profile events he attended in Washington, D.C., related to Donald Trump’s inauguration as the 47th President of the United States. 

They include D.C.’s first ‘Crypto Ball,’ separate dinners with the Vice President and President, and a session at the Capitol. Garlinghouse highlighted a sense of opportunity for crypto, particularly in the United States, where the industry has faced regulatory challenges. 

“There’s discernible excitement for all the good possible with crypto and blockchain… here in the US (finally) and globally,” Garlinghouse remarked while congratulating Trump and Vance following their victory. 

XRP Community Reacts 

The post, particularly the photo of Garlinghouse and Vance, has elicited positive reactions within the XRP community. Many enthusiasts consider the post to be bullish for the broader XRP ecosystem. 

Garlinghouse’s meeting with Vance comes weeks after the Ripple CEO met with Trump at a dinner. A photo of Garlinghouse, Trump, and Ripple CLO Stuart Alderoty has been circulating on X since the dinner. 

Moreover, a video of Garlinghouse exchanging pleasantries with Vance at Trump’s Candlelight dinner on the eve of the inauguration has also been making the rounds on X. 

Ripple Donations to Trump 

Although Ripple did not directly fund Trump’s reelection, its CLO Alderoty made a significant financial contribution to his campaign. As previously reported, the Ripple CLO donated 624,000 XRP, worth about $300,000 at the time, to a Super PAC supporting Trump. 

Ripple followed suit with a $5 million donation after the election to support Trump’s inauguration ceremony. Given these developments, particularly Ripple’s meeting with Trump and Vance, several market observers speculate that the crypto payments company might be lobbying the new administration to end the SEC lawsuit. 

Alderoty is confident that the Trump-led administration will abandon the lawsuit, which he claims lacks merit. In addition to the lawsuit, Ripple might be pushing for other positive developments related to XRP. 

Last week, there were rumors that Trump is considering establishing an America-first reserve featuring crypto assets developed in the United States, including XRP. This development follows Ripple executives’ private dinner with Trump earlier this month.

The XRP reserve is expected to be established alongside Trump’s proposed national Bitcoin stockpile. However, Trump has not yet publicly revealed plans to create the so-called XRP reserve.

Here are the Addresses That Earned $10M, $1M, and $10K+ from TRUMP Meme Coin

Abdulkarim Abdulwahab
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Here are the Addresses That Earned $10M, $1M, and $10K+ from TRUMP Meme Coin

The TRUMP meme coin, inspired by U.S. President Donald Trump, has been one of the most talked-about assets in the crypto market since its debut over the weekend.

The coin sparked a trading frenzy, attracting hundreds of thousands of new traders. On-chain data now reveals some fascinating insights into the coin’s trading behavior, including who made significant profits and who lost big.

Massive Trading Frenzy and Sharp Decline in Activity

In the first four days following the launch of TRUMP, the token attracted a staggering 929,543 new on-chain traders. The peak of this frenzy occurred on January 18, with 42,208 new traders joining the market per hour.

However, after this surge, the trading activity quickly fizzled out, with the number of new traders falling to just 1,383 per hour by January 22.

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Dune data posted on X by NingNing

While the excitement was high, the volatility was even higher. TRUMP’s price went through sharp fluctuations, with a notable panic sell-off on January 20. 

For context, TRUMP opened for trading at $0.1824 on January 18 but reached an all-time high of approximately $80 the same day. This represents an extraordinary 43,759% surge in one day. Meanwhile, the price also tanked to around $30 the same day amid massive profit-taking.

This sell-off saw addresses within the so-called “conspiracy group” — those who only sold and never bought — dump over $310 million worth of the token.

Who Made Big Profits from TRUMP?

Despite the volatility and sudden shifts in trading volume, several addresses managed to cash in on the TRUMP surge. According to on-chain data by Chinese analyst Ning Ning, the profit-and-loss (PNL) distribution for TRUMP holders largely follows a normal distribution, with a few standout earners:

  • 28 addresses made over $10 million from TRUMP trades.
  • 424 addresses earned between $1 million and $10 million.
  • 16,791 addresses saw profits ranging from $10,000 to $1 million.

These fortunate few capitalized on the explosive price movement during the meme coin’s brief, intense rally. However, many traders also faced losses as the price corrected.

Losses Mount for the Majority of TRUMP Traders

The enthusiasm for TRUMP was not without its casualties. The majority of holders found themselves facing losses as the coin’s price fluctuated. The distribution shows:

  • 259,429 addresses earned $1,000 or less.
  • 486,421 addresses lost between $0 and $1,000.
  • 65,763 addresses faced losses ranging from $1,000 to $10,000.
  • 33 addresses lost over $10 million.

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Essentially, the overwhelming majority of traders fell into the losing category, with many facing small to mid-range losses.

Whale Behavior and Market Movements

Furthermore, on-chain data shows TRUMP whales played a crucial role in influencing the token’s price movements. On January 18, whales began building positions, only to reduce their holdings rapidly by January 20. 

For context, this was the inauguration day of Trump as the 47th U.S. president. The TRUMP meme coin tanked by over 50% on this day to trade at $35.

Meanwhile, these whales bought back in at lower levels as the price dropped. They capitalized on the dip before trimming their positions during the subsequent rebound. At press time, TRUMP has settled around $43, up by 23%.

With the volatility beginning to subside, the number of active TRUMP holders has slowly decreased from a peak of 852,000 to around 770,000 as hot money exits the market.

Talks About Settlement in Ripple Case Soar as SEC Schedules First Closed Meeting Under New Chair

Lele Jima
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Talks About Settlement in Ripple Case Soar as SEC Schedules First Closed Meeting Under New Chair

XRP community members suggest a potential settlement in the Ripple lawsuit could be on the horizon as the U.S. SEC schedules its first closed-door meeting under new leadership. 

FOX Business journalist Eleanor Terrett called the public’s attention to the upcoming SEC closed-door meeting slated for January 23. 

According to Terrett, this will be the first closed-door meeting the SEC will hold since pro-crypto Republican commissioner Mark Uyeda assumed acting chairman following Gary Gensler’s resignation on January 20. 

SEC Closed Meeting 

Notably, the SEC issued a Sunshine Act notice on its website regarding the meeting. Per the notice, the meeting will occur at 2:00 p.m. (ET) on Thursday, January 23. It will take place remotely or at the commission’s headquarters in Washington, D.C. 

Due to the sensitive nature of the topics under consideration, the public will be restricted from attending the meeting. Those expected to participate in the meeting include commissioners, their counsels, recording secretaries, and certain staff. 

The meeting’s agenda revolves around resolving litigation claims, settling administrative proceedings and injunctive actions, and matters relating to examination and enforcement proceedings. 

Ripple v. SEC Settlement Rumors Soar 

As expected, the inclusion of settlement and resolution of litigation claims in the agenda sparked a debate about a potential settlement of the Ripple lawsuit. 

Specifically, XRP enthusiasts hope that the SEC, under the leadership of acting chair Uyeda, will drop the Ripple case, which has lingered since December 2020. Some community members have called on Uyeda and Hester Peirce, asking them not to let XRP enthusiasts down.  

Former SEC Official Dismisses Settlement Rumors  

However, former SEC official Marc Fagel dismissed ongoing speculation about a potential settlement of the Ripple lawsuit. Specifically, he emphasized that the upcoming closed-door meeting is similar to those held weekly at the commission. 

According to him, the SEC commissioners will vote on recommendations planned several weeks ago. Most of these decisions were recommended during Gensler’s tenure. The former SEC official warned the public against expecting any monumental announcement, as they might be disappointed. 

Interestingly, Terrett agreed with Fagel’s opinion, noting that her post was for informational purposes. The SEC v. Ripple lawsuit is currently in the Second Circuit Court of Appeal. The commission is expecting to overturn the District Court’s decision regarding Ripple’s programmatic sales and other distributions of XRP, which were deemed non-securities. 

Uyeda Leadership 

In the meantime, Uyeda will serve as acting SEC Chairman until the U.S. Senate confirms a permanent chairperson. Donald Trump has already nominated Paul Atkins to be the chairman of the SEC in his administration. 

Even though Uyeda is serving as temporary chairman, he is expected to implement policies in favor of the crypto industry. Uyeda, who became an SEC commissioner in 2022, has been vocal in criticizing the commission’s approach to crypto regulation. 

During an interview with FOX Business, he criticized the SEC for regulating the crypto industry through enforcement actions and referred to the commission’s crypto policy as a disaster. 

Yesterday, Uyeda launched a new crypto task force geared toward providing the industry with a comprehensive regulatory framework, potentially ending the commission’s regulation-by-enforcement approach. It remains to be seen whether he will make efforts to resolve the SEC’s long-standing legal tussle against Ripple.  

Silk Road Founder Ross Ulbricht Walks Free as President Trump Grants Pardon

Albert Brown
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Silk Road Founder Ross Ulbricht Walks Free as President Trump Grants Pardon

Moments after a pardon by U.S. President Donald Trump, Silk Road’s Ross Ulbricht has been seen walking free from prison.

Trump announced the pardon on his Truth Social platform, revealing that he had personally informed Ulbricht’s mother about the decision. This came only a day after confirmation by Elon Musk that Ulbricht would secure the promised presidential pardon.

Notably, Trump issued a full and unconditional pardon for Ulbricht, creating a flurry of excitement among Ulbricht’s supporters.

Trumps statement for Ulbrichts release
Trump’s statement for Ulbrichts release

Ulbricht, who was convicted in 2015 on multiple charges, including conspiracy to commit drug trafficking, money laundering, and computer hacking, was sentenced to life in prison. His platform, Silk Road, facilitated anonymous transactions using Bitcoin, allowing users to trade illicit goods, notably drugs. 

Political Support and Libertarian Advocacy

Trump’s decision to pardon Ulbricht aligns with previous remarks he made at the Libertarian National Convention, where he hinted at clemency. The Libertarian Party had long championed Ulbricht’s release, viewing his case as a prime example of government overreach. Their advocacy emphasized concerns over excessive sentencing and the broader implications for digital privacy.

Trump’s statement on Truth Social also included criticisms of those involved in Ulbricht’s prosecution. He accused them of being part of broader efforts against him, likening their actions to what he described as political weaponization of government institutions.

Meanwhile, Republican congressman Thomas Massie, a known Trump ally, expressed gratitude for the decision. Massie had been among those advocating for Ulbricht’s freedom, citing concerns about the severity of his sentence.

Other political figures supporting the move also highlighted their opposition to what they described as disproportionate punishment in similar cases. Notably, the decision follows an earlier assurance by Tesla CEO Elon Musk, who stated that Ulbricht would be freed.

Musk’s Influence and Ulbricht’s Reaction

Musk’s involvement in the matter gained attention when he responded to a social media post urging Ulbricht’s release. He affirmed that Trump would grant the pardon, reinforcing speculation that had circulated in political and crypto circles.

Before the announcement, Ulbricht acknowledged his supporters and reflected on his experience. In a post on X from May 27, 2024, he expressed appreciation for those who had campaigned for his release and recognized Trump’s role in fulfilling his promise.

“I Launched It”: Trump Officially Endorses Controversial Eponymous Meme Coin

Okoya David
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“I Launched It”: Trump Officially Endorses Controversial Eponymous Meme Coin

President Donald Trump addresses the Official Trump (TRUMP) meme coin launch.

Over the weekend, President Donald Trump got tongues wagging with the surprise launch of a Solana-based meme coin, Official Trump (TRUMP), just days before his inauguration. Recently, the president has addressed the project in person for the first time.

Speaking to reporters on Tuesday, January 21, after a meeting with SoftBank CEO Masayoshi Son, OpenAI CEO Sam Altman, and Oracle CTO Larry Ellison over Stargate, a $500 billion AI joint venture, Trump admitted to launching the meme coin, though he claimed not to know much about its performance.

“I don’t know where it is. I don’t know much about it other than I launched it. I heard it was very successful; I haven’t checked,” the president told reporters when asked about the project.

When the reporter informed him that the meme coin had fetched him billions of dollars in the past few days, at least on paper, the president brushed it off as “peanuts” for Son, Altman, and Ellison.

The Most Successful Meme Coin Launch Ever

Over the weekend, TRUMP became the most successful meme coin launch ever. In days, its market cap quickly eclipsed $13 billion, buoyed by the unprecedented rapid support of several crypto exchanges and trading platforms, including Robinhood, which has been historically picky about the assets it supports.

A notable fallout of this success is that it, on paper, pushes Trump significantly higher on the world’s wealthiest persons list as an entity he controls lays claim to 80% of the token supply, 800 million TRUMP.

This stash is currently worth $34.4 billion at current prices of roughly $43 per coin, though it is locked for a three-year vesting period, allowing him to access and potentially sell an average of 24 million tokens per month, currently worth $1.08 billion.

The meme coin, meanwhile, has received flak from within and outside the crypto community over ethical concerns. Still, this did not stop First Lady Melania Trump from launching her own meme coin, Official Melania Meme (MELANIA), just days later to similar success.

Has US Treasury Created an XRP Account? Here are the Facts

Sam Wisdom Raphael
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Has US Treasury Created an XRP Account? Here are the Facts

Several disclosures have suggested that the US Treasury has created an account on the XRP Ledger (XRPL) amid regulatory shifts, but there’s a catch.

DROPoholic, an XRPL community account, was one of the first to make these disclosures, suggesting that the purported US Treasury wallet was already interacting with a Bank of America account.

Details of the XRPL Accounts

For context, data from XRPL explorer Bithomp confirms that the supposed US Treasury wallet was activated yesterday, Jan. 21 at 3:17 UTC. Immediately after activation, the address set its domain to home.treasury.gov, the US Treasury’s official website, and then created trustlines around a fake “Bank of America” token. 

The address received 1 trillion “Bank of America” tokens, 1 trillion “BlackRock” tokens and 1 trillion “JPMorgan” tokens. All these assets were actually fake and issued just recently for what appears to be an elaborate scheme from the individuals behind the bogus US Treasury wallet.

The wallet placed multiple trade orders to sell millions of the Bank of America, BlackRock and JPMorgan tokens for XRP. The largest of these orders involved selling off 299 million JPMorgan tokens for 33.23 million XRP at an exchange rate of 0.11 XRP for 1 JPMorgan.

The recent development comes on the back of the inauguration of President Donald Trump, who assumed office on Jan. 20. This has triggered hopes of favorable regulatory shifts, with Circle CEO Jeremy Allaire recently suggesting the President could sign an executive order to allow banks trade and offer crypto easily.

In addition, Brian Moynihan, the CEO of Bank America, confirmed that traditional banks are willing to adopt cryptocurrencies once regulators give them the greenlight. These developments further introduced a sense of legitimacy to these XRP wallets.

Wind Addresses Xumm Verification Tag

Interestingly, XRPScan data confirms that Xaman (formerly Xumm) had verified the wallets. While most proponents already had doubts, this little detail added a twist, with some suggesting it might point to their legitimacy.

XRP Scan
XRP Scan

Moreover, the individuals behind this scheme also created a fake Evernode token and a World Liberty Financial address. Data also shows that these wallets had also been verified by Xaman, triggering further questions within the XRP community.

Addressing this area, Wietse Wind, founder of Xumm, clarified that XRPScan simply displays data stored on the blockchain, which is publicly accessible. Wind explained that anyone can modify the domain field and issued tokens. 

In addition, he noted that the KYC verification only confirms that an individual’s identity has been verified, not that they represent a particular entity. 

Krippenreiter, a community figure, sought clarification on whether Xumm had actually KYC’d these accounts. Wind investigated and confirmed that all these accounts were KYC-compliant. However, they were created by different individuals, all based in the Philippines. 

He noted that while KYC ensures identity verification, it does not guarantee relevance or legitimacy. When asked about solutions to this issue, Wind explained that KYC functions as intended. However, he advised users to avoid rushing to conclusions and wait for official confirmation from credible entities.

Essentially, any individual can edit the tag of any address to reflect an organization’s name without having affiliations with the organization or entity. This issue came up last year, when an account with the name “Musk” sprang up within the XRP community.

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