In the latest XRP news, Ripple has recently moved 200 million coins, fueling speculations in the market. Meanwhile, this comes as the crypto holds the $2 support despite recent volatile trading. Besides, amid the ongoing speculations, a renowned analyst has predicted a potential rally for the token ahead to $19, especially amid the soaring buzz after the recent successful US ETF launch.
XRP News: Ripple’s 200 Million Move Fuels Speculations
Leading on-chain transaction tracker Whale Alert reported that Ripple shifted 200 million XRP recently, worth around $402.78 million, to an unknown address. The transaction was made from Ripple’s wallet, identified by the wallet address “rBg2F…1o91m”, and was sent to an unknown recipient address “rP4X2…sKxv3”.
Meanwhile, such high-volume transfers typically fuel investor concerns and curiosity. Some speculate Ripple could be preparing for strategic positioning in anticipation of regulatory clarity. Others suggest the transfer might be linked to OTC trades or internal wallet management. However, there are no official comments on this latest XRP news.
However, the timing of this move also coincides with recent legal developments in the Ripple vs. SEC lawsuit, adding another layer of speculation to the event.
Ripple Vs SEC Case Update
In another latest XRP news, Ripple and the US SEC have submitted a joint legal filing. As per the filing, both parties have requested the US Court of Appeals for the Second Circuit to pause the ongoing proceedings.
This comes after the settlement of the major parts of the XRP lawsuit. If granted, the motion could give Ripple more flexibility and time to navigate its next legal and business steps. The request to keep the appeal “in abeyance” indicates both parties are aiming for a smoother closure pending final court approval. Notably, this move may also influence institutional sentiment, especially following the recent ETF-related excitement.
XRP ETF Success Aids In Price Surge: Rally To Sustain?
The first XRP ETF has noted a successful launch in the US this week, which has sparked market optimism. Amid this, XRP price has jumped about 1% in the last 24 hours to reach $2.01. Notably, the crypto has touched a 24-hour high and low of $2.03 and $1.93, respectively, reflecting the volatile scenario in the market.
Besides, the active addresses holding Ripple’s native asset has also touched a new high recently. This indicates that more investors are shifting their attention towards the asset.
What’s Next?
However, amid this, renowned expert EGRAG CRYPTO said that the XRP price may hit $19 or even $45, citing historical trends. According to the expert, if XRP mimics the 2017 or 2021 cycle, it can rally by 2700% or 1,050% to hit $45 or $19, respectively.
This also comes after the expert highlighted the XRP/BTC chart and said that the crypto could hit $22 if BTC rallies to a new ATH ahead.
Crypto analyst Master Kenobi has provided a bullish outlook for the Dogecoin price, predicting that it could reach a new all-time high (ATH) in 55 days. He revealed what needs to happen for DOGE to achieve this milestone by June, based on his 55-day target.
How The Dogecoin Price Could Reach A New ATH By June
In an X post, Master Kenobi stated that the Dogecoin price will likely reach a new all-time high within approximately 50 to 55 days once it breaks above the trendline he highlighted on his accompanying chart.
The chart showed that the crucial price level DOGE needs to break above, based on this trendline, is $0.15488. The analyst then remarked that a conservative price target for the top meme coin would be $0.90 by June 5-10.
Master Kenobi had made this prediction while alluding to an earlier post in which he indicated that the Dogecoin bottom was almost near. In that post, he stated that the last time DOGE experienced a downturn, there was a 100-day period from the local bottom to the local top. He noted the meme coin is now halfway through a similar timeframe.
In line with this, the crypto analyst expects the Dogecoin price to reach a new all-time high (ATH) during this period, although he admitted that it is unclear whether it will break the psychological $1 level.
Crypto analyst Kevin Capital also suggested that a massive rebound was on the horizon for the DOGE price. In an X post, he stated that everything is going according to plan for Dogecoin. He urged market participants to stay patient, noting that every day that passes is another day closer.
DOGE Traders Remain Undecided At The Moment
In an X post, crypto analyst Trader Tardigrade indicated that DOGE traders are currently undecided on the meme coin’s next move. In an X post, he stated that the Dogecoin price structure has been converging into a triangle pattern, indicating market indecision.
He noted that during this period, buyers hesitate to buy high, while sellers are cautious about selling low, leading to conservative behavior on both sides. The analyst added that this pattern typically occurs between a downtrend and an uptrend.
This market indecision currently explains why DOGE investors continue to accumulate and dump their coins at will with no clear sign of active accumulation or a wave of sell-offs. As CoinGape reported, crypto whales recently dumped 570 million DOGE, as the Dogecoin price continues to trade sideways.
According to the latest reports from the Financial Times, Cantor Fitzgerald, a financial services company led by Brandon Lutnick, son of US Commerce Secretary Howard Lutnick, is working with SoftBank, Tether, and Bitfinex to form a Bitcoin (BTC) investment vehicle with a scale of over $3 billion.
This initiative comes amid a recovery rally in BTC, which has seen notable gains over the past day.
Is Cantor Fitzgerald Trying to Replicate Strategy’s Bitcoin Success?
Financial Times, citing sources close to the matter, revealed that Lutnick’s special purpose acquisition company (SPAC), Cantor Equity Partner, raised $200 million in January. The money will fund the creation of a new firm named 21 Capital.
The cryptocurrency companies involved in the initiative are contributing large sums of Bitcoin to 21 Capital. Stablecoin giant Tether will contribute $1.5 billion worth of BTC. Meanwhile, the Bitfinex exchange will contribute $600 million, and SoftBank, the Japanese multinational investment firm, will provide $900 million.
This brings the total Bitcoin contribution from the partners to $3 billion. Furthermore, the move also highlights SoftBank’s increased interest in the cryptocurrency space.
“Masayoshi Son’s biggest Bitcoin bet yet,” VanEck’s Matthew Sigel noted on X.
“While the deal was likely to be announced in the coming weeks, it could still fail to materialise, and the numbers could change, the people cautioned,” FT wrote.
The initiative aims to emulate the success of the largest corporate holder of BTC, Strategy (formerly MicroStrategy). The firm has been acquiring BTC since 2020, amassing a total of 538,200 coins worth $50.14 billion at press time, according to SaylorTracker. The company holds an unrealized profit of approximately 39.8%.
Meanwhile, Bitcoin, the initiative’s centerpiece, has seen a significant recovery recently. As BeInCrypto reported earlier, the largest cryptocurrency surged past the $90,000 mark for the first time in seven weeks. Over the past day, it rose by 5.3% to trade at $92,862.
“You start to think that Bitcoin is rallying as a sound money store of value inflation hedge but the market gods have a sick sense of humor and it turns out it was just a cantor/softbank/tether MSTR 2.0 all along,” an analyst posted on X.
The Middle East and North Africa (MENA) region is quickly becoming a notable force in the push for global crypto adoption. With growing participation from institutions and enterprises and supportive regulations for Web3 technology, MENA is set to expand its impact.
BeInCrypto interviewed Stephan Apel, CEO of Outlier Ventures, to explore the characteristics of these tech-driven economies and their anticipated innovations.
Web3 Adoption and Market Growth
MENA has emerged as a significant center for Web3 development, facilitated by a combination of demographic, technological, and cultural factors. The region’s entrepreneurial spirit has also fostered an environment conducive to the adoption of decentralized technologies.
“The MENA market has set a standard for adopting next-gen technologies and using them to boost their economic transformation. This is especially true for Web3 technologies— the region recognised their potential early on, offering the resources needed for these projects to scale and thrive on both regional and global levels,” Apel told BeInCrypto.
Consequently, the region is witnessing an increase in startups, investors, and developers exploring Web3 and its diverse applications.
A 2024 Chainalysis report revealed that MENA was the seventh biggest crypto market worldwide. From July 2023 to June 2024, the region saw $338.7 billion in online crypto transactions, representing 7.5% of all crypto transactions globally.
Share of all cryptocurrency transaction value by region. Source: Chainalysis.
Notably, Turkey and Morocco ranked among the top 30 countries globally in crypto adoption. Turkey secured the 11th spot, while Morocco ranked 27th. These nations alone accounted for $137 billion and $12.7 billion in received cryptocurrency value, respectively.
Furthermore, the MENA region’s crypto activity is predominantly driven by institutional and professional players, as a substantial 93% of all value transferred involves transactions exceeding $10,000.
Meanwhile, Gulf Corporation Council (GCC) members have distinguished themselves through their ambitious technological initiatives.
MENA’s Strategic Shift Towards AI
The onset of artificial intelligence (AI) has prompted governments and businesses within the Middle East to acknowledge the global trend towards related advanced technologies. Countries like Qatar, Saudi Arabia, and the United Arab Emirates (UAE) are considering their strategic position concerning this technological transformation.
According to a report by PricewaterhouseCoopers (PwC), AI could contribute up to $15.7 trillion to the global economy in 2030. The consulting firm predicts that the Middle East will bring 2% of the total global benefits, equal to $320 billion.
MENA’s pioneering role in AI development. Source: PwC.
The PwC report also indicates that Saudi Arabia will see the largest absolute gains from AI by 2030, with an estimated US$135.2 billion added to its economy, or 12.4% of GDP. In terms of GDP percentage, however, the UAE is expected to see the greatest impact, approaching 14% of its 2030 GDP. Meanwhile, for GCC states Bahrain, Kuwait, Oman, and Qatar, AI is expected to contribute 8.2% of their GDP.
Given the region’s latest initiatives and investments in AI innovation, these numbers come as no surprise.
Saudi Arabia’s AI Development Initiatives
In 2016, the Saudi Arabian government launched Vision 2030, a program to promote economic, social, and cultural diversification. Integral to this vision is a strategic shift towards artificial intelligence and data-driven innovation, a key component of the nation’s economic diversification efforts.
Saudi Arabia is making notable advancements in AI. The country aims to reduce its reliance on oil by developing advanced technology sectors through targeted investments, infrastructure development, and workforce training.
“Fueled by its Vision 2030 initiative, Saudi Arabia has already created a thriving startup ecosystem, dedicated significant investment in emerging technologies,and designed policies to attract global talent and entrepreneurship,” Apel told BeInCrypto.
The Saudi Data and Artificial Intelligence Authority (SDAIA) spearheads Saudi Arabia’s push into artificial intelligence, shaping and implementing the country’s national data and AI strategy. The National Data Bank is a cornerstone of their efforts. It is designed as a central hub for data access and analysis, facilitating AI applications across public and private sectors.
Last November, Saudi Arabia also unveiled Project Transcendence. The $100 billion investment initiative focuses on accelerating the integration of AI and advanced technologies.
Similar to its neighbor, the UAE has actively pursued AI adoption.
UAE’s AI Strategy and Investments
In 2017, the UAE launched its National Strategy for Artificial Intelligence, which aims to make the country a global leader in the field by 2031. The UAE AI and Blockchain Council oversees this strategy, which impacts sectors like education, energy, and tourism.
The UAE is already reaping the benefits of its AI initiatives. In April, Microsoft announced a $1.5 billion investment in G42, an Abu Dhabi-based technology holding company. G42 is known for its data centers and the development of Jais, a leading Arabic-language AI model.
In September, G42 and Nvidia partnered to create AI-driven solutions for improved weather forecasting. The collaboration aims to advance climate-related technologies by using Nvidia’s Earth-2 platform, which enables AI-augmented climate and weather simulations.
Three months later, Abu Dhabi-based global technological ecosystem Hub71 partnered with Google to boost startup growth in the UAE. This collaboration will bring Google’s “Google for Startups” program to Abu Dhabi, including a dedicated accelerator for Hub71 startups in 2025.
He also drew attention to the planned convergence of AI and Web3 technologies in these prominent regions.
Convergence of AI, Web3, and IoT
Integrating the Internet of Things (IoT), blockchain, and AI technologies is gaining traction among businesses in the Middle East. By combining these technologies, organizations can access new avenues for growth, increase efficiency, and create novel user experiences.
In 2018, the Dubai Airport Freezone Authority launched Dubai Blink, a platform that integrates AI, blockchain, and virtual licenses to facilitate global trade. This system enhances supply chain innovation through ‘smart commerce’ by expediting trade with a unified online platform. Furthermore, it addressed the cumbersome process of supplier identification by using AI algorithms to streamline and accelerate the validation process.
Ultimately, MENA’s proactive approach to technological advancement, coupled with its strategic focus on Web3 and AI, signals a future where the region will be a pivotal architect in shaping the digital economy.
