Tensions are heating up between India and Pakistan, following the former’s recent missile attack on the latter. This development is significant considering how it could negatively impact the crypto market, as war brings about market uncertainty.
India Retaliates Against Pakistan With Missile Attacks
According to a CNN report, India has launched a military operation against Pakistan, striking “terrorist infrastructure” in both Pakistan and the country’s administered Kashmir. According to the Indian Ministry of Defense, these steps come in the wake of the barbaric Pahalgam terrorist attack, which killed 25 Indians and one Nepali citizen.
The statement also stated that the attacks were focused, measured, and non-escalatory in nature, as no Pakistani military bases were targeted. However, Pakistan claimed that the strikes killed three civilians and injured twelve others.
Pakistani military spokesperson Ahmed Sharif Chaudhry made it clear that they plan to retaliate, which will further escalate tensions. Pakistan’s prime minister also stated that they are responding to India’s attack. The country has allegedly already shot down two Indian jets in retaliation for strikes on its “territory.”
Meanwhile, in an X post, the Indian army stated that Pakistan has again violated the ceasefire agreement by firing artillery in Bhimber Gali in the Poonch-Rajauri area. The army remarked that they are responding appropriately in a “calibrated manner.”
This development could significantly impact the crypto market, possibly leading to a crash. Following the attacks, the Bitcoin price sharply dropped below $95,000.
Crypto analyst Crypto TA King noted how a full-blown war could harm the market. Analyst Crypto King also predicted this could be a red market week, unless the India-Pakistan attacks settle.
Meanwhile, US President Donald Trump commented on the attack, stating that he hopes it ends quickly. The missile strikes comes just a day after India made big concessions in Trump’s trade war, another external factors which continues to hinder a crypto market rally to new highs.
TRUMP, the meme coin that gained attention after the much-discussed TRUMP dinner, has been facing difficult price action in recent days. The token has lost traction, with its price slipping and bearish sentiment creeping into the market.
As the price continues to struggle, the likelihood of a further decline now outweighs any potential recovery, leaving traders in a precarious position.
TRUMP Traders Face Losses
The liquidation map for TRUMP reveals data concerning traders. Approximately $31 million worth of short contracts are at risk of liquidation if the price of TRUMP rises to $14.52. This is a critical threshold for shorts, as their positions would be liquidated if the price surges beyond this point.
The demand for a price drop signals that many investors no longer believe in the potential for further gains. Instead, they are positioning themselves for a fall in price, suggesting waning optimism in the short-term outlook for TRUMP.
On the macro level, technical indicators paint a bearish picture for TRUMP. The Relative Strength Index (RSI) has recently slipped below the neutral 50 mark, signaling a shift into the bearish zone. This decline in the RSI indicates that the price of TRUMP is vulnerable to further downward pressure if the negative momentum strengthens.
As the RSI continues to trend lower, TRUMP is increasingly susceptible to price declines. The inability to regain bullish momentum leaves the token in a precarious state, with the potential for further losses if the current trend persists.
At $12.65, TRUMP is currently grappling with a lack of bullish momentum. Despite the hype surrounding the TRUMP dinner, the token has fallen by nearly 15% since the event, indicating that the market has failed to sustain its earlier enthusiasm.
This decline reflects broader skepticism about the token’s future performance.
For TRUMP to recover, it would need to see a significant rally, requiring a nearly 15% increase to reach $14.53. However, given the current market conditions and broader sentiment, this level seems difficult to achieve.
Instead, it is more likely that TRUMP could break through its current support at $12.18, leading to a further drop to $10.97.
That said, if there is a sudden shift in demand driven by new investors, TRUMP could see a surge. A strong push past $13.36 could set the stage for a rise to $14.53, triggering a liquidation of $31 million worth of short positions.
Such a move would cause significant volatility in the market, potentially providing a sharp rebound for the altcoin.
Elon Musk’s AI chatbot, Grok, has unintentionally become the center of a crypto controversy, promoting what could be a scam token.
The development comes amid rising concerns of fraudulent crypto, questioning the integrity of token launchpads such as Solana-based Pump.fun, among others.
Crypto Scam Alert: Did Grok AI Accidentally Pump a Token?
Grok, afterbeing prompted by a user’s leading question, initially suggested “GrokCoin” as the name of a meme coin. It then provided a wallet address for the said GrokCoin in response to a now deleted post. Grok also clarified that GROKCOIN is a meme coin on the Solana blockchain, inspired by xAI’s Grok AI.
“GROKCOIN, mentioned in the post, is a memecoin on the Solana blockchain, with the wallet address 3MadWqcN9cSrULn8ikDnan9mF3znoQmBPXtVy6BfSTDB. It’s inspired by xAI’s Grok AI, launched in November 2023, and trades with a current market cap of around $17 million, per CoinMarketCap, but its value is highly volatile.” Grok indicated.
Shortly after, the token’s market capitalization surged to $12 million, with an astonishing $51.9 million trading volume. At press time, the GrokCoin had a market cap of over $25 million. Meanwhile, data on GMGN shows the token’s value soared nearly 100,000%. This surge came as unsuspecting investors bought into what is likely an orchestrated scheme.
“Grok casually dropping a meme coin name, and the market instantly throws millions at it, peak crypto behavior. AI narratives + meme coins are a different kind of money printer no doubt about that,” one user quipped.
Despite this, skepticism remains high. It appears that an individual intentionally created the token before prompting Grok to mention the coin and wallet address publicly. This assumption comes as the question leading to Grok’s response was quickly deleted, suggesting a deliberate effort to manipulate the market.
It is also worth noting that the creator of GrokCoin has created over 470 coins, according to data from Soul Scanner
The incident highlights how scammers exploit AI tools to create and promote fraudulent tokens. It raises serious concerns about the growing trend of AI-driven crypto scams and market manipulation.
Following the latest development, similar Grok-themed tokens are flooding the Solana-based platform Pump.fun. This further adds to market manipulation concerns and potential investor losses.
Regulators are taking notice of these deceptive practices. A new bill proposed in New York aims to impose strict penalties on crypto scammers. As BeInCrypto reported, the bill defines civil fines of up to $5 million for fraudulent activities.
Such measures highlight the growing urgency to combat illicit schemes and protect investors from falling victim to AI-driven fraud.
The Ripple vs SEC is finally on the cusp of wrapping up, with a recent announcement made by CEO Brad Garlinghouse about dropping the cross-appeal against the SEC. This breaking news has uplifted the XRP price by more than 5% due to increased interest from retail and institutional investors alike.
This news comes one day after a US district court denied a joint request from Ripple and the SEC. The motion sought to reduce the $125 million civil penalty and reverse a previous order regarding XRP sales.
By ending the appeal, Ripple shows confidence in its business model and regulatory position. If the SEC also drops its appeal, it would formally conclude a four-year conflict and offer clarity for other crypto firms facing SEC scrutiny.
Now, many industry experts expect a clear path for a U.S. spot XRP ETF. They speculate that BlackRock may lead the way, especially after Ripple dropped its appeal against the SEC. While the U.S. is still figuring out alt-ETFs, Canada has already launched the “3iQ XRP ETF,”. This ETF quickly hit $32 million in AUM, indicating strong early demand.
keep reading to know more.
For Mass Adoption XRP ETF & Cross-Chain Interoperability Is Essential
Nate Geraci, president of The ETF Store, called Ripple’s recent decision a turning point. Now, the odds are more than ever for XRP ETF to be approved.
Meanwhile, Bloomberg analysts last week raised the XRP ETF approval odds to 95%, and polymarket sees a 78% chance by the year-end. The expectations are running wild, with many even betting that BlackRock would be the most likely player to take the lead, but BlackRock hasn’t confirmed anything yet.
Closed chapter on this clears way for spot XRP ETF…
The hopes are high because legal clarity would allow other big players to feel confident enough to explore launching an XRP-backed ETF.
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If this is approved, adoption would rise, boosting the XRP price higher too. Yet, Ripple’s CTO, David Schwartz, recently commented that real adoption could rise if cross-chain interoperability in the XRP ecosystem is introduced. And this week’s Wormhole announcement is a clear indication that they are headed that road.
Analyst Hints $10 in XRP Price
The XRP price has continued its downtrend within a falling channel, dropping over 35% from its Q1 peak, resulting in a bearish first half.
Despite this, XRP is maintaining a strong support area in Q2 and is consolidating near the channel’s upper boundary.
While the H1 price action might appear bearish, but rising bullish sentiment, increased on-chain activity, major integrations, and recent legal clarity suggest a potential breakout ahead.
If the legal battle surrounding XRP concludes favorably, a breakout could target the Q1 high of approximately $3.39, with the possibility of even higher targets.
Even analyst opinions like Captain Redbeard also align with optimistic forecasts. The analyst highlights that if XRP price advances, then a major bounce from the current demand zone could push a rise to $10.
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FAQs
Is Ripple going to settle with the SEC, or is the lawsuit officially over?
Ripple is not formally “settling” in the traditional sense, as a proposed settlement was rejected. However, Ripple has withdrawn its cross-appeal and accepted the court’s $125 million penalty. The lawsuit is effectively ending as the SEC is also expected to withdraw its appeal.
How high will XRP go after the lawsuit officially concludes?
Analysts are highly optimistic for XRP post-lawsuit. Short-term targets range from $3.00-$3.59, with 12-month potential between $5.00-$8.00, especially with a likely spot XRP ETF approval. Some even project targets as high as $10-$15 in this cycle.
How would a spot XRP ETF affect XRP’s price, adoption, and overall market sentiment?
A spot XRP ETF would likely boost XRP’s price significantly by unlocking billions in institutional capital. It would dramatically enhance liquidity, legitimize XRP as a mainstream investment, and shift overall market sentiment to be overwhelmingly positive due to increased accessibility and regulatory clarity.
Will this legal clarity encourage more institutional investment and product development in the U.S. crypto market?
Yes, the legal clarity from the Ripple case is expected to significantly encourage more institutional investment and product development in the U.S. crypto market. This clearer regulatory environment provides confidence for major players to launch new crypto-backed financial products and engage with digital assets.
The post Will XRP Price Hit $10 appeared first on Coinpedia Fintech News
The Ripple vs SEC is finally on the cusp of wrapping up, with a recent announcement made by CEO Brad Garlinghouse about dropping the cross-appeal against the SEC. This breaking news has uplifted the XRP price by more than 5% due to increased interest from retail and institutional investors alike. This news comes one day …
