Arizona’s second Bitcoin reserve bill, SB 1373, has cleared its final reading with Senate approval. The bill now moves to Governor Hobbs, who recently vetoed the first Bitcoin Reserve Bill, SB 1025. This represents a key step in the state’s ongoing efforts to establish a Bitcoin reserve, despite the previous rejection. The final decision now rests with the governor, and the outcome will determine Arizona’s next move in its Bitcoin reserve strategy.
XRP has recently broken out from a multi-month descending wedge, signaling a potential reversal after the largest downtrend of 2025. Trading at $2.22, the cryptocurrency appears to be entering a new phase of bullish momentum.
This shift could mark the end of the persistent price decline that started in January, setting the stage for further growth.
XRP Holders Are Holding On
The dominance of short-term holders has significantly declined, indicating a positive shift in market dynamics for XRP. According to the HODL waves, the supply held by investors holding between 1 and 3 months has dropped from 12% to 6% in the span of two months.
This shift suggests that more short-term holders have transitioned into mid-term holders, reducing the likelihood of immediate sell-offs. This maturation of holdings is a positive sign, as it indicates more stability and less selling pressure in the short term stemming from confidence in price recovery.
XRP’s macro momentum is showing promising signs as the cryptocurrency pulls away from a potential Death Cross, which could have signaled a significant decline in price. The 50-day Exponential Moving Average (EMA) is currently trending upward, providing support for XRP as it moves away from bearish territory. The candlesticks are also positioned above the 50-day EMA, signaling that the altcoin is gaining strength and may continue its upward movement.
The pullback from the Death Cross and the upward movement of the 50-day EMA provide technical evidence that XRP’s price could continue to rise. This shifting momentum, combined with improving market sentiment, suggests that XRP is setting itself up for a potential rally. Investors will closely watch these indicators as signs of further recovery.
XRP is currently trading at $2.22, breaking out of a near 5-month-long descending wedge. If this breakout continues, it will mark the end of the largest downtrend of the year, which started in January. The next key resistance is at $2.38, and a successful breakout above this level could signal further upward movement for XRP.
If XRP maintains its current bullish trajectory, the altcoin could rise to $2.56 after breaking through the $2.38 resistance. Flipping $2.56 into support would further confirm the breakout and indicate that XRP is entering a more sustained phase of growth. This would set the stage for continued price appreciation.
However, if XRP fails to break the $2.38 resistance, the price could fall back to $2.02. Losing the $2.16 support level would invalidate the bullish thesis, signaling a potential reversal in sentiment and a resumption of the downtrend. The next few days will be crucial in determining whether XRP can maintain its upward momentum or face further declines.
Bitcoin (BTC) enters May 2025 with renewed momentum, gaining over 14% in the past 30 days and trading just 6.3% below the key $100,000 mark. Behind the price action, Bitcoin’s apparent demand has turned positive for the first time since late February, signaling a shift in on-chain behavior.
However, fresh inflows—especially from US-based ETFs—remain subdued compared to 2024 levels, suggesting institutional conviction has yet to fully return. According to MEXC COO Tracy Jin, if current conditions hold, a summer rally toward $150,000 is plausible, with sentiment turning increasingly bullish.
Bitcoin Apparent Demand Turns Positive, But Fresh Inflows Still Lacking
Bitcoin’s apparent demand has shown clear signs of recovery recently, rising to 65,000 BTC over the past 30 days. This marks a sharp rebound from the trough on March 27, when apparent demand—defined as the net 30-day change in holdings across all investor cohorts—reached a deeply negative level of -311,000 BTC.
Apparent demand reflects the aggregated balance shifts across wallets and provides insight into whether capital is entering or exiting the Bitcoin network.
While the current demand level is still well below earlier peaks in 2024, a meaningful inflection point occurred on April 24: Bitcoin’s apparent demand turned positive and has remained positive for six consecutive days after nearly two months of sustained outflows.
Despite this improvement, broader demand momentum remains weak.
The continued lack of significant new inflows suggests that most of the recent accumulation may be driven by existing holders rather than fresh capital entering the market.
For Bitcoin to mount a sustainable rally, both apparent demand and demand momentum must show consistent and synchronized growth. Until that alignment occurs, the current stabilization may not support a strong or prolonged price breakout.
US Spot Bitcoin ETF Inflows Still Far Below 2024 Levels
Bitcoin purchases from U.S.-based ETFs have remained largely flat since late March, fluctuating between daily net flows of -5,000 to +3,000 BTC.
This activity level sharply contrasts with the strong inflows seen in late 2024, when daily purchases frequently exceeded 8,000 BTC and contributed to Bitcoin’s initial rally toward $100,000.
So far in 2025, BTC ETFs have collectively accumulated a net total of 28,000 BTC, well below the more than 200,000 BTC they had purchased by this point last year.
This decline shows a slowdown in institutional demand, which has historically been key in driving major price movements.
Bitcoin: Net Cumulative Inflows to US Spot ETFs by Year. Source: CryptoQuant.
There are early signs of a modest rebound, with ETF inflows beginning to tick higher recently. However, current levels remain insufficient to fuel a sustained uptrend.
ETF activity is often viewed as a proxy for institutional conviction, and a notable increase in purchases would likely signal renewed confidence in Bitcoin’s medium-term trajectory.
Until those inflows return in force, the broader market may struggle to generate the momentum needed for a prolonged rally.
Bitcoin Nears $100,000 as Momentum Builds Despite Macro Pressure
Bitcoin price has gained over 14% in the past 30 days, rebounding strongly after dipping below $75,000 in April.
This renewed momentum comes as BTC shows relative resilience amid broader macroeconomic volatility and policy-driven pressures, including Trump’s tariff measures that have weighed on risk assets.
While the entire crypto market has felt the impact, Bitcoin appears to be detaching slightly, showing less sensitivity to these external shocks than other digital assets.
BTC now sits just 6.3% below the $100,000 mark and remains under 17% from a potential move toward $110,000. According to Tracy Jin, COO of MEXC, sentiment is turning positive again:
“Beyond immediate price action, the growing institutional appetite and shrinking supply mechanisms against the macroeconomic uncertainty backdrop point to a structural shift in Bitcoin’s role within the global financial market. BTC is used to hedging against inflation and the fiat-based financial model. Its liquidity, scalability, programmability, and global accessibility offer a reliable modern alternative to traditional financial instruments for many corporations,” Jin said.
According to Jin, a summer rally towards $150,000 is plausible. She stressed that the $95,000 range will likely become a launch point for the brewing decisive breakout above $100,000 in the coming days.
” Should global trade tensions stabilize further and institutional accumulation continues, a summer rally towards $150,000 is plausible, potentially extending towards $200,000 by 2026. Overall, the external background remains favorable for the continuation of the upward movement, especially given the growth of stock indices on Friday, which could support Bitcoin over the weekend.”
XRP Lawsuit: The U.S. Securities and Exchange Commission (SEC) has filed an opposition to a recent emergency request submitted by Justin W. Keener in the Ripple lawsuit. Keener’s filing aimed to present what he called “decisive evidence” in support of Ripple and the “liberty of the American people.”
US SEC Opposes Keener’s Request Over Jurisdiction and Procedure
According to a recent filing, the US SEC asked Judge Analisa Torres to reject the emergency request filed by Justin W. Keener on April 3, 2025. The agency argued that the District Court does not have jurisdiction to consider the request since the Ripple case has already been moved to the Second Circuit Court of Appeals.
The SEC used several authorities from different courts as the basis of their decision, specifically citing New York v. Department of Homeland Security, 974 F.3d 210 (2d Cir. 2020). The Commission explained that this be the position once a timely appeal is filed that the matters under appeal are beyond the jurisdiction of the District court.
NEW: The @SECGov has just filed an opposition to that “emergency request to present decisive evidence” in favor of @Ripple we saw filed last week by one Justin W. Keener.
The SEC also pointed out that Keener did not file the appropriate motion to intervene in the case he deemed to involve unlawful conduct by the defendants. They argued that this means that the court cannot consider his request for an emergency stay. They cited other cases where such a motion by the third party without the permission of the court was thrown out of court.
SEC Maintains Ripple Can Handle Its Defense Without Outside Help
In its reply, the US SEC stated that even if the provided evidence of Keener was relevant, Ripple could decide to present it on its own. The agency suggested that Ripple and its legal team know the kind of documents that are useful in the XRP lawsuit on their own.
The Commission added, “There does not seem to be any provision that the Request’s filer cannot forward the ‘evidence’ listed in the Request to the Defendants.” They responded that Ripple could produce any such material if it considered it to be relevant.
The US SEC also reminded the court that a previous request from third parties to submit similar evidence had already been denied. In that instance, Judge Torres ruled that no further intervention from unrelated parties was needed.
Details of Keener’s Emergency Request Remain Unclear
Keener, who has faced separate SEC charges in the past, submitted a brief letter claiming he possessed key evidence in support of Ripple.
He said the material could help the defendants and promote “liberty for the American people,” but he did not give specifics.
While some observers believe the evidence may relate to physical investment contracts, Keener has not confirmed this. The document raised questions in the Ripple community, especially since the case appears to be nearing an end.
XRP Lawsuit Nears Conclusion as SEC Drops Appeal
The SEC’s opposition comes after recent announcements that the legal dispute with Ripple is coming to a close. Ripple CEO Brad Garlinghouse confirmed that the XRP lawsuit has officially ended. This followed the SEC’s decision to drop its appeal in the ongoing case. This move boosted optimism since as of now, around 20 XRP exchange-traded funds (ETFs) are reportedly filed with the US SEC.
Despite the news, XRP’s price did not show a strong positive reaction. Still, many in the crypto community believe the conclusion of the lawsuit may bring new developments for Ripple.
However basking under the XRP lawsuit dismissal, Ripple recently announced a $1.25 billion deal to acquire Hidden Road, a global multi-asset prime broker. This would make Ripple the first crypto firm to own and operate such a platform.
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