Today, July 9, marks a rare moment of convergence in Washington’s crypto narrative amid President Trump’s push to make the US the crypto capital of the world.
Ripple CEO Brad Garlinghouse is headed to Capitol Hill to testify before the Senate Banking Committee. Tax is quietly creeping back into the crypto spotlight elsewhere in the Capitol.
Brad Garlinghouse To Testify As Senate Zeroes in on Crypto Market Structure
The “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets” hearing will feature top industry figures. Today’s conversation is expected to influence how the US shapes the next phase of digital asset regulation.
The Senate Subcommittee on Financial Institutions and Digital Assets will host the hearing. It is part of an accelerating effort to codify crypto oversight.
Brad Garlinghouse, CEO of Ripple, will appear alongside Summer Mersinger of the Blockchain Association. Dan Robinson of Paradigm and Chainalysis co-founder Jonathan Levin will also attend.
In a post on X (Twitter), Garlinghouse called for “constructive crypto market structure legislation” that balances innovation with consumer protection.
I am honored to be invited to testify in front of the Senate Banking Committee this Wednesday on the need for passing crypto market structure legislation. Thank you to @BankingGOP Chairman @SenatorTimScott, @SenLummis and @SenRubenGallego (as leaders of the Subcommittee for…
His appearance highlights how Ripple, once locked in a protracted legal battle with the SEC, is repositioning itself as a willing regulatory partner.
Today’s testimony signals a shift from the courtroom to the committee room. This follows Ripple’s withdrawal of its cross-appeal in its long-running SEC case, and the agency is expected to follow suit.
Senate to Discuss Tokens’ Commodity Status
The US Senate will debate whether tokens like XRP qualify as digital commodities under US law. Lawmakers will examine these tokens’ fundamental characteristics, more closely examining their similarities to traditional commodities.
MARK YOUR CALENDARS:This July 9, the Senate takes up the question: can tokens like XRP be officially recognized as digital commodities?
A critical turning point, if greenlit, it could open the floodgates for altcoin spot ETFs before year’s end.
The Senate will also assess whether they meet the necessary criteria for this classification. If the Senate recognizes tokens as digital commodities, it would pave the way for a new wave of financial products.
The general sentiment is that this may be crucial in approving altcoin ETFs (exchange-traded funds). Such a development would allow investors to gain direct exposure to altcoins through regulated investment vehicles.
This could bring billions of dollars in institutional capital into the market and significantly boost mainstream adoption.
Addressing SEC and CFTC Divide: Who Regulates What?
Meanwhile, the testimonies come as lawmakers revisit the core question that has long plagued the industry: who regulates what?
On the other side of the bench, Senators Tim Scott, Cynthia Lummis, and Ruben Gallego will lead the push. The general sentiment is to align Senate priorities with the House’s upcoming “Crypto Week,” which begins July 14.
There, lawmakers will debate the same bills and possibly vote on final versions. Momentum has accelerated since President Trump expressed support for the GENIUS Act. The move prompted the House to fast-track its adoption over a previously competing bill.
The GENIUS Act has already passed in the Senate, and the CLARITY Act is still in draft form but has advanced only recently. The two bills are at the center of today’s debate.
The GENIUS Act aims to establish a stablecoin framework, including reserve requirements and federal licensing. The CLARITY Act, meanwhile, would assign primary oversight of most digital assets to the Commodity Futures Trading Commission (CFTC), reducingthe role of the US SEC (Securities and Exchange Commission).
Tax Reform Reenters the Crypto Conversation
While market structure dominates headlines, the House Ways & Means Oversight Subcommittee will hold a hearing today on “Making America the Crypto Capital of the World.” The focus is to build a 21st-century tax policy framework for digital assets.
NEW: The House Ways & Means Oversight Subcommittee will hold a hearing Wednesday on “Making America the Crypto Capital of the World,” focusing on building a 21st-century tax policy framework for digital assets. pic.twitter.com/PUxUjVQbd4
The proposal would exempt capital gains taxes on transactions under $300 up to a yearly cap of $5,000. This revision is intended to enable microtransactions and day-to-day crypto use without punitive tax consequences.
It also seeks to defer taxation of staking and mining rewards until those assets are sold or spent. This echoes arguments that unrealized gains should not be taxed.
Similarly, Senator Lummis is quietly reviving her push for crypto tax reform. On the heels of failed amendments to Trump’s budget bill, she has introduced a standalone bill to revise the Internal Revenue Code’s treatment of digital assets.
Additionally, the bill would extend securities lending rules to digital assets, allowing for clearer treatment of token lending agreements.
While still in the draft stage, Lummis has invited public comment and signaled that bipartisan support would be critical to advancing the bill through the Senate Finance Committee.
Hedera’s native cryptocurrency, HBAR, has seen a 4.7% price increase over the past 24 hours after replacing Polkadot (DOT) in the Grayscale Smart Contract Platform Fund (GSC Fund). The fund consists of the industry’s top smart contract platforms.
This move has significantly boosted the token’s visibility, sparking optimism among investors and highlighting growing confidence in Hedera’s prospects.
“Grayscale has adjusted GSC Fund’s portfolio by selling Polkadot (DOT) and existing Fund Components in proportion to their respective weightings,” the statement read.
The proceeds from the sales were reinvested into HBAR and other assets in the fund, again based on their proportional weight. HBAR now makes up 5.80% of the GSC fund.
Meanwhile, Ethereum (ETH) and Solana (SOL) remain the fund’s dominant assets, accounting for almost 60% of the total holdings. ETH has 30.22% weight in the fund, while SOL accounts for 29.87%.
Notably, the inclusion added further momentum to HBAR’s latest recovery rally. BeInCrypto data showed that the altcoin gained 10.7% over the past week after experiencing a two-month-long downtrend.
At the time of writing, HBAR’s trading price was $0.16. This represented gains of 4.7% over the past day alone.
Besides price, Grayscale’s move has also impacted HBAR’s visibility. According to CoinMarketCap, HBAR has emerged as the most visited real-world asset (RWA) cryptocurrency on the platform, reflecting growing investor interest.
Additionally, Google Trends data revealed that search interest for ‘HBAR’ peaked at 100 today, signaling heightened public curiosity.
Meanwhile, Metal Pay today announced that HBAR is now available on its platform. Metal Pay allows users to buy, sell, and trade cryptocurrencies. Thus, HBAR’s inclusion further increases its accessibility.
That’s not all. HBAR may benefit even further from upcoming developments. The altcoin will launch on Kraken Exchange on July 10. This could likely provide additional exposure and liquidity for the token, possibly driving further interest and adoption.
Industry figures have also endorsed HBAR’s potential. Businessman and investor Kevin O’Leary recently expressed confidence in HBAR and even disclosed that he holds the asset.
“I think HBAR is going to be big, I really do,” he said in an interview.
With these developments, HBAR’s future looks promising. However, while the current momentum paints a bullish picture, how the altcoin will actually perform in the coming time remains to be determined.
CRO, the native coin of the Cronos Chain, is the top-performing crypto asset in today’s market, surging by 17% amid renewed bullish momentum.
The rally comes amid a broader uptick in trader sentiment and renewed investor enthusiasm following news that Donald Trump’s Media & Technology Group has filed for a new exchange-traded fund (ETF) featuring BTC, ETH, SOL, XRP, and CRO.
Trump Media’s Crypto ETF Gives CRO a Seat at the Big Table
On Tuesday, Trump Media & Technology Group filed for a new ETF called the “Truth Social Crypto Blue Chip ETF,” which will hold a portfolio of five cryptocurrencies: BTC, ETH, SOL, XRP, and CRO.
According to the SEC filing, 85% of the fund’s allocation would go to BTC and ETH, with SOL receiving 8%, CRO 5%, and XRP 2%.
Including CRO in this high-profile fund marks a potential turning point for the asset. The ETF will enhance its legitimacy and draw increased attention from retail and institutional players, pushing its value up as time passes.
ETF News Triggers First Spot Inflow in One Week
Excitement surrounding the ETF announcement has sparked renewed interest in CRO, driving up demand over the past 24 hours. According to data from Coinglass, CRO has just recorded its first daily net inflow into the spot market since July 3.
This marks a shift in momentum, signaling that the token’s double-digit price surge is fueled by actual buy-side pressure rather than speculative swings.
When an asset sees a spike in spot net inflow, more capital enters the market to purchase its tokens/coins than exits it through sales. For CRO, the return to positive spot net inflows suggests that investors are actively accumulating the token in response to its inclusion in the proposed ETF. This reinforces the upward momentum and hints at the potential for a sustained rally.
Moreover, CRO’s Relative Strength Index (RSI) suggests that buying pressure is far from exhausted. As of this writing, this key momentum indicator, which measures an asset’s overbought and oversold market conditions, is at 58.99.
The RSI indicator ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
CRO RSI readings indicate market participants prefer accumulation over distribution. If this trend continues, its price could continue to rise.
CRO Eyes $0.116 as Price Breaks Above 20-Day EMA
Readings from the CRO/USD one-day chart show the altcoin trading above its 20-day exponential moving average (EMA), indicating the bullish strength in the market.
An asset’s 20-day EMA tracks its average price over the past 20 trading days. When its price climbs above this level, it indicates a shift towards a bullish trend. It suggests that the short-term price momentum is turning positive, with recent prices trading higher than the average price over the past 20 days.
If the bullish trend holds, CRO could attempt to break above $0.0104. If successful, its price could extend its gains toward $0.116.
After several failed attempts to breach the $110,000 price mark over the past week, leading coin Bitcoin may be set for a decisive breakout.
On-chain data shows coin accumulation is quietly intensifying, and the bullish signals are beginning to align.
Bitcoin Supply Tightens as Miners Hold and Velocity Hits 3-Year Low
BTC’s Velocity has slowly declined since July started, indicating that the coin is entering a low-supply environment. On July 8, the on-chain metric, which measures how frequently BTC changes hands over a given period, closed at a three-year low of 12.68.
When an asset’s velocity falls, fewer coins are moving through the network, indicating that holders are choosing to sit tight rather than trade or sell.
This is a bullish signal, as it reflects growing conviction among investors and a gradual tightening of liquid supply, which can drive prices higher if demand increases.
In addition, Bitcoin’s Miner Reserve has climbed steadily over the past week. Data from CryptoQuant shows that miners have added 1,782 BTC to their holdings in the last seven days, pushing the total Miner Reserve to 1.81 million coins at press time.
The rise in BTC’s Miner Reserve since the beginning of July suggests a shift in miner behavior toward holding rather than selling as the market presses harder for a climb rally above $110,000.
Bitcoin Could Surge as Traders Zero In on $110,000 Liquidity Zone
An assessment of BTC’s liquidation heatmap shows a notable concentration of liquidity around the $110,473 price zone.
Liquidation heatmaps identify price levels where clusters of leveraged positions are likely to be liquidated. These maps highlight areas of high liquidity, often color-coded to show intensity, with brighter zones (yellow) representing larger liquidation potential.
Usually, these cluster zones act as magnets for price action, as the market tends to move toward these areas to trigger liquidations and open fresh positions.
Therefore, for BTC, the cluster of a high volume of liquidity at the $110,473 price level indicates a strong trader interest in buying or closing short positions at that price. It creates room for a potential surge past $110,000 in the near term.
However, this will not happen if selling pressure gains momentum and new demand fails to enter the BTC market. In this case, the coin’s price could fall toward $107,745.
Confidentiality has always been a contentious point in blockchain technology. As public ledgers provide transparency, they often compromise privacy. The drive to reconcile transparency and privacy is at the heart of progress in crypto, and nobody epitomizes this better than Rand Hindi, CEO of Zama.
Hindi and Zama are pioneering the integration of fully homomorphic encryption into public blockchains. BeInCrypto interviewed Rand Hindi at Cannes to discuss Zama’s journey, the mounting investor interest, and the potentially transformative implications of this technology.
Hindi, who leads one of the most acclaimed teams in cryptography, has shepherded Zama to a billion-dollar valuation by focusing on a breakthrough technology that might address some of the sector’s core adoption barriers. The conversation explores how Zama’s protocol operates, the future of confidential payments, and what it means for traditional finance and on-chain scalability.
Hindi shares essential insights on technology’s progression, Zama’s testnet, and the security benefits that go beyond today’s industry standards.
Building Zama: Addressing Privacy Through Homomorphic Encryption
We like to joke that we’re probably the company that raised the most money without anybody understanding what we’re building. The reason for this is because cryptography as a field is very obscure and opaque, but the use cases it enables are very obvious once it actually works.
Zama as a company specializes in something called fully homomorphic encryption, FHE, which is a new encryption technique that allows you to have confidentiality on top of public blockchains. For example, imagine you want to send money confidentially to someone on a blockchain. Today, you wouldn’t. The amount of money you own, the amount you’re sending is public. With our technology, you would actually have that encrypted on chain but still be able to use it as part of any kind of blockchain application.
That is really a radical new proposition, I would say, because up until now, the only way to use a blockchain was to disclose everything to everyone. We’re effectively bridging that gap.
Inside the Zama Protocol and Testnet
When we started a company a few years ago, we focused on licensing our technology to other people. Most people don’t know that nine out of ten blockchain projects that use FHE use Zama technology in the backend.
Now, we are moving to having our own protocol called the Zama protocol that allows you to have confidentiality on top of any blockchain, even those that don’t license our technology directly. So you can have confidentiality on Ethereum, on Base, on Solana, on any really public blockchain.
The ability to have that on a public blockchain means that anybody can now start building apps where the on-chain data stays confidential regardless of which chain they actually want to use to deploy it. So the Zama protocol, like every protocol, has a testnet phase where we effectively launch that and allow developers and users to try it, start building the first apps and use cases ahead of a mainnet launch where it actually goes into production.
Use Cases: Confidential Payments and Beyond
I would say, by far, the biggest use case is confidential payments. If you look at stable coins, you look at global remittances, if you look at payroll, it’s very obvious that if you want to use a blockchain for that, you need to keep data confidential. I mean, if I told you right now to open your phone and show me your bank account, would you? Definitely not a chance.
Okay, there you go. This is what happens in a blockchain because I could see everything you own and do. That makes no sense whatsoever. Once you can encrypt it with homomorphic encryption, then you can start using a blockchain like you use a traditional bank account, like use a traditional credit card for anything from buying your coffee to getting your salary to buying a house. You can do it without other people knowing about it.
That’s one use case. The second one is enabling trading and tokenization of financial assets confidentially. Let’s imagine you are a large financial institution. You’re a hedge fund, you’re a bank. You want to use a blockchain for trading or even for just like, you know, settling some trades with a partner.
If everybody can see your trades and your positions, you’re not going to have much of an advantage in the market. The whole point is to have what we call an alpha, like something, a secret sauce that you don’t reveal. Blockchain today don’t allow you to keep things private. We’re also solving that.
Scaling, Developer Experience, and Security
When we started working on this, there were three main issues. First, it didn’t work. So we had to make the technology work. That’s done. Today, we have the most secure confidentiality technology. It’s even secure against quantum computers. So it’s as secure as it can ever be.
The second problem was it was very difficult to use for a developer. We actually solve that by integrating our technology into existing programming languages for smart contracts, like Solidity, for example, on Ethereum. As a developer, you don’t need to know cryptography to build a confidential application on chain.
And finally, there’s performance. FHE traditionally was very slow. We fixed that through new mathematics, better engineering, but also with better hardware. Effectively, today, scaling FHE and, therefore, scaling global payments on-chain, all these are use cases, is just a matter of putting more compute behind it. If there is one thing we learn from AI, it is that we can throw more compute than it works. We know how to do that. Just put more servers, put more GPUs, it’ll go faster.
So, there’s really nothing preventing homomorphic encryption from becoming the technology that makes it possible to have on-chain finance in a confidential manner.
You can think of it a little bit like, in your browser, when you connect to a website, you have this small lock that tells you that this is encrypted and protected. We’re effectively doing the same thing for blockchain.
Traditional Finance Appetite and Industry Examples
I would say that probably over half of the companies we talk to are financial institutions that are not Web3 native. They all want the same thing. They want to use blockchain because blockchain is the right solution for finance. We all agree on that. That’s established by everybody from Circle to all of these other companies doing that. Confidentiality was the last blocking point for the mass adoption of blockchain for finance.
I’ll give you two examples. We are working with a company right now that is issuing a confidential stablecoin. What it means is, it’s a regular stablecoin, you can use it for payment on chain, but the issuance is confidential, the amounts that you own is confidential, the amount you transfer is confidential, so you can actually use it for payment without having to disclose anything to other people.
That’s one example. Another example is that there is a company building an on-chain self-custodial bank where your money on chain is kept confidential with our technology. We’re talking about something like Revolut, fully on-chain, self-custodial, so even if the bank goes down, you can get back your money because it’s on-chain.
Try to imagine like the first bank that cannot rug you.
Performance, Security, and Cost
Speed-wise, there is going to be almost no difference. It’s not going to slow down the underlying blockchain. The latency is a couple of seconds, a few seconds. You’re probably not going to see it. Just clicking around on an app is going to take longer than that, effectively. So speed is not an issue. Cost is not an issue. At scale, it can be as cheap as about a cent per confidential token transfer.
On like an L2, like base, even in Ethereum, we’re just adding a couple of cents on top of Ethereum gas fees. We’re almost as cheap as the underlying blockchain allows us to be, pretty much. So that’s not an issue. The third one in terms of security we are post-quantum. Even a quantum computer cannot break homomorphic encryption, FHE. That is very important because there are many technologies that are being used today as shortcuts because they’re supposedly more performant.
First of all, that’s not true. But second of all, those technologies have been broken and will be broken going forward. If you want to have the best amount of security, you have to use FHE. There is nothing else that can actually get even closer.
The Road Ahead: Future Developments and Adoption Trajectory
So we’re in testnet now, that’s already big. We’re planning to have our first main net at the end of, let’s say October.
From that point, we’re gonna have other blockchains being supported, and then it’s game on. You know, initially let’s get at least 1% of watching transactions confidential, then 10% and 20%. If we take again the example of HTTPS, in your browser, the small lock protects your data. We’re connecting to the website. It went from 5% of the internet traffic being encrypted in 2010 to 96% now, I believe. We believe FHE will follow a similar type of trajectory where, five, six, or 10 years from now, over 90% of blockchain transactions will be encrypted and confidential with homomorphic encryption.
Conclusion
Rand Hindi’s vision for Zama represents a major leap for both user privacy and institutional confidence in blockchain networks. Fully homomorphic encryption is set to enable confidential apps, payments, trading, and on-chain banking, all without sacrificing security or speed.
As Zama moves from testnet to mainnet, the aim is to make confidential blockchain transactions as common as secure web browsing. Hindi’s conviction is clear—within the next decade, encrypted, private transactions could become the standard, not the exception, across every major blockchain.
The US government agreed to drop Coin Center’s appeal concerning Tornado Cash, guaranteeing future protection from sanctions. The platform’s TORN asset spiked after the announcement.
Still, it’s a little unclear what the platform’s next steps are. Several of its leaders face ongoing legal battles, even if the decentralized software remains operational.
This is the official end to our court battle over the statutory authority behind the TC sanctions. The government was not interested in moving forward and defending their dangerously overbroad interpretation of sanctions laws.
Thank you again to our co-plaintiffs:…
— Peter Van Valkenburgh (@valkenburgh) July 7, 2025
According to a report from Bloomberg Law, the crux of the issue regards a Texas District Court’s ruling against Tornado Cash sanctions. Essentially, Coin Center was set on legally ensuring that the US government couldn’t use the same pretext to sanction the firm again.
After all, crypto is enjoying a good moment, but fortune can be fickle. Watchdogs have already raised the alarm that the US could sanction Tornado Cash again, prompting Coin Center’s lawsuit. Its aim has been successful, causing the TORN asset to rise over 4% today on top of a brief spike:
Nonetheless, it’s a little unclear where Tornado Cash will go from here. Although the platform is still operational, several of its main leaders face continuing legal battles. It’s a very good sign that the US sanctions aren’t coming back for the foreseeable future, but the platform has a long way to go to restore its former position.
Since peaking at an intraday price high of $0.0000176 on May 12, the leading meme coin, Shiba Inu (SHIB), has witnessed a 33% decline.
Due to the coin’s lackluster performance, on-chain data reveals that a significant portion of SHIB holders are currently at a net unrealized loss, signaling a state of capitulation in the market. What does this mean for investors?
SHIB Bleeds as 87% of Addresses Now ‘Out of the Money’
According to Glassnode, SHIB’s Net Unrealized Profit/Loss (NUPL) metric shows that the meme coin is firmly in the capitulation zone.
SHIB Net Unrealized Profit/Loss. Source: Glassnode
The NUPL metric measures the difference between all holders’ total unrealized profits and unrealized losses relative to an asset’s market cap. It offers insight into whether the market, on average, is in a state of profit or loss.
Per Glassnode, market participants are in capitulation when an asset’s NUPL is negative. This occurs when the total unrealized losses in the market exceed unrealized gains, suggesting that most holders are underwater. It reflects a period of loss where investors either panic sell or hold in distress.
IntoTheBlock’s Global In/Out of the Money confirms this bearish sentiment. At press time, the metric shows that over 87.34% of all SHIB holders are currently “out of the money.”
SHIB Global In/Out of the Money. Source: IntoTheBlock
An address is considered “out of the money” when the current market price of the asset it holds is lower than the average acquisition cost of the tokens in that address. This means the holder would incur losses if they sold their assets at the market price.
SHIB Capitulates—But Is a Price Bottom Closer Than It Looks?
Historically, negative NUPL readings mark the late stages of a bearish cycle. It usually precedes a price bottom and eventual rebound in an asset’s price. This happens for two reasons.
First, when many holders are sitting on losses, they are often unmotivated to sell. Instead, they choose to wait for a recovery to break even. This behavior reduces selling pressure, which can help stabilize the asset’s price over time. As volatility declines and the price begins to consolidate, it creates conditions that encourage fresh SHIB buying and potentially drive the price upward.
Also, periods of capitulation tend to flush out “weak hands” while paving the way for “diamond hands” (more confident, long-term investors) to enter the market. These more resilient buyers accumulate during market distress, bringing in capital that could support a bullish price reversal.
Will SHIB Reclaim Higher Ground Above $0.000012?
At press time, SHIB trades at $0.00001180. If selling pressure wanes and fresh buying resumes, it could propel the meme coin past the immediate resistance at $0.0000198. A breach of this price barrier could propel SHIB toward $0.00001362.
However, if bearish pressure strengthens and the decline continues, SHIB’s price could fall to $0.00001105.
Adding to the short-term bearish outlook is SHIB’s declining burn rate. Over the past day, this has dropped by 92%. As fewer tokens are being taken out of circulation, it makes it harder for SHIB’s price to rally in the absence of new demand.
The US transferred Ethereum worth $219,000 to Coinbase, sparking fears of a potential sale. ETH’s price hasn’t been impacted, but the community has a lot of unanswered questions.
On the surface, this looks like a minuscule amount compared to the federal government’s $650 million ETH stockpile. However, this is its first transfer of assets to an exchange since shortly after President Trump took office, and it may be a warning sign.
Since President Trump took office, the federal government has only transferred tokens to an exchange on one other occasion. This incident, however, was an even smaller amount, and it took place less than a week after his Inauguration. Now, however, he’s been in office for months, and the White House is actively working on a Crypto Reserve.
In other words, the US may be planning to liquidate more Ethereum in the future. Sure, this is a tiny transfer, but it could be an important warning signal. In effect, any transfer from the government to exchanges is a major policy reversal, especially if ETH will be in the Crypto Reserve.
Still, it’s important to keep this move in perspective. The US government currently holds over $650 million in Ethereum, but it transferred less than $220,000 to Coinbase. It only moved assets that it seized from scammer Chase Senecal in 2022, but didn’t even move all of his confiscated tokens. This ETH liquidation theory may be unrealistic or overblown.
At the moment, there are a lot of unanswered questions about this US government Ethereum transfer. So far, this news hasn’t moved ETH’s price much, hopefully signifying a lack of investor FUD. Nonetheless, this uncertainty could lead to future uneasiness.
As the second week of July begins, the bearish sentiment from Q2 appears to be fading quickly. Meme coins are gaining traction, with many emerging in the market.
BeInCrypto has analyzed three such meme coins that are attracting significant attention from investors, indicating a potential shift in market conditions.
Hosico Cat (HOSICO)
HOSICO has been on an impressive upward trajectory since the end of June, currently trading at $0.0631. In the past week, the meme coin has surged by 109%, showing significant growth. This price movement signals strong momentum and growing investor interest in HOSICO.
During this surge, HOSICO managed to set a new all-time high (ATH) at $0.0775. The altcoin’s bullish trend seems likely to continue, with further potential for forming new ATHs. If the momentum persists, HOSICO could see even greater price movements, attracting more attention from investors.
However, if selling pressure increases, HOSICO’s bullish outlook could be invalidated. A drop below the support level of $0.0619 would likely signal a retreat, potentially pushing the meme coin down to $0.0486. Such a pullback would suggest a shift in market sentiment.
Useless (USELESS)
USELESS has been gaining significant momentum, rising by nearly 26% this week. The meme coin is currently trading at $0.280, following a similar trend seen in other meme coins. This surge indicates strong investor interest and suggests a potential for further price movement in the coming weeks.
Having secured $0.250 as a support level, USELESS appears poised for growth. The Chaikin Money Flow (CMF) shows strong inflows, supporting the altcoin’s upward trend. If this continues, USELESS could breach its all-time high (ATH) of $0.309 and potentially set a new ATH at $0.400.
However, if investors choose to cash out and secure profits, USELESS could face a significant pullback. A drop below the $0.250 support level could push the altcoin down to $0.182, invalidating the current bullish thesis. This would signal a shift in market sentiment and lead to a potential downturn.
Osaka Protocol (OSAK)
OSAK has gained 50% this week, showing significant recovery after a challenging June. Currently trading at $0.0000000997, the meme coin is drawing investor attention due to its recent momentum. This increase indicates potential for further growth if the current trend continues, with OSAK aiming for higher levels.
The next target for OSAK is to breach the resistance level of $0.0000001090 and push toward $0.0000001240. The Parabolic SAR below the candlesticks is acting as support, signaling an active uptrend. This positive indicator suggests that the meme coin has the potential to continue climbing if market conditions remain favorable.
However, if the broader market experiences a downturn, OSAK could face selling pressure. A drop below the support of $0.0000000965 would signal a potential reversal, pushing the altcoin down to $0.0000000866. This scenario would invalidate the current bullish outlook, pointing to a possible correction in OSAK’s price movement.
XRP finally cleared its symmetrical pennant formation on July 3, with the price pushing above the $2.20 region. The breakout wasn’t explosive but came on moderately rising volume, hinting at quiet accumulation.
Currently, the XRP price hovers near $2.27, facing a key resistance confluence at $2.35.
SOPR Suggests Some Profit-Taking, But No Panic
XRP’s SOPR (Spent Output Profit Ratio) spiked above 1.6 in early June 2025, indicating wallets are locking in gains. Historically, such levels have aligned with local tops, especially when profit-taking exceeds 1.5.
But this time, the XRP price is holding firm, even though 1.5 is still far off. This suggests market strength, or at the very least, strong absorption of profits.
SOPR tracks whether coins moved on-chain are sold at a profit or loss. A value above 1 means sellers are exiting in profit. Current levels indicate some distribution but not enough to derail the trend.
MVRV Z-Score Signals No Euphoria Yet
The MVRV (Market Value to Realized Value) Z-Score, which compares market cap to realized cap, remains relatively tame even after the breakout. It previously peaked near 6.5 during XRP’s $3 run in early 2025 but now hovers near 2.0.
XRP MVRV-Z indicator suggests room for upside: Glassnode
This indicates that XRP is not yet in the danger zone of overvaluation. MVRV Z-Score below 3 suggests further upside could still be on the table before widespread profit-taking kicks in.
MVRV (Market Value to Realized Value) Z-Score measures how far the price has deviated from the average cost basis of all coins. A low score means the asset isn’t overextended relative to historical investor entry points, signaling room to climb before hitting sentiment extremes.
HODL Waves Show Long-Term Holders Are Still Sitting Tight
XRP’s HODL Wave chart paints a picture of strong holder conviction. Over 40% of the circulating supply hasn’t moved in over a year, and long-term cohort bands remain stable despite recent XRP price moves.
That means long-term investors are not rushing to sell, even during rally phases. This supports the bullish thesis that fewer coins moving means less sell pressure at overhead resistance.
HODL Waves tracks the age of coins in wallets. When coins remain dormant, it often signals belief in higher long-term prices.
Active Addresses Spike Before Each Leg Higher
XRP’s active addresses and wallets transacting in the past 24 hours surged multiple times in June, each time preceding a leg up in XRP price. These activity bursts suggest fresh wallet participation, potentially from new buyers or XRP whales rotating in.
Active address spike preceding price moves: Santiment
XRP Price Breaks Out, But $2.35 Is a Wall
A new pennant formation, on the daily timeline, is now formed. It shows cleaner support and resistance trendlines, suggesting the breakout is technically sound.
If XRP flips $2.35 to support, the next resistance zones lie at $2.48, $2.60, $2.65, and eventually $2.78. A move above $2.78 opens room toward the psychological $3 level, which hasn’t been tested since early 2025.
A/D line paired with volume shows capital inflow: TradingView
However, if the breakout fails and the price drops below $2.08, the bullish structure breaks down, risking a deeper slide.
Also, the Accumulation/Distribution (A/D) line has been slowly trending up since April 2025. While not aggressive, this confirms that capital inflows continue, and whales aren’t aggressively offloading. This indicator weighs price movement against volume; rising trends imply accumulation even without explosive volume. A flat-to-upward slope supports the idea that XRP’s recent breakout is not being sold into heavily.
On-chain and technical signals suggest XRP has momentum behind it, but the $2.35 resistance needs to go. MVRV and SOPR show we aren’t in euphoria yet, while HODL Waves confirms supply remains locked. If the XRP price holds above $2.20 and clears $2.35, $2.65–$2.78 could follow fast. Only a break below $2.08 flips the chart bearish again.
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