XRP is currently retesting important levels after a brief rally. While far-fetched XRP price predictions have been doing rounds lately, crypto commentator BarriC in a recent X post shared that once XRP hits the $100 mark, the price could skyrocket to $1,000.
BarriC believes that one day, people will be willing to pay $100 for one XRP. Once that price starts to feel normal and is seen as a good entry point, he says XRP could quickly rise to $1,000. He thinks people would still buy it at that price because they want to be part of the future global financial system.
In the comments, many agreed. They pointed out that when Bitcoin was cheap, most people doubted it would ever go up. Now, XRP is facing the same kind of doubt. But history shows that markets can change fast—sometimes in surprising ways. The big question is: can XRP follow Bitcoin’s path or maybe go even further? Only time will tell.
Ripple President Monica Long in the 2025 Crypto Outlook predicts that DeFi will expand into traditional finance, allowing 24/7 markets for FX, bonds, ETFs, and mutual funds. She expects 10 of 15 global banks, including Deutsche Bank, HSBC, UBS, and State Street, to launch tokenized offerings in 2025.
XRP’s Phased Timeline
Ashley Prosper, a crypto enthusiast, recently shared insights from his conversation with ChatGPT over XRP’s future. It was a phased adoption timeline depending on favorable regulatory outcomes for Ripple.
In Phase 1 (2025–2027), the focus would be on achieving regulatory clarity and expanding Ripple’s On-Demand Liquidity network globally where XRP’s price could reach $400-$500.
The price could further surge to $2,000-$2,500 in the phase 2 (2028-2032) as regional payment systems and smaller financial institutions start adopting XRPL.
In the third phase (2033-2040), widespread adoption in traditional financial markets could push XRP to $10,000–$13,000. And beyond 2040, if XRP evolves into a core component of the global financial system, it could possibly breach $20,000.
The Income Tax Department of India has launched a major crackdown on individuals who failed to report their cryptocurrency income. Thousands have received notices, and this time, the department is armed with actual data and transaction records through its NUDGE framework (Non-Intrusive Usage of Data to Guide and Enable).
If you’ve traded, held, mined, or received crypto in any form, here’s how to stay compliant and avoid penalties.
Why Are Crypto Users Receiving Tax Notices?
In the past, the tax department sent bulk emails urging people to update their income tax returns (ITR). Now, thanks to advanced data analytics and blockchain tracing, the government is targeting those who have not reported crypto income, despite TDS being deducted under Section 194S of the Income Tax Act.
According to Ravi Sawana, Partner at Lakshmikumaran & Sridharan:
“Transactions in cryptocurrencies on which TDS has been deducted under Section 194S have not been declared in the ITR for FY 2023-24. Hence, taxpayers are being asked to update their filings.”
Search and Seizures Conducted for Crypto Tax Evasion
Some individuals have already experienced search and seizure operations. In several cases, hardware wallets were confiscated.
Priyanka Jain, Partner at Vsih & Associates, explained:
The department invoked Section 131 of the Income Tax Act to search premises.
Officials requested full disclosure of wallet holdings, mining data, foreign trading, and all transactions.
Despite cooperation, a follow-up notice was issued due to the department’s suspicion of underreporting.
How to Report Cryptocurrency Income in Your ITR: Step-by-Step Guide
If you’re a crypto investor, trader, or miner in India, here’s exactly how to report your crypto earnings in your Income Tax Return (ITR) and stay compliant with the law:
Choose the Correct ITR Form
Select the ITR form based on how you earn from crypto:
ITR-2: Use this if your crypto income is from long-term or short-term capital gains (e.g., investment purposes).
ITR-3: Use this if you’re actively trading crypto or earning from it as a business activity.
Using the wrong form can lead to rejection or scrutiny from the tax department.
Declare All Crypto Income Sources
You must disclose all income earned through crypto, including:
1. Buying and selling of cryptocurrencies
2. Mining rewards (treated as income from other sources or business income)
3. Airdrops and staking rewards
4. Crypto received or used as payment
5. Profits from holding or long-term investment gains
Even small or irregular income must be reported to avoid penalties.
Apply the Right Tax Rate
All crypto income in India is taxed at a flat 30% rate under Section 115BBH, regardless of your income bracket. Additionally:
1. No deductions (except cost of acquisition) are allowed.
2. A surcharge and 4% health and education cess will also apply
Verify TDS Deductions in Form 26AS
Crypto exchanges are required to deduct 1% TDS (Tax Deducted at Source) on every transaction under Section 194S. You should:
1. Download your Form 26AS from the income tax portal.
2. Cross-check all TDS entries related to your crypto trades.
3. Ensure all deductions are credited to your PAN account.
Keep All Transaction Records
Maintain detailed and organized records of your crypto activity, including:
1. Wallet addresses
2. Screenshots of transactions
3. Exchange trading history
4. Foreign exchange logs
5. Details of P2P or OTC transactions
This will help in case of audits or further inquiries by the Income Tax Department.
File Before the Deadline
Submit your ITR before the due date (usually July 31st for individuals). Filing late can attract penalties and interest, even if the tax is already paid.
Final Checklist: How to Avoid Crypto Tax Trouble in India
Step
Action
1
Use the correct ITR form (ITR-2 or ITR-3)
2
Declare all crypto income and activity
3
Apply 30% tax under Section 115BBH
4
Verify TDS in Form 26AS
5
Maintain complete transaction records
6
File the return before the due date
Never Miss a Beat in the Crypto World!
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The post Income Tax Department Takes Strict Action Against Undisclosed Crypto Income appeared first on Coinpedia Fintech News
The Income Tax Department of India has launched a major crackdown on individuals who failed to report their cryptocurrency income. Thousands have received notices, and this time, the department is armed with actual data and transaction records through its NUDGE framework (Non-Intrusive Usage of Data to Guide and Enable). If you’ve traded, held, mined, or …
Fartcoin surged 173% in April, becoming the top-performing memecoin with a market cap of $1.14 billion and strong whale-driven activity.
PENGU saw a +136.35% weekly gain, but monthly growth slowed to +102% from 153% on 28th April, with a potential pullback on the horizon.
: Whale purchases of Fartcoin, including a $2.48 million increase, add volatility and bullish sentiment to the token’s rise.
Despite a short-term pullback, PENGU holds a bullish market structure, with support at $0.0100–$0.0110 crucial for continued upward momentum.
PENGU’s volume surged to $1.2B, driven by institutional and retail interest, though high leverage signals potential short-term volatility.
April has proven to be a breakthrough month for memecoins; in addition to their close correlation towards the major cryptocurrencies with their move towards the top on the altcoin charts monthly, Solana-based tokens have taken the top position in April, both with the latest gains and also market money transferred to be staked in them.
Fartcoin (FARTCOIN) has claimed the title of top-performing solana memecoin with +171.42% for the month. It is currently priced at $1.15 and boasts a market cap of $1.14 billion and a 24-hour trading volume of $255.86 million.
On the weekly performance side, Pudgy Penguins (PENGU) managed a +136.35% 7-day increase, moving its price to $0.01203, and it has enjoyed a monthly climb of +102.02%, although it fell from 3rd to 6th in 24 Hours since 28th April in monthly performance rankings of memecoins.
PENGU’s rise has also caused it to outperform TRUMP coin this week, as TRUMP coin rallied 62.42% – but did not cause the same level of traction after the u.s president with an exclusive event for the top 220 TRUMP holders event on May 22 to be hosted in New Jersey.
One of the better coins overall has been Brett (BRETT) which is currently priced at $0.06493 in April and has a month gain of +110.71%, while also experiencing similar week monthly metrics. Finally, Bonk (BONK) has reported a monthly return of +75.25%, while currently priced at around $0.00002019. Bonk currently has a 24-hour trading volume of $382.43 million.
PENGU Coin Price Pulls Back After 260% Rally, Bulls Eye $0.0205 Breakout
PENGU coin has shown impressive bullish strength, rallying over 260% from its base around $0.0040 to a recent high of $0.0144, breaking out from months of consolidation. However, after this sharp rally, the price has pulled back by 2%, currently sitting at $0.0118, near the key short-term support zone of $0.0100–$0.0110. This level is critical as it has acted as both a trendline retest and support, making it a key area to watch for potential price action.
The RSI, now at 75.82, remains above 70, indicating that buyers are still in control, though momentum has cooled. The MACD continues to show a bullish crossover, reinforcing the likelihood of trend continuation. If the price holds above this support zone, we could see a move towards $0.0145, $0.0170, and eventually $0.0205, aligned with the 38.2% Fibonacci retracement level.
A breakout above $0.0205 could pave the way for a mid-term rally toward $0.0256, $0.0343, or even $0.0500 in the next 6–10 weeks, depending on volume and broader market conditions.
Short-term traders should monitor the $0.0100–$0.0110 support zone closely. If this area holds, it could signal a rebound towards higher levels. Long-term traders can maintain a bullish outlook as long as the price stays above the 20 and 50 EMA ($0.0074), which continue to offer dynamic support.
After a 260% surge, PENGU is in a consolidation phase, and if support holds, the next leg higher could come quickly.
Overall, after a 260% surge, PENGU is in a textbook consolidation phase — and if the support holds, the next leg higher could come swiftly.
FARTCOIN (FARTCOIN) Price Eyes Breakout as Handle Formation Nears Completion
FART Coin continues to follow a classic bullish cup and handle pattern on the daily chart. After forming a rounded bottom between early February and mid-April, the price successfully completed the “cup” structure and has since carved out a shallow handle, marked by light consolidation just below the $1.30 resistance level.
Price Action & Structure:
FART is currently trading around $1.12–$1.13, maintaining its structure above the critical $1.00 support zone, which remains the ideal floor for the bullish scenario.
The immediate challenge lies at $1.30, acting as the “handle resistance.” A confirmed breakout above this level would validate the handle breakout and likely trigger a move toward the $1.60–$1.80 resistance targets.
The EMAs (20/50/100/200) continue to fan out in a bullish alignment, with the 20 EMA now well above the longer EMAs, indicating sustained upward momentum
Momentum Indicators:
RSI (14) is currently at ~65.20, slightly up from yesterday’s 66 but still comfortably below the overbought threshold (70). This cooling-off zone supports continued bullish momentum without exhaustion, giving bulls room to push higher.
MACD is showing positive momentum with the MACD line at 0.1355 and signal line at 0.1310, keeping the bullish crossover intact. The histogram, while modest, still reflects positive momentum.
Key Levels to Watch:
Immediate Support: $1.00 → Maintaining this level is crucial for the structure to stay valid.
Breakout Level: $1.30 → A daily candle close above this could confirm the handle breakout.
Upside Targets: $1.60 (Major Resistance) → Followed by $1.80 as the next potential Q2 target.
Downside Risk Zone: If $1.00 fails, watch for a pullback toward the $0.75–$0.73 zone where the 50 EMA also aligns as secondary support.
The post Solana Memecoins FART And PENGU Dominate Meme Coin Market: Can They Sustain the Momentum? appeared first on Coinpedia Fintech News
Key Takeaways: Fartcoin surged 173% in April, becoming the top-performing memecoin with a market cap of $1.14 billion and strong whale-driven activity. PENGU saw a +136.35% weekly gain, but monthly growth slowed to +102% from 153% on 28th April, with a potential pullback on the horizon. : Whale purchases of Fartcoin, including a $2.48 million …
The crypto market is showing signs of recovery, but Pi Coin continues to struggle. Over the past month, the price of PI has dropped by 26%, currently trading around $0.5786, down 6% in the last 24 hours. Its weak performance has shaken the investor’s confidence as it shows fewer signs of a rebound.
Pi Network’s -0.11 correlation with Bitcoin is adding to the concerns, as it tends to decline when Bitcoin rises. Even with Bitcoin approaching $100,000 and the broader market rallying, Pi Coin may continue to face further setbacks.
10 Million Tokens Unlocked Today
Today, Pi Network unlocked 10.1 million PI tokens. 11.22 million tokens are scheduled to be unlocked tomorrow, April 30, marking the largest release this month. In total, over 100 million tokens were unlocked in April, contributing to an 80% price drop from its February high of $2.98.
Unlocks are set to nearly double in May, with 197 million tokens expected to be released. This surge in supply could intensify selling pressure on Pi Network’s price.
1.56 billion PI tokens will be unlocked over the next year, around 134 million each month. The largest unlock will be in December 2027 with 432.3 million tokens. This could affect PI’s price by increasing supply, especially if demand goes down. Pi Network needs a long-term solution to manage this pressure.
Analysts Bullish Despite Price Drop
Despite ongoing token unlocks and recent price drops, analysts think Pi Network (PI) could reach $5, driven by growth in its ecosystem and better market conditions.
Some analysts suggest that Pi Network could reach $3 by June if market conditions remain favorable. This depends on key developments, including rumors of possible token burns to reduce its supply. However, its supply concerns and especially the upcoming token unlocks could limit its potential.
Analyst Dr. Altcoin thinks Pi Network’s price could start rising in mid-May, particularly during the Consensus Summit from May 14-16, 2025.
The post Pi Coin Prediction: Price Drops 6% After 10 Million Token Unlock Today appeared first on Coinpedia Fintech News
The crypto market is showing signs of recovery, but Pi Coin continues to struggle. Over the past month, the price of PI has dropped by 26%, currently trading around $0.5786, down 6% in the last 24 hours. Its weak performance has shaken the investor’s confidence as it shows fewer signs of a rebound. Pi Network’s …
