Bitcoin’s recent price rally drives a broad recovery across the cryptocurrency ecosystem. BTC is up by 4.68% over the last 24 hours, trading at approximately $83,014 after rallying from a low of $76,624. Meanwhile, altcoins such as XRP, Dogecoin, and Cardano have cleared key resistance levels, with XRP up 7.42% to $2.193, Dogecoin rising 7.67% to $0.1669, and Cardano staging a rebound from around $0.76. The total crypto market cap has surged by 4.51% to $2.69 trillion, driven by renewed investor optimism fueled by supportive regulatory signals and increased network activity. Despite the strong recovery, some analysts expect further corrections before a new market top is reached.
March 12, 2025 05:57:55 UTC
U.S. Strategic Bitcoin Reserve Implementation Will Be “Compressed”- David Bailey
Bitcoin Magazine CEO David Bailey stated that the U.S. Strategic Bitcoin Reserve Executive Order will be “far more compressed than the market expects,” with a timeline measured in “days and weeks, rather than months or years.” This rapid implementation contrasts with prevailing market expectations, suggesting swift action in setting up the reserve. The move is seen as a key step toward enhancing the government’s strategic approach to Bitcoin, and it could have significant implications for market dynamics and investor sentiment in the cryptocurrency space.
March 12, 2025 05:57:55 UTC
Franklin Templeton Submits XRP ETF Application
Franklin Templeton, boasting over $1.5 trillion in assets under management, has officially filed an application for an XRP ETF. The fund’s XRP assets will be secured by Coinbase Custody Trust Company, ensuring robust asset protection and regulatory compliance. This move reflects growing institutional interest in digital assets and could pave the way for broader investor access to crypto-based investment products. Industry watchers see this as a significant step in bridging traditional finance and the evolving cryptocurrency market.
Jelly-My-Jelly (JELLY JELLY) has spiked by over 100% over the last hour but the surge in value is triggering a wave of anxiety for Hyperliquid Vault. The automated market maker is in the middle of a short squeeze and could lose a fortune if the Solana memecoin continues to surge.
According to a post by Wu Blockchain, Hyperliquid Vault is facing the possibility of a grim liquidation of its position. The decentralized exchange is in the middle of a short squeeze of JELLY JELLY after taking up the short position from a trader who voluntarily liquidated his position.
At the moment, Hyperliquid Vault is grappling with an unrealized loss of over $9 billion since betting against the Solana memecoin. Hyperliquid will lose over $230 million to the Solana memecoin short squeeze should prices spike to over 1 cent.
“If jellyjelly reaches $0.15374, Hyperliquid Vault will lose its entire $230 million in funds,” said Wu Blockchain.
JELLY JELLY has risen by over 200% at press time and currently trades at $0.04281. Meanwhile, transaction volume has surged by 412% in hours as the battle between the short sellers and long buyers continues to rage. For Hyperliquid, things are even grimmer given the frenetic pace of the Solana memecoin short-squeeze.
Ripple (XRP) price momentum has stalled below the $3 threshold after a volatile trading this week driven by conflicting market catalysts. While Trump’s proposal to include XRP in a U.S. strategic crypto reserve initially ignited a price rally, macroeconomic headwinds and skepticism from key financial institutions have cut gains in half
XRP Bulls Struggle to Hold Gains Amid Conflicting Catalysts
XRP price grazed the $3 mark on Monday as rallying 40% after Trump included XRP in the Crypto strategic reserver assets last weekend. However, traders digested multiple market-moving developments this week, those gains have been halved.
Trump’s push to establish a cryptocurrency strategic reserve, with XRP included alongside Bitcoin and Ethereum, Solana, and Cardano generated strong initial momentum at the start of the week. Further optimism came from the easing of tariffs imposed on Mexico and Canada, boosting broader market sentiment.
XRP Price Action
However, XRP bulls faced resistance as macroeconomic uncertainties dampened risk appetite. The latest U.S. Non-Farm Payroll (NFP) report revealed rising unemployment, fueling concerns about persistent inflation and a potentially more hawkish Federal Reserve. As a result, profit-taking emerged near the $3 mark, halting the upside breakout and forcing consolidation around $2.40.
The rejection at $3 suggests traders remain wary of overextending bullish positions amid policy uncertainty. Liquidity remains a key factor, with leveraged long positions likely facing liquidations if XRP fails to hold critical support levels.
JPMorgan Director Casts Doubt on Strategic Crypto Reserve Approval for Ripple
At press time on March 8, Ripple price was trading at $2.40, with a market capitalization of approximately $140 billion. Bull traders anticipate that a break above $3 could push XRP’s market cap toward $200 billion, especially if U.S. Treasury actions align with Trump’s strategic reserve proposal.
However, JPMorgan’s latest report has thrown cold water on Ripple’s ambitious valuation target, highlighting significant hurdles in gaining congressional approval for a U.S. strategic crypto reserve. According to Nikolaos Panigirtzoglou, managing director of global market strategy at JPMorgan, the probability of such a reserve materializing remains below 50%.
“We don’t believe an approval of a U.S. strategic crypto reserve is the most likely scenario (assuming congressional approval would be needed). So the chance is less than 50% in our mind. And if a U.S. strategic crypto reserve is eventually approved, it would be difficult to include smaller tokens outside Bitcoin and Ethereum, as the inclusion of such tokens would raise more concerns about risk and volatility”
– Nikolaos Panigirtzoglou, Maanaging director of global market strategy at JPMorgan
The report further noted that similar state-level Bitcoin reserve proposals have recently failed in Montana, North Dakota, South Dakota, and Wyoming due to concerns over volatility and regulatory hurdles.
Skepticsm around approval of Trump’s crypto strategic reserve plan added to the bearish sentiment keeping XRP price below the $2.50 mark on the daily candle. As traders await further clarity, XRP’s technical structure suggests a pivotal battle ahead.
XRP price is showing early signs of bullish exhaustion after failing to hold above $2.60, suggesting a potential retest of lower support levels. The 12-hour chart highlights a clear rejection near $2.99, coinciding with the upper Donchian Channel boundary, signaling strong resistance. Despite the recent breakout, the inability to sustain momentum above this zone raises the likelihood of profit-taking, particularly with the latest 5.84% decline.
XRP Price Forecast
The MACD histogram, while still in positive territory, has begun fading, hinting at waning bullish momentum. The MACD line remains above the signal line, supporting a bullish case, but the narrowing gap suggests that if selling pressure persists, bears could regain control. Key support is forming near $2.47, aligned with the midline of the Donchian Channel. A decisive break below this level would expose $2.39, a critical pivot where bulls must step in to prevent a slide toward $1.95.
Conversely, if XRP price holds above $2.47 and volume picks up, a renewed push toward $2.99 is likely, with $3.20 as the next bullish target. Leverage traders appear active, making sharp wicks and liquidity hunts a key risk in both directions.
Ethereum will launch the Hoodi testnet on March 17, addressing Pectra testing issues encountered on the Holesky and Sepolia testnets.
This move comes as developers work to troubleshoot bugs that could potentially delay the Sepolia fork.
Ethereum Unveils Hoodi Testnet for Pectra Testing
The Ethereum network has been working on the Pectra upgrade to introduce key Ethereum Improvement Proposals (EIPs). These proposals will enhance staking mechanisms and improve the wallet user experience.
However, Ethereum conducts tests in the run-up to its various EIPs. These probes ensure seamless upgrades and mainnet launches, citing methodical testing strategies.
However, in a February 25 post, Christine Kim, a researcher at Galaxy, highlighted the challenges faced in the testing phase of Ethereum’s Pectra Upgrade.
“Pectra is live on Holesky…Seeing a slight uptick in missed blocks but the network participation rate looks strong…some client teams are reporting issues with invalid blocks in the Eth R&D discord… lots more missed blocks and the network isn’t finalizing…Devs are troubleshooting what the issues are. Depending on the scale of the bugs, devs could delay the Sepolia fork… network is still not finalizing, the participation rate has dropped to ~50%,” Kim explained.
To establish whether these creases have been ironed out, Ethereum will launch the Hoodi testnet on Monday, March 17. If testing on Hoodi proves successful, the Pectra upgrade could go live on Ethereum’s mainnet by late April. However, according to Tim Beiko, a key Ethereum developer, delays extending into May remain possible.
“A new testnet, Hoodi, is going live Monday to wrap up Pectra testing. If you need to test validator exits, be on the lookout for it! Everything else can be tested on Sepolia & Holesky. Pectra will be scheduled 30+ days after Hoodi forks successfully, pending infra and client testing. Fusaka planning will run in parallel, with a deadline of March 24 to propose EIPs, and a tentative date of April 10 for a scope freeze,” Beiko articulated.
Ethereum’s Pectra Upgrade timeline. Source: Tim Beiko on X
This means that the Ethereum Pectra Upgrade is contingent on successful testing on Hoodi after previous testnets. With the Hoodi testnet slated for March 17 and Pectra Upgrade at least 30 days thereafter, the update could go live as soon as April 17 or later. Some users expressed dissatisfaction with this delay.
“Pectra delayed by a month. Core devs really can’t ship anything in time,” one user remarked.
Nevertheless, others seemed unsurprised by the timeline, an understanding that likely appreciates the rigorousness of delivering seamless mainnet launches. The launch of the Hoodi testnet next week represents a crucial step in ensuring the stability and effectiveness of the Pectra upgrade.
With developer scrutiny intensifying and planned improvements in staking and user experience, Ethereum’s roadmap focuses on long-term scalability and security enhancements for its network.
“I’m stoked this could make ETH even sharper and more efficient,” a user on X remarked.
Fusaka, the next major upgrade, will follow in 2026. While details remain scarce, Fusaka promises to refine Ethereum’s scalability and efficiency further. This will advance the network’s evolution toward greater usability and adoption.
