Elon Musk has confirmed his intention to move forward with a lawsuit against ChatGPT creator OpenAI. He also addressed questions about his future as Tesla’s CEO. Speaking virtually at the Qatar Economic Forum in Doha on Tuesday, Musk discussed his ongoing legal disputes, plans for Starlink, and his commitment to maintaining control of Tesla as the company develops humanoid robots. Elon Musk to Sue OpenAI During his virtual appearance at the Qatar Economic Forum in Doha on Tuesday, Elon Musk confirmed his plans to proceed with legal action against ChatGPT creator OpenAI. The billionaire entrepreneur stated plainly that he “intends to push ahead with his lawsuit against OpenAI.” However, he did not elaborate on specific details of the case during the forum. Is @elonmusk pushing ahead with the lawsuit against OpenAI? “Yes. It was intended to be a non profit open source company and now they’re trying to change that… Read More at Coingape.com
Ethereum’s (ETH) institutional adoption continues to gain momentum as BlackRock’s Ethereum ETF recorded its 12th consecutive day of inflows. As of June 5, the total inflows for the Ethereum ETFs saw significant growth. BlackRock’s iShares Ethereum Trust alone added 27,846 ETH, bringing the fund’s holdings to more than 1.4 million ETH, worth approximately $3.93 billion.
Former Senatorial candidate and pro-XRP lawyer John Deaton has commented on a recent report that revealed certain crypto firms are looking to apply for bank licenses. Deaton expressed surprise that Ripple wasn’t among these firms, considering the efforts the crypto firm has made so far to disrupt the financial landscape.
John Deaton Comments On Ripple’s Exclusion
In an X post, Deaton stated that he is surprised not to see Ripple on the list of crypto firms looking to apply for bank licenses. The pro-XRP lawyer was reacting to a Wall Street Journal (WSJ) report, which revealed that Coinbase, Circle, BitGo, and Paxos were looking to apply for bank licenses.
Deaton remarked that it was only a matter of time before crypto firms look to compete with traditional financial institutions and become the go-to for banking needs. According to the WSJ report, the top crypto exchange and these other crypto firms plan to apply for bank charters or licenses.
This bank charter would enable these firms to operate as a bank or any other type of financial institution, depending on the agreement between the regulator and these firms on what kind of services they can provide.
Deaton’s surprise likely relates to the fact that Ripple has so far made several efforts to establish itself in the financial space, especially through its payment services. Moreover, the crypto firm recently agreed to acquire prime broker Hidden Road for $1.25 billion, as part of its effort to expand its services.
However, the crypto firm could still make a similar move to apply for a bank license once it ends its ongoing legal battle against the US Securities and Exchange Commission. The court recently granted both parties’ joint motion to pause the XRP lawsuit while they finalize their settlement.
Hidden Road Acquires FINRA Approval
While Ripple may not be looking to apply for a bank license just yet, the crypto firm is still making other moves, especially through its latest acquisition. Hidden Road recently received approval from the Financial Industry Regulatory Authority (FINRA) to operate as a member broker-dealer.
The firm explained that the approval will enable it to expand its recently launched fixed income prime brokerage platform, which includes Fixed Income Repo and Global Funding services. As a broker-dealer, Hidden Road will also be able to provide its clients with several regulatory-compliant prime brokerage, clearing, and financing services in fixed-income assets.
It is worth mentioning that Ripple executive Cassie Craddock recently revealed that the XRP Ledger (XRPL) will begin to power Hidden Road’s post-trade infrastructure as part of the crypto firm’s acquisition of the prime broker.
XRP’s price performance has remained lackluster since the end of May, trading within a narrow range.
The token continues to face resistance at $2.33 while finding support around $2.08, suggesting a market caught in a narrow range. Without a clear breakout or breakdown, XRP is consolidating, with no strong momentum in either direction.
XRP Sentiment Split as Price Action Remains Sideways
On-chain data reflects XRP’s sideways price action, pointing to market participants lacking conviction. Per Glassnode, the altcoin’s Net Unrealized Profit/Loss (NUPL) shows that XRP’s investor sentiment has been fluctuating between the “Optimism–Anxiety” and “Belief–Denial” zones over the past month.
This trend reflects a divided market: while some traders remain cautiously hopeful, others are skeptical of XRP’s near-term potential.
The NUPL metric reflects the difference between an asset’s current price and the average price at which its coins were last moved. It shows whether holders are, on average, sitting on profits or losses and how significant those are.
When an asset’s NUPL oscillates between the “Optimism–Anxiety” and “Belief–Denial” zones, investor sentiment has been indecisive or unstable. Some days, confidence rises (“belief”), and other days, anxiety creeps back in.
This back-and-forth movement typically happens during uncertain market phases, where price action is volatile and investors are unsure whether the rally will continue or reverse.
Furthermore, XRP’s plunging Average True Range (ATR) confirms the indecision among market participants. At press time, this sits at 0.051.
The ATR indicator measures the degree of price movement over a given period. When it trends downward like this, it often suggests that price fluctuations are narrowing and momentum is weakening.
XRP Awaits Catalyst as Price Tightens Between Key Levels
XRP’s fluctuating sentiment and declining volatility reinforce the narrative of a consolidating market. The altcoin is likely to remain range-bound until a catalyst shifts the trend.
If new demand enters the market, it could trigger a break above the $2.33 resistance level, toward $2.45.
