Gold is soaring to new highs as demand for precious metals intensifies. The yellow metal is testing critical resistance levels, moving ever closer to the psychological $2,500 mark. Despite the Relative Strength Index (RSI) nearing overbought territory, there remains ample room for further gains if favorable catalysts emerge. The market’s current momentum suggests that gold could continue its bullish trajectory, provided it maintains its upward trend.
In tandem with gold’s rally, silver is also making waves. The gold/silver ratio has retreated below the 84.00 level, sparking renewed interest in silver. Traders are keeping a keen eye on gold’s strong performance, which traditionally bodes well for silver. Should silver surpass the $31.00 level, it is poised to test resistance zones between $31.45 and $31.75. This potential breakout could signal further gains for silver, solidifying its bullish outlook.
Platinum, another key player in the precious metals arena, is also gaining traction. The metal’s recent upward movement aligns with the broader rally in precious metals markets. Additionally, palladium’s 1.9% increase is providing a bullish signal for platinum. If platinum manages to stabilize above the $1,000 level, it will likely face resistance at $1,020 to $1,030. This level of resistance will be crucial in determining platinum’s next directional move.
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As gold, silver, and platinum continue their impressive rallies, traders and investors should remain vigilant. The interplay between these metals and market conditions will be key in navigating the next phases of their price movements.
Kraken exchange may be the next crypto firm to go public, after Justin Sun’s Tron and Jeremy Allaire’s Circle recently.
The IPO (Initial Public Offering) flywheel continues accelerating, with more crypto firms following the trend.
Crypto IPO Momentum Builds: Kraken Positions as Next Big Debut
In November 2024, Cathie Wood’s Ark Invest saw an IPO window for two crypto-related firms under Trump, Circle and Kraken exchange.
“Among the possibilities are…the re-opening of the initial public offering (IPO) window for late-stage digital asset companies like Circle and Kraken…,” read a paragraph in the newsletter.
Fast-forward nine months, Circle has already gone public, and now Kraken’s IPO is in the pipeline. Reports indicate that the US-based crypto exchange is seeking $500 million in funding at a $15 billion valuation for its IPO rails.
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KRAKEN LOOKING TO IPO AT $15B VALUATION, LOOKING TO RAISE $500M: THE INFORMATION
BeInCrypto saw it coming. A cryptic video on May 17 raised speculation after revealing the symbol KRAK in the caption “KRAK the World” without providing any context.
This post hinted that the exchange was either considering a possible public listing, launching a native token, or both.
Beyond the speculation, Bloomberg hinted at a Kraken IPO in early 2026, citing a friendlier regulatory environment under President Trump. This followed former US President Joe Biden’s administration, alongside Gary Gensler’s tenure, stifling IPO ambitions for several crypto firms, including Kraken and Gemini.
However, under President Trump, regulatory actions against Gemini and Kraken, among other crypto firms, dropped. This set the tone for public listings, with more industry firms now seeing an opportunity to enter public markets.
While the US-based crypto exchange has not made any formal filing, it has already laid some groundwork. These include cutting staff, streamlining operations, and expanding into stock and derivatives trading.
Bitcoin’s price rise has stalled just under $120,000, moving sideways as the broader crypto market pivots to altcoins. This stagnation follows a recent rally that lifted BTC close to its all-time high.
However, saturated demand and increasing sell pressure are reducing Bitcoin’s momentum, raising concerns of a potential reversal.
Bitcoin Investors Beginning Profit Taking
Realized profits for Bitcoin have surged to a 7-month high, signaling growing selling activity among investors. The spike indicates that holders are securing gains rather than betting on further upside. This behavior often emerges when investors lose confidence in continued bullish momentum, which appears to be happening now.
As profit-taking intensifies, investor sentiment has started shifting away from Bitcoin. This could limit the upside potential in the near term. When large numbers of investors exit at once, it typically places downward pressure on the price, reinforcing the likelihood of consolidation or a correction.
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Velocity, another key indicator, is also spiking and currently sits at a 4-month high. This metric tracks the rate at which Bitcoin changes hands within the network. Higher velocity usually accompanies increased trading activity, reflecting investor attempts to capitalize on short-term movements.
This uptick in velocity shows that Bitcoin demand is still present, but it’s driven by quick trades rather than long-term accumulation. The conflicting signals of profit-taking and rising demand are keeping Bitcoin from making a sharp move in either direction. This tug-of-war is contributing to the ongoing price stagnation.
BTC Price Could Escape Consolidation, But For The Worse
At the time of writing, Bitcoin is priced at $119,366. The crypto giant is struggling to break past the $120,000 resistance level. Its fading dominance suggests capital is shifting to altcoins, decreasing the likelihood of a breakout above this barrier in the immediate future.
Bitcoin’s current indicators support a sideways price movement. If the market holds steady, BTC may continue to consolidate between $117,000 and $120,000. This range is likely to remain intact unless significant buying momentum returns.
On the downside, if selling pressure surpasses demand, Bitcoin could fall below $115,000. A stronger correction could push the price toward $110,000, invalidating the current bullish narrative and reinforcing concerns about near-term weakness.
A viral Twitter thread by popular finance YouTuber Andrei Jikh reignited scrutiny over XRP’s real-world utility. The post prompted Ripple CTO David Schwartz and other crypto figures to publicly respond.
The exchange laid bare the growing tension between XRP’s original promise and its current adoption status, despite Ripple’s claims of over 300 bank partnerships.
Why XRP Ledger Doesn’t Have More On-Chain Volume
Andrei Jikh, with over 2.5 million subscribers, questioned why, after 13 years, there isn’t billions in daily on-chain volume flowing through the XRP Ledger (XRPL).
“If XRP is volatile, why use it over stablecoins for transfers?” Jikh asked. “Why would any institution want to hold a volatile token for payments?”
The thread quickly gained traction, sparking thousands of reposts and drawing responses from Ripple’s top technologist and community leaders.
Even Ripple Doesn’t Use XRP On Decentralized Exchanges
Ripple CTO, David Schwartz, acknowledged the sluggish pace of on-chain adoption. He attributed it to regulatory and compliance concerns.
“Even Ripple can’t use the XRPL DEX for payments yet,” Schwartz admitted, citing the risk of a terrorist providing liquidity, a scenario that complicates usage by regulated entities. He pointed to upcoming features like permissioned domains as solutions to this barrier.
On the volatility question, Schwartz said XRP’s speed minimizes risk and likened its use to holding a bridge currency for flexibility.
“A bridge currency only works if someone is holding it so that you can get it precisely when you need it,” he explained.
Still, he admitted that institutional comfort with on-chain transparency remains a challenge. Apparently, Ripple is exploring ways to obscure sensitive data on-chain for early adopters.
Ripple CTO Talks About XRP Utility
Debate Over Stablecoins vs XRP
One of the sharpest points of debate centered on whether XRP is still needed as a bridge currency when stablecoins can already serve that role.
Schwartz argued that no single stablecoin can dominate due to jurisdictional limits and currency peg constraints.
“If we’re in a multi-stablecoin world, it still makes sense to have a neutral bridge asset like XRP,” he said.
But Jikh pushed back, questioning the practical need for XRP in that scenario, especially when CBDCs or local stablecoins could provide the same service without exposure to price volatility.
Others joined the thread to offer both support and criticism.
Former Ripple Director Matt Hamilton clarified that most Ripple bank partners use RippleNet, a separate off-chain network, and not the public XRPL.
He emphasized that RippleNet and XRPL are distinct. Ripple’s enterprise adoption hasn’t necessarily translated into on-chain XRP volume.
I’m pretty sure you’ve had all of these answered before over the years. But for the benefit of those new here let me run through them point by point
1. Majority of Ripple’s banking partners are not using on-chain yet. Most are on RippleNet, a totally different network to the…
Meanwhile, critics claimed that many partnerships never materialized. They pointed to XRP’s low Total Value Locked (TVL), lack of smart contract support, and its centralized validator set as evidence that the project is no longer competitive.
“XRP is only a gas token now… ranked 48th in TVL,” one critic said. “Why would any institution opt for XRPL when Ethereum offers better decentralization and composability?”
Schwartz responded with an analogy to Circle, which doesn’t run its own blockchain for USDC. The Ripple CTO implied that multi-chain deployment and interoperability are more important than exclusive control.
The viral thread exposed a core challenge for Ripple. That is bridging the gap between institutional adoption and on-chain XRP utility.
