U.S. lawmakers voted to cancel an IRS rule that required crypto companies, including DeFi platforms, to collect and report taxpayer and transaction information. The House passed the vote 292-132, following the Senate’s decision to reject the rule that was finalized during the final days of former President Biden’s administration. This could change how crypto businesses are regulated.
Fox Business Journalist Eleanor Terrett noted that due to a rule that budget-related bills must start in the House, the Senate will need to vote on the resolution one more time. Once that vote passes, it will go to President Trump’s desk as the first crypto-related bill to become law.
ADDING: I’m told by a Capitol Hill source that due to a technicality that requires bills that affect the budget to originate in the House, the Senate will need to vote on the joint resolution one more time.
After this final vote (which is expected to pass like the last one),… https://t.co/mbovD6V8I1
Missouri Republican Jason Smith urged lawmakers to support the resolution, saying the IRS rule could hurt U.S. businesses and stifle innovation. He added that the rule might be impossible to enforce, as DeFi platforms are different from centralized crypto exchanges or banks and cannot gather the required user information to comply with the rule.
Last week, 70 Senators voted to overturn the IRS rule, with Trump’s advisers urging him to sign it. Rep. Jason Smith (R-Mo.) noted the Senate must approve it again due to budget rules. If signed, the IRS would be blocked from enforcing similar rules in the future.
Illinois Democrat Danny Davis argued the rule was part of the 2021 Infrastructure Act, comparing crypto to stocks and saying crypto platforms should report like stock brokers. Meanwhile, North Carolina Republican Tim Moore claimed the rule overstepped and could harm U.S. innovation in digital assets.
Texas Democrat Lloyd Doggett called the resolution “special interest legislation,” saying that it could help tax cheats, criminals, and terrorist financiers, and add $4 billion to the national debt, going against President Trump’s goal to cut the debt.
March proved to be a challenging month for many altcoins, with several experiencing sharp corrections. However, as Q2 2025 approaches, some tokens are positioned to benefit from potential improvements in market conditions.
BeInCrypto has analyzed four altcoins that, while not on the verge, are closer than others to reaching new all-time highs.
Gate (GT)
GT is currently trading at $23.50, just 10% away from its all-time high of $25.96. To reach this level, the altcoin needs to breach and flip $23.94 into a support level. A successful break above this resistance could pave the way for further price gains.
Market conditions suggest that GT could experience a price increase in the coming days, provided investors refrain from selling at the sight of profits. If this occurs, GT could push past $25.96 and potentially form a new ATH.
However, $23.94 has acted as a strong resistance for the past two months. If GT fails to breach this level, it could fall back to $22.56 or even lower to $21.25. Such a drop would invalidate the bullish outlook and potentially extend the current downtrend.
BNB
BNB has made several attempts to reach its all-time high of $793 since December 2024 but has consistently failed to break the $741 resistance. Despite sharp declines, the altcoin has shown resilience, bouncing back each time, indicating some level of investor confidence and market interest in its future performance.
Currently, BNB is holding above the critical support block between $587 and $619, standing about 25% away from its ATH. If broader market conditions turn bullish, BNB could be poised to attempt a new ATH within the next month.
While BNB may face challenges at the $741 resistance level, strong support could push it through this barrier. However, if BNB fails to break $647 first, it could see a decline below the $619 support level. This would invalidate the bullish outlook and potentially extend the current downward trend.
MANTRA (OM)
OM’s price is currently trading at $6.58, still far from its all-time high of $9.17, requiring a 40% rise to reach that level. Despite this, the altcoin has significant potential to rally. A positive shift in market sentiment could drive it toward higher price levels.
Strong bullish momentum has fueled OM’s rise, with the altcoin reaching an ATH of $9.17 towards the end of February. The continued inflow into OM signals the possibility of another rally. If OM successfully breaches $7.02 and flips $7.74 into support, it would solidify the bullish outlook.
However, if OM fails to breach the $7.02 resistance, the altcoin could fall back to $6.17. This drop would likely continue its consolidation phase, as seen earlier this month, and invalidate the bullish thesis. A failure to break key resistance levels would limit price growth.
Cheems (CHEEMS)
CHEEMS, though a lesser-known coin, has been gaining bullish momentum this month. Earlier this week, the altcoin formed a new all-time high at $0.000002179. This recent price surge indicates growing investor interest and the potential for further gains if market conditions remain favorable.
For CHEEMS to form a new ATH beyond $0.000002200, it will need a 25% rally from its current price. The altcoin is likely to bounce off the $0.000001660 support level, which could help capitalize on the current bullish momentum. A sustained move above this level could signal further upside potential.
However, if CHEEMS fails to hold above the $0.000001660 support, it could face significant downward pressure. A drop below this level could result in CHEEMS falling to $0.000001461 or even as low as $0.000001132. Such a decline would invalidate the bullish outlook and may extend the downtrend.
Crypto analyst Egrag Crypto has again provided a bullish outlook for the XRP price. This time, the analyst alluded to a previous analysis, in which he predicted that XRP could reach $130, a move which confirms that the altcoin is still on the path to this ambitious target.
XRP Price Set To Rally To $130
In an X post, Egrag Crypto confirmed that the XRP price could rally to $130. He alluded to a previous analysis in which he predicted that the altcoin could rally to this target while stating that only a few understand what is coming for the altcoin. Back then, the analyst had highlighted $130 as one of the massive macro targets as XRP eyes a parabolic breakout.
He also raised the possibility of XRP entering its most explosive phase yet and added that the “eruption is near.” Indeed, XRP might be about to enter its most explosive phase, considering that the US SEC has agreed to drop the Ripple lawsuit. This development is very bullish for the XRP price, as the long-running legal battle had negatively impacted the altcoin during the 2021 bull run.
In another X post, Egrag Crypto revealed how XRP could rally to as high as $8 in the midterm. He stated that a close above $2.66 would be a good sign, followed by another close above $2.97, which would be a second bullish confirmation.
The analyst asserted that the ultimate confirmation for a bullish trend would be a close at $3.40. Egrag Crypto stated that the next targets are between $5 to $8 if XRP hits $3.40, which is the current all-time high (ATH).
What Next For The Altcoin As Key Structure Holds
Crypto analyst CasiTrades revealed that the XRP price has held its structure. She noted that the altcoin took a strong dip to a local 0.5 retracement level but held structure right where it needed to. She added that even with the break below $2.40, XRP respected the channel structure and closed at the 1.236 extension for Wave C.
The analyst remarked that this price action is textbook Wave 4 behavior and, as long as XRP doesn’t witness further breakdowns, new highs could be loading. She warned that this is still a critical moment. If the channel continues to hold, CasiTrades predicts that the altcoin should make a push toward $2.65 to $2.70 with the breakout.
She again affirmed that $2.70 is the next major level to flip to support to continue the macro trend up towards ATH. The analyst revealed that the $2.45 price level is the resistance that will help confirm this push. Coincidentally, XRP is currently testing this level. CasiTrades warned that if the altcoin can’t break it, it could record another dip to the deeper 0.618 retracement level at $2.36.
Regardless of any dip, the crypto analyst asserted that the XRP price remains bullish on the macro degree, sitting above its major 0.382 retracement level at $2.25. She remarked that new highs above $3.40 should be printing soon.
Besides the SEC’s decision to drop the Ripple lawsuit, fundamentals such as Bitnomial’s launch of XRP Futures contracts also provide a bullish outlook for the altcoin and could spark a significant price surge.
Mantra (OM) is down 20% over the last 30 days and 5% today. Despite this recent correction, it remains the second-largest RWA (real-world asset) token in the market.
The technical outlook shows growing signs of weakness, with indicators suggesting the current consolidation could shift into a downtrend. At the same time, key support levels are being tested, and a potential death cross is forming on the EMA chart.
Mantra ADX Shows The Current Consolidation Could Change
Mantra’s ADX is currently at 22.96, a drop from 26.5 just a day ago, signaling a weakening trend. The ADX, or Average Directional Index, measures the strength of a trend without indicating its direction.
Readings below 20 generally suggest a weak or non-trending market, while values above 25 indicate a strong trend is forming or in progress.
Ichimoku Cloud Shows A Bearish Trend Could Intensify
Mantra’s Ichimoku Cloud chart currently shows a market in hesitation, with the price moving along the edge of the cloud. This positioning reflects a state of consolidation, where neither buyers nor sellers have full control, as Mantra keeps its position as the second biggest RWA coin in the market.
The Tenkan-sen (blue) and Kijun-sen (red) lines are flat and close together, a typical sign of weak momentum and sideways movement in the short term. This setup often precedes a breakout, but the direction remains uncertain until a clear move occurs.
The future cloud is thin and has turned slightly bearish (red). It indicates that support ahead is weak and could be easily broken if selling pressure increases.
While the price hasn’t decisively broken below the cloud yet, any further downside could shift the bias toward a confirmed downtrend. For now, OM remains in a vulnerable position. Traders will be watching closely to see if the cloud acts as support—or gives way.
Can Mantra Fall Below $6 Soon?
MANTRA’s EMA lines are signaling potential weakness, with a possible death cross forming soon—a bearish pattern in which short-term moving averages cross below long-term ones.
If this pattern is confirmed and downward pressure increases, OM could fall to test the support at $6.15. A break below that level may lead to a further drop toward $5.85, signaling a deeper correction phase in the absence of renewed bullish momentum.