XRP is currently trading in a tight range and continues to struggle to break above the $2.25 level. While it’s unclear whether May will bring any strong price movement, some analysts believe June could mark the beginning of a new rally.
Attention is now shifting to the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple. The next key date in the case is June 9, when the SEC is expected to submit a status report on settlement discussions. According to one researcher, the SEC might issue a Sunshine Act notice about a week before this date. That notice would signal an official vote to drop the appeal and lift the long-standing injunction against Ripple.
For those of you who seem to still be tracking the SEC vs Ripple appeal, the next milestone is June 9, where SEC is required to submit a status report of the settlement discussions.
I would anticipate SEC will issue a sunshine Act notice 1 week prior to the meeting where they…
If this happens, it must be done before June 9 to allow the SEC enough time to finalize court documents. Based on this timeline, the next two to three weeks could be important for XRP.
As for the potential impact on XRP’s price, predictions remain mixed. While some expect a rally—possibly a 20% jump followed by a pullback—others say the market could react sharply, and a sudden 3x move isn’t out of the question.
XRP Price Analysis
XRP continues to show weak bullish momentum, with a long-term bearish divergence still impacting its price movement. On the 3-day and daily charts, the token remains in a downward trend marked by lower highs and lower lows. While there has been some short-term relief, XRP is struggling to maintain upward movement, similar to what is happening with Bitcoin.
Currently, XRP is trading near a support level between $2.15 and $2.17. If this support fails, the next key level to watch is just above $2.00, followed by a weaker support area near $1.95. Holding above these levels is important to avoid further decline. On the upside, resistance is seen around $2.35, with stronger resistance between $2.45 and $2.50.
What happened this week in crypto? It was a highly eventful week, as the Senate passed the GENIUS Act, France’s crypto kidnapping wave continues, and Israel-backed hackers targeted Iran’s crypto industry.
Canada also became the world’s second nation to approve an XRP ETF, and delays continue for an SEC v Ripple resolution. Find out all these stories and more at BeInCrypto.
This new stablecoin framework had several major setbacks in recent months, but fresh amendments helped generate bipartisan support. By the time of this final vote, political support was overwhelming.
The new war between Iran and Israel has been impacting the crypto market all week, but that’s natural for any geopolitical turmoil.
However, the conflict now takes place directly over the blockchain. Israeli-backed hackers breached Nobitex, an Iranian crypto exchange, stealing and then burning $90 million in tokens.
$90M drained from Iranian exchange Nobitex in a hack claimed by hacktivist group, Gonjeshke Darande.
This wasn’t just theft. It was a message.
Blockchain is now a geopolitical front line. Visual of the hack distribution from Merkle Science’s Tracker pic.twitter.com/7BT3t1nRYJ
Gonjeshke Darande (Predatory Sparrow) has been active for several years, disrupting Iranian economic activities on behalf of Israel. Nonetheless, this crypto hack represents a major escalation.
This precedent could spell worrying things for the industry’s future. So far, this war hasn’t been particularly painful for crypto, at least compared to other recent events. If multimillion-dollar token burns become a feature of future wars, it’ll traumatize markets worldwide.
A 23-year-old man was abducted, and his loved ones were extorted for €5,000 and his Ledger key.
A 23 year old man was kidnapped Tuesday while out shopping in Maisons-Alfort, France. The attackers called his partner and demanded his Ledger and 5,000 EUR in cash. She complied & he was released.
Before this incident, police believed that a single gang was behind the majority of these attacks. Thanks to cooperation with Morocco, several purported ringleaders were arrested in North Africa earlier in June.
However, this clearly hasn’t stopped the kidnappings. Either the gang is still active, or copycats are adopting the practice. Both possibilities are terrifying.
No Resolution for SEC v Ripple
Although the SEC v Ripple case is a topic of major interest for the crypto industry, it wasn’t resolved this week. The two parties have been jointly filing to settle the last cross-appeal, but Judge Torres is not cooperating.
Both parties are attempting to pause the appeals process, but lawyers are becoming skeptical that they’ll win a favorable decision.
In the newest saga of SEC v. Ripple, I don’t like this filing based on how obvious it was from Judge Torres’ last ruling that she was pissed. I recommended a long, detailed motion explaining the SEC’s failures in crypto regulation (with Commissioner declarations) and some… https://t.co/KTyiqxLnWo
In short, the biggest problem is that a crypto-friendly SEC can’t unilaterally reverse policies from the Gensler era.
It may be unfair that Ripple is forbidden from selling securities to retail investors, but Atkins’ Commission needs to prove that in court. Although the community remains hopeful, this setback may impact Ripple’s business for the foreseeable future.
“The OSC’s granting of a receipt for the Purpose XRP ETF prospectus reinforces Canada’s global leadership in building a regulated digital asset ecosystem. We’re proud to continue pushing the boundaries of what’s possible in the space,” claimed Vlad Tasevski, Purpose’s Chief Innovation Officer.
Hopefully, these developments will encourage Canada’s southern neighbor to follow suit. Prominent ETF analysts in the US recently claimed that an XRP ETF has a 95% chance of approval, but it hasn’t happened yet.
Cardano’s price has seen a steep 22% decline over the past week, mirroring the broader market downturn. As of this writing, the eighth-largest cryptocurrency by market capitalization retails at $0.73.
However, its long-term holders (LTHs) remain unfazed. On-chain data shows that they are holding onto their assets rather than selling.
Cardano’s Long-Term Holders Double Down
There has been a steady trend of HODLing among ADA’s LTHs, as reflected by its rising Mean Coin Age. According to Santiment, this metric’s value is up 1% since March 3.
An asset’s Mean Coin Age tracks the average age of all its coins in circulation to provide insights into market trends and hodling patterns among investors.
When it rises, it suggests that investors are holding onto their coins, signaling accumulation and confidence in the asset’s long-term value. This reflects strong hands and hints at a potential bullish outlook for ADA, especially in light of recent broader market headwinds.
Moreover, ADA whales have increased their accumulation during the period under review, highlighting the surge in positive sentiment toward the altcoin. On-chain data from Santiment shows that large investors holding between 100,000 and 1,000,000 coins have collectively acquired 20 million ADA over the past week.
When large investor holdings increase like this, it signals strong confidence among key holders. It reduces an asset’s available supply, creating upward price pressure.
ADA Eyes $0.94 as Buyers Dominate
On the daily chart, ADA’s Balance of Power (BoP) is positive at 0.30. This indicator compares the strength of buyers and sellers in the market.
When its value is positive, buyers dominate the market, exerting stronger pressure than sellers. The bullish signal suggests upward momentum, which, if sustained, will lead to further ADA price appreciation.
In this instance, the coin’s price could rally toward $0.94. If this resistance is flipped into a support floor, ADA’s price could jump to $1.16.
Strategy’s Michael Saylor recently tweeted “At this rate, $IBIT is destined to be first in flows.” His prediction suggests BlackRock Bitcoin ETF could overtake all other funds in capital inflows by year-end. IBIT Rises Rapidly but Still Trails VOO’s Dominance in the ETF Sector Meanwhile, traditional market leader Vanguard’s S&P 500 ETF (VOO) currently holds
