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Analyst Reveals When The XRP Price Will Hit $17
Crypto analyst Egrag Crypto has again provided a bullish outlook for the XRP price. This time, the analyst predicted that XRP could hit $17 and revealed when the crypto could reach this price target.
When The XRP Price Could Hit $17
In an X post, Egrag Crypto predicted that the XRP price could hit $17. His accompanying chart showed that XRP could reach this price target sometime next year. This came as he remarked that the “bounce off is real” with a potential rally to between $15 and $17.
The crypto analyst assured that the bullish pennant formation remains intact, which could send XRP to this $17 target. However, he cautioned market participants not to celebrate until the crypto closes above $3.40. According to him, nothing is confirmed until XRP has a breakout with solid confirmation.
Egrag Crypto also stated that the conservative target of $15 represents the measured move of the pole leg from the lower end of the pennant. Meanwhile, the normal measured move is the pole leg from the top of the pennant, which puts the XRP price at $17.
Alluding to his accompanying chart, the crypto analyst noted that the yellow line has been XRP’s support so far and that the price is respecting this support level. He further touched on how crucial this line is for this bullish setup, stating that a break below the yellow line could signal a very bearish trend.
This bullish outlook for XRP comes just days after the crypto analyst predicted that XRP could reach $110 in the next market cycle. Crypto analyst Andrei Jikh also alluded to bullish fundamentals, such as the potential end of the Ripple lawsuit, as part of the reasons why the crypto could reach $100.
A Rally To $3.35 Could Be Imminent
Crypto analyst Ali Martinez suggested that the XRP price could rally to $3.35 imminently. He noted that the crypto is following a cup-and-handle pattern and that a breakout of this bull pattern could set the stage for a move toward $3.35.
In an earlier analysis, the analyst had stated that XRP could face a brief pullback, as the TD Sequential indicator flashed a sell signal on the 4-hour chart after a 22% price surge. However, that bearish setup looks to be invalidated by the bull pattern that the analyst recently highlighted.
The XRP price is flying high at the moment, having gained over 13% in the past seven days. This has come amid the US SEC’s acknowledgment of Grayscale’s XRP ETF and 21Shares’s XRP ETF filings. This development has provided some bullish momentum for the crypto as market experts believe there is a huge chance that the Commission could approve these funds.
Furthermore, crypto community members have also opined that the SEC has, through the acknowledgment, made it clear that it considers XRP a commodity and not a security, as Gary Gensler’s administration earlier labeled it.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Cryptocurrency investors in Japan are bracing for impact following a plan to reclassify digital assets as financial products. While the plan has elicited excitement from cryptocurrency enthusiasts in the Far East, the ambitious plan will have to scale several legislative hurdles.
Japan Targets Reclassification Of Cryptocurrencies As Financial Products
According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is inching toward classifying cryptocurrencies as financial products. Per the report, the FSA intends to achieve the reclassification via an amendment to the Financial Instruments and Exchange Act.
Currently, digital assets in Japan are considered crypto assets conferred with property rights and seen as payment means. Under the FSA’s plans, cryptocurrencies in Japan will be treated as financial products in the same manner as traditional financial products.
The FSA says it will adopt a slow and steady approach toward the reclassification, carrying out “a private expert study group” to test the waters. If everything goes according to plan, the FSA will submit the amended bill to Parliament in early 2026.
The classification of cryptocurrencies as financial products will have far-reaching consequences for the local ecosystem. Experts say treating cryptocurrencies as financial products will bring Japan closer to a crypto ETF launch amid a changing regulatory landscape.
Furthermore, the move may lower current cryptocurrency taxation for local investors since existing capital market rules will apply to the asset class.
A Fresh Bill For Crypto Insider Trading Is Underway
Apart from the reclassification, the FSA disclosed plans for new legislation against insider trading. The move flows treating cryptocurrencies as financial products and will strengthen existing investor protection rules.
“It is a direction to establish a new insider trading regulation that prohibits trading based on unpublished internal information,” said the FSA. “We will develop laws to prevent unfair transactions.”
However, Japan’s cryptocurrency scene is heating up to a boil, driven by local and international players. Last week, stablecoin issuer Circle secured approval from the FSA for USDC with top exchanges set to list the stablecoin.
Japan’s Metaplanet has tapped Eric Trump to join its Strategic Board of Advisors as it continues to load up Bitcoin.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Mike Belshe, the CEO of BitGo, has commented on the recent settlement between Mike Novogratz’s Galaxy Digital and the New York Attorney General (NYAG). Known as one of the top advocates of deregulation, Belshe, per his latest updates on X, appears to favor regulatory intervention to prevent some fraudulent practices in the industry.
BitGo CEO Comments on Galaxy Digital Settlement
Responding directly to a post from Anthony Scaramucci, Belshe said it is hard to deny that NYAG laid a compelling case against Galaxy Digital. He highlighted the firm’s pump-and-dump actions. The BitGo CEO noted that selling tokens as soon as they are vested and shilling to HODL when one is actually selling is wrong.
Notably, he reiterated his respect for Novogratz and his contributions to the industry. However, considering the NYAG’s position, Mike Belshe said Galaxy Digital’s actions are unethical.
‘So, legal overreach or not, it’s not ethical, and this type of behavior makes our entire industry look bad. Unchecked, this is what leads to “over-regulation,”’ he said, advocating for users to read the controls put onto Galaxy as part of this settlement!
The Advocacy for Crypto Regulation
As reported by CoinGape, Galaxy Digital settled with NYAG with $200 million over the controversial Terra (LUNA) sales. The BitGo CEO said if the right regulations are not in place and top leaders are this manipulative, the industry may not be taken seriously.
In his calls for oversight, Mike Belshe defined this as ‘Principles-based regulation.’ He further explained what he meant, noting that no one should lie to promote assets they hold. He also advocated that influential leaders should not tell others to buy while hiding the fact that they are selling.
Over the past few years, industry leaders have often denounced the regulation through key regulators’ enforcement tactics. Things have changed drastically since Mark Uyeda came on board as Acting Chair of the US SEC.
The commission has even established a Crypto Task Force to help introduce frameworks to guide the industry.
President Trump Fulfilling Campaign Promises
The BitGo CEO’s new crypto regulation push is not on the radar. While industry experts like John Deaton agreed with his proposition, US regulatory agencies are cleaning the house to help fulfill President Donald Trump’s campaign promises.
In a recent update, the FDIC advised Federal Banks about crypto. The commission said financial institutions under its umbrella do not need prior approval to gain exposure to the crypto industry. Thus far, this positive regulatory shift has triggered a new adoption trend for the digital currency ecosystem.
One of the core positive moves was Fidelity Investments’ launch of a stablecoin on a public blockchain.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The drawdown in the broader crypto market has extended to this weekend as losses shifted from Bitcoin (BTC) to altcoins. The combined market cap has lost 2.82% to $2.68 trillion, which suggests the selloff might deepen more. With the mix of bullish news in the trailing 7-day period, the question among analysts remains what is behind the latest slump.
What Is Behind Crypto Market Crash?
Since the inauguration of President Donald Trump, the broader digital currency ecosystem has witnessed positive backing.
As reported earlier by CoinGape, President Trump granted full pardon to Arthur Hayes, and other BitMEX co-founders Benjamin Delo and Samuel Reed. While this news is localized to the beneficiaries, it generally signals the positive shift in White House’ perception of the industry.
Despite these updates, the crypto market is still reeling with losses. The same Trump administration’s trade policies have continued to weigh down investor sentiment. The April 2 reciprocal tariff timeline has placed investors on the edge.
These tariffs and trade wars have ushered in economic uncertainties and potential inflation drag. With the Federal Reserve keeping rates unchanged, the impact of inflation may force traditional firms to adjust their positions. This in turn impact the crypto market sentiment overall.
Bitcoin and Altcoin Performance Review
As of writing, the price of BTC has lost its $83,000 support and currently trading at $82,476.30 per data from CoinMarketCap. The top coin has fallen by 2.43% in 24 hours and has extended its Year-to-Date (YTD) losses to 12.5%.
Top altcoins have also lost their positions with Ethereum down 2.25% to $1,846. XRP has fallen by more than 3% to $2.115, while Cardano has shed off 3.92% to $0.6721. The altcoin response has seen Dogecoin forming a wedge pattern in what may serve as a make-it-or-break-it switch for the memecoin.
While it appears as though many of these top assets are bottoming out, their correlations with Bitcoin may extend their overall drawdow.
What Next for the Crypto Market?
Thus far this year, top coins like Bitcoin have often showcased resilience in the face of massive sell-off and crypto liquidations. Although the current price floor for Bitcoin remain undefined, with analysts keeping an eye on the $82,000 floor.
The digital currency has not breached this level in close to two weeks. While legendary trader Peter Brandt agrees BTC price may fall to $65,635, this bearish projection may be averted if the $82,500 support holds through the weekend.
Altcoins may likely boost their price recovery by relying on BTC breakout and their internal fundamental updates.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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