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XRP Sustains Rally, SHIB & BTC Spark Market Buzz
The dynamic world of crypto closes yet another week, primarily with attention-nabbing developments unfolding across the broader sector. Ripple’s XRP sustained a price rally, nearing $2 against the backdrop of legal maneuvers in favor of the American blockchain payments company. Simultaneously, Shiba Inu (SHIB) saw bullish dynamics fueling market optimism surrounding the meme coin. On the other hand, Bitcoin (BTC) continued to consolidate near its ATH this week, sparking market discussions.
Here’s a brief report on some of the most buzz-worthy cryptocurrency market updates reported by CoinGape Media over the past week.
Ripple’s Crypto Sustains Rally Amid Legal Developments
Notably, the Ripple-backed crypto saw a highly bullish week, extending weekly gains to 30% and resting near $1.90. This rising trajectory has sparked noteworthy optimism, which is in line with recent legal developments regarding the blockchain payments company.
Primarily, the lawsuit against the U.S. SEC could end under the “new SEC,” CoinGape Media reported. This optimistic anticipation comes against the backdrop of SEC Chair Gary Gensler announcing his exit and pro-crypto Donald Trump securing a win in the U.S. elections. Moreover, pro-XRP attorneys Bill Morgan, Fred Rispoli, and Jeremy Hogan also revealed that the appeals are likely to get dismissed, hinting that the lawsuit against the U.S. SEC could drop soon. Overall, as the much-awaited conclusion for the lawsuit comes, market sentiments surrounding the Ripple-backed asset have turned highly bullish.
Intriguingly, amid these optimistic events, the coin also overtook BNB in terms of market cap, marking a monumental stride. Simultaneously, the asset’s futures OI topped $2.5 billion this week, echoing investor optimism.
Further, with Ripple eyeing RLUSD stablecoin launch ahead with indications that New York’s top financial regulator, the Department of Financial Services (NYDFS), is poised to approve the product, market sentiments remain bullish on future movements.
Shiba Inu (SHIB) Steals Spotlight
Simultaneously, Shiba Inu has gained significant traction this week, witnessing remarkable burns and ecosystem developments. CoinGape Media reported the SHIB burn rate to have soared remarkably over the past seven days, sparking optimism surrounding the coin’s future price movements. Simultaneously, even the coin’s layer 2 network, Shibarium, saw a maintenance upgrade, enhancing functionality.
While these events significantly bolstered prices, it’s also noteworthy that Shiba Inu whale holdings were reported to be on the rise. This stat has underscored heightened market interest in the asset amid a bullish Q4. In turn, crypto market enthusiasts are extensively eyeing the token for further gains in light of the abovementioned optimistic stats.
BTC Consolidates Near ATH
Meanwhile, the flagship crypto has faced some market turbulence near its ATH, resting above the $95K level as the week closes. Notably, Robert Kiyosaki warns amid this turbulent movement that Bitcoin could surpass $100K soon, making it harder for the middle class to invest, urging FOMO for early investors. This statement sparked noteworthy optimism for the cryptocurrency, while other bullish events also unfolded across the broader market.
Vancouver Mayor Ken Sim proposed Bitcoin as a reserve asset this week, underscoring the asset’s market potential. Additionally, a stockpile of bullish on-chain metrics weighing in has added to intrigue on the asset’s future movements. A recent Bitcoin price analysis by CoinGape media indicated that the coin eyes further gains, mirroring historical trends and increased market interest.
Overall, the abovementioned cryptocurrency market headlines have significantly impacted investor sentiments globally.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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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Confusion spread across the crypto community after rumors suggested that ProShares would launch XRP ETFs on April 30. However, Bloomberg ETF analyst James Seyffart confirmed that there is no official launch date yet. The false reports were based on an old regulatory filing, leading to widespread misinformation online.
ProShares Clarifies XRP ETF Launch Plans
According to Bloomberg ETF analyst James Seyffar reports on ProShares would launch XRP ETFs on about an April 30 launch were inaccurate. He added that, although no official date is set, a launch is expected in the short to medium term.
Concurrently, a spokesperson for ProShares also commented, saying, “ProShares does not have any ETF launches scheduled for Wednesday, April 30. We have no further news to share at this time.” This statement further confirmed that there are no immediate plans to introduce the XRP ETFs this week.
The rumors originated from a regulatory filing dated April 15, which some media outlets misrepresented as a new development. These errors led to incorrect reporting and social media sharing before verification.
Futures-Based XRP ETFs Expected, Not Spot Products
Nate Geraci, President of The ETF Store, had earlier discussed the nature of the upcoming ProShares XRP ETFs. He explained that the new products are not spot ETFs and will not hold XRP directly.
Instead, the planned ETFs will offer exposure to XRP through futures contracts. According to Geraci, the ETFs will include leveraged and inverse options, giving investors different ways to gain exposure to XRP price movements.
He also mentioned that Teucrium launched a 2x Long XRP ETF (XXRP) earlier this month. This product uses swap agreements and seeks to provide twice the daily return of XRP. As of now, the XXRP fund manages around $42.79 million in assets under management.
SEC Scrutiny Remains Over ETF Applications
The Securities and Exchange Commission (SEC) has yet to approve any spot XRP ETF applications, unlike in Brazil. Firms such as Grayscale, Bitwise, and Franklin Templeton are still awaiting a decision from the regulator.
Geraci raised concerns about why the SEC has allowed futures-based XRP ETFs while being cautious about spot products. Futures ETFs face fewer regulatory hurdles compared to spot ETFs, which are subject to more detailed risk reviews.
Concurrently, Bloomberg noted that the SEC has been reviewing applications carefully and has not yet indicated when or if approvals will be granted. The new US SEC Chair Paul Atkins is expected to play a crucial role in reviewing these applications later this year.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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 ongoing Trump-China trade war has the netizens in complete turmoil, as the US Recession odds rise in 2025. Although there have been concerns around this topic, the Chief Economist at Apollo Global Management has fueled the fear. Recently, he claimed that an economic slump is to hit America in 2025 amid the tariff situation. Let’s discuss what he has to say.
Apollo Claims US Recession is Absolute in Summer 2025
In a recent CNBC’s Squawk on the Street interview, Apollo Economist, Torsten Slok, has claimed that the US Recession could absolutely form in 2025, if the tariff conditions remain the same.
“It’s all conditioned on tariffs staying in place at these levels, and if they stay at these levels, we will absolutely have a recession in 2025,” Slok.
The US government under Trump’s leadership has ignited a trade war, especially with China, placing a 145% tariff on imported goods from there. Although Trump granted a 90-day pause on reciprocal tariffs, the failure of new updates on the situation increases the odds of further turmoil.
Slok has pointed out the same, claiming that if the Trump-Chain trade war stays put, the gross domestic product (GDP) could drop by 4%. More importantly, he predicted a 90% probability of a two-quarter economic contraction. An Apollo report clearly mentioned their prediction of a US recession in the Summer of 2025.
Experts have been calling for the Fed to cut the interest rate to reduce the impact. Even Donald Trump criticised Jerome Powell for the delay, but there’s still no update. Amid this, the odds of unchanged rate cuts and economic slump are increasing.
US Recession News: Business and Supply Chain at Risk Amid Trump-China Trade War
The US recession odds have increased significantly due to the US-China trade war. The Polymarket report shows 56% probability, and it was 66% at the beginning of the month. Even JP Morgan has increased recession odds to 60%, and the same is true for other analytics firms.
The impact of this tariff influenced the stock, bonds, gold, and even crypto market performance. However, now the impact is also visible in the supply chain.
Bloomberg reported that the cargo shipments have decreased by 60%. Although they noted that America has not felt the impact yet, Giant retailers (Walmart, Target) predict COVID-like shortages, layoffs, and a severe impact on the retail industry.
The Apollo economist has revealed similar insights, claiming that smaller businesses are more vulnerable and are more likely to experience bankruptcies and layoffs. The upcoming Jobless claims could bring a better picture of the labor market, witnessing the Trump tariff effect.
Frequently Asked Questions (FAQs)
Torsten Slock, Chief Economist at Apollo Global Management, predicted that the US will face a recession in 2025 due to the effect of the Trump-China trade war.
The 60% drop in cargo shipments led to giant retailers predicting a COVID-like shortage.
The odds of the Fed’s interest rate cut are low, according to Polymarket reports.
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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 Ethereum-to-Bitcoin ratio has fallen to its lowest level in five years after a dismal Ethereum price performance. As investors try to wrap their heads around the grim metric, Taproot Wizards co-founder Eric Wall has explained the reason behind the steep drop.
Eric Wall Highlights Reasons For ETH/BTC Ratio Collapse
Taproot Wizards co-founder Eric Wall has identified a raft of reasons behind the decline of the ETH/BTC ratio in 2025. The cryptocurrency expert revealed the factors behind the falling ETH/BTC ratio in an X post, hinging the bulk of the blame on Ethereum’s recent price performance.
The ETH/BTC ratio slumped to a five-year low after Ethereum bucked the trend of following Bitcoin on a rally after the halving event. While Bitcoin price rose to cross the $100K mark, Ethereum price has tumbled below $2,000 to reach lows of $1,400.
For Wall, one factor affecting the ETH/BTC ratio appears to be Ethereum’s position in a competitive landscape. Since its launch, several blockchains have cropped up to snag market share from the largest altcoin, offering cheaper fees and faster processing times.
The cryptocurrency expert argues that the absence of a Saylor-like buyer for ETH is playing its role in the decline of the ETH/BTC ratio. Michael Saylor’s BTC purchases have contributed to the asset’s performance, but Wall argues that Ethereum does not have a consistent buyer.
Wall adds that Bitcoin and gold have evolved into wartime assets in the current macroeconomic climate, while ETH is considered a “peacetime asset.” Gold has surged to new highs, sparking optimism that Bitcoin will follow in the same path for a similar rally, while the Ethereum price continues its unimpressive run.
The Merge Is Not Responsible For The Ratio Decline
Eric Wall notes that Ethereum’s Merge event is not responsible for the ETH/BTC slump, contrary to popular sentiment. Ethereum migrated from Proof-of-Work to Proof-of-Stake in 2022, with the ETH/BTC ratio tanking since the Merge.
“The ETHBTC ratio did not go down because of The Merge,” said Eric Wall.
However, pseudonymous cryptocurrency analyst Beanie argues that the Merge is the primary reason for the price decline. Rebuffing the speculation, Wall opines that Ethereum’s layer 2 tokens triggered network fragmentation after botching the “asset value capture narrative,” affecting the ETH/BTC ratio.
“Ethereum also stagnated into a depressingly small number of defi primitives relative to what past expectations were,” added Wall.
Ethereum is flashing signs of brilliance after ETH trading volume spiked to $17.5 billion in less than a day. ETH prices are exchanging hands at nearly 1,800 after an impressive 12% rally that saw it outperform SOL and XRP
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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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