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Why There Will Be Several XRP & Solana ETF Filings This November?

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5 months ago

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Since Trump’s re-election, Bitcoin and other altcoins such as XRP or even ADA price surged on expectations of less strict cryptocurrency regulations during his administration.  Several new ETF filings, among which  are XRP and Solana, are expected during  November.

Many investors hope his favorable attitude toward cryptocurrencies will translate to laxer policies, perhaps encouraging more spot altcoin ETFs beyond Bitcoin and Ethereum. However, many issuers have been holding off until after the election, believing that  many could see their ETFs pass under a Trump administration.

As discussions swirl around the possible departure of SEC Chair Gary Gensler and an incoming crypto-friendly successor, the timing is ripe for such filings taking center stage.

Crypto Prices Soars on Trump Re-Election, Spot XRP, Solana ETF Hopes Rekindled

Since Trump’s re-election, Bitcoin and other altcoins have surged on expectations of less strict cryptocurrency regulations during his administration.

Recently, the CEO of ETF Institute, Nate Geraci, expects an array of new applications for spot cryptocurrency ETFs this week. Although the SEC has certified many spot Bitcoin and Ethereum ETFs in recent years, it has denied most of the rest. With hope rejuvenated following Trump’s appointment, says Geraci, applications for spot ETFs on XRP, Solana, Cardano, and other altcoins could be in this week as well.

Geraci added that many issuers have been waiting on the US election results and are now poised to move forward, believing Trump’s administration will smooth the path for ETF approvals. Though the SEC already has applications for Solana and XRP under review, experts say Trump’s election raises the likelihood of approval for the SOL and other altcoin ETFs.

With rumors that the head of the US Securities and Exchange Commission, Gary Gensler, is about to leave office, names such as Dan Gallagher, chief legal officer at Robinhood, among others, have emerged at the fore as the first choices to replace Gensler after he leaves office.

During his stint on the commission, the SEC approved several Bitcoin ETFs. Gensler gave the deciding vote to the repeated filings in the face of massive protests from the crypto community. Commissioners Jaime Lizárraga and Caroline Crenshaw had initially moved to block the Bitcoin ETF approvals.

However, Gensler consistently voted with commissioners Mark Uyeda and Hester Peirce, both Republicans. He pulled off a surprise move in May when he approved multiple spot Ethereum ETFs that started trading in July.

XRP ETF Filings Surge After Trump Win, Price Skyrockets

As filed, a spate of other altcoin ETFs is on its way, including a July VanEck filing for a Solana ETF, while multiple issuers have submitted applications for a spot XRP ETF.

Asset manager 21Shares has filed a spot XRP ETF, the third such filing after Canary Capital and Bitwise. This came on November 1 and included a Form S-1 for shares to be issued and traded in 21Shares Core XRP Trust, which was to be listed and traded on the Cboe BZX Exchange.

The filing explains that the trust does not represent a direct exposure to XRP but will provide investors with indirect market access. After the news, Ripple CEO Brad Garlinghouse claimed the SEC has “lost its battle on cryptos.”

The value of XRP was up 15.7% over the week and consistently stayed above the $0.50 threshold. Its market cap currently stands at $33.6 billion. According to Amonyx, an XRP influencer, technical indicators point towards the price touching a mark of $260. That sounds too ambitious, and a realistic target in the near term would be breaking $1 this Q4.

SOL price is currently hovering around $219, marking a 2.79% increase in the last 24 hours. It’s also one of the top-performing assets among the top 20 cryptocurrencies by market cap, boasting a significant 34% gain over the past week. This impressive weekly rise has positioned SOL as a standout in the market, drawing attention for its strong upward momentum.

Trump’s Re-Election Boosts Solana’s Bullish Outlook

Throughout his campaign, Trump has uttered the ambition to make the US the world’s hub of cryptocurrency. This ambition also involves promise to replace the current chairman of the SEC, Gary Gensler, whom he has criticized for being too hard on the crypto sector.

Given the crypto-friendly stance, this could further encourage conservative investors to invest in Solana-based ETFs. On many occasions, supportive legislation has invited market confidence, and the potential for effective cryptocurrency policies under Trump’s administration could be one of the drivers for long-term investment in Solana.

While regulators are moving toward a more concrete regulatory environment, Solana is setting up for broader use cases and more sustained growth.

Solana’s recent surge above the $220 level has been considered the excitement point for many in the market. Some experts even suggest that Solana could surge to as high as $300 by the close of the year.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

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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First Digital Trust Denies Justin Sun’s Allegations, Claims Full Solvency

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4 hours ago

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April 2, 2025

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Following a reserve crisis that hit TrueUSD and Justin Sun’s intervention, First Digital Trust denied claims of insolvency. The Trust, at the center of the fiasco, says it is fully solvent while accusing Sun of sensationalism.

First Digital Trust Refutes Allegations Of Insolvency

First Digital Trust has released a statement debunking allegations of financial impropriety and insolvency. According to the statement, First Digital Trust says it is completely solvent while accusing Justin Sun of falsehood.

The Trust has been at the center of a whirlpool of a liquidity crisis involving TrueUSD (TUSD) with Justin Sun stepping in to stabilize the stablecoin with a capital injection. The Tron founder launched a tirade against the Hong Kong-based trust, accusing it of financial mismanagement including unauthorized trade finance loans.

“The recent allegations by Justin Sun against First Digital Trust are completely false,” read the statement.

The Trust disclosed that its FDUSD stablecoin is solvent and backed by US Treasury Bills. Per the statement, the legal dispute surrounding TUSD has nothing to do with FDUSD, accusing Sun of a smear campaign. First Digital Trust says it has not had the opportunity to defend itself in court, accusing Sun of launching social media attacks.

“This is a typical Justin Sun smear campaign to try to attack a competitor to his business,” added First Digital Trust.

Justin Sun Maintains His Stance

Justin Sun remains firm in his resolve that First Digital Trust is insolvent while urging investors to cut ties with FDUSD. He warns that the Trust founder Vincent Chok will face the full wrath of the justice system.

“First Digital Trust (FDT) is in fact insolvent,” said Sun. “If you have any relationship with it, please cut off contact as soon as possible to protect your assets.”

Following his accusations, FDUSD lost its peg and traded at a low of $0.88, a steep drop before crawling to $0.98. The loss of $130 million from its market capital has rattled investors with critics taking swipes over its de-pegging.

The Tron founder has covered every blade of grass in recent days, buying $75M of the Trump memecoin. Last week, Justin Sun weighed in on TRX’s halving proposal, supporting a proposal to mirror Bitcoin’s pattern.

The stablecoin drama comes as the US is inching toward tighter stablecoin regulation with the GENIUS Act and STABLE Act.

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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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Will Cardano Price Bounce Back to $0.70 or Crash to $0.60?

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5 hours ago

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April 2, 2025

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Cardano price has been facing significant price fluctuations recently, with its value hovering around $0.68 as of April 2025. Traders and investors are watching closely to see whether ADA can bounce back to $0.70 or face further declines towards $0.60. 

Crypto Market Volatility Drives ADA’s Recent Price Action

Over the past few days, Cardano’s price has seen moderate fluctuations. After dipping to a low of $0.663, ADA price briefly rebounded to reach highs of $0.69. Despite these ups and downs, the cryptocurrency closed on the green side, which points to at least some of the buying pressure. 

The price action states that a general bullish trend was seen where most of the cryptocurrencies moved up, then down.

Overall market has remained very unstable and traders have been seen transferring their positions by buying during any falling. Consequently, ADA’s price was able to remain somewhat stable and maintain its position above some important support levels. The 24-hour chart indicates that Cardano’s price is currently sitting just above the $0.68 mark, up by 0.90%. Nevertheless, it is down by about 7.87% in the past week, which hints at poor performance in reversing the downtrend.

ADA Price Support and Resistance Levels to Watch

Traders are paying close attention to ADA’s key support and resistance levels. The nearest support level is $0.63, which, if broken, will imply further decline in the value, or a possible reversal of the trend if the price retests this level.

If Cardano goes below this level, the subsequent level of support may be between $0.60 and $0.61. Any move below $0.63 looks reasonably bearish, and opens the possibility of ADA testing these particular lows.

ADA/USD 1-day price chart (Source: tradingView)

On the other hand, Cardano must clear its resistance levels to regain bullish momentum. The daily moving averages at $0.73 (200-day moving average) and $0.75 (50-day moving average) are important barriers to watch. As of now, the RSI stands at 46.27, just below the neutral level of 50. An RSI below 50 means that ADA is not yet in a bullish trend, although it could be in the reclaiming process if only the buying pressure rises. At the moment, the MACD Is show a bearish outlook as the MACD line is below the signal line.

However, there are signs of weakening bearish momentum, as the histogram shows increasing green bars. This suggests that while the market is still in a bearish phase, ADA may soon experience a bullish reversal if the MACD crosses into positive territory. Moreover, ADA’s price action also forms a Falling Wedge pattern, which is typically considered a bullish reversal pattern despite the death cross formed ealier today threatening a 25% ADA price dip. 

Analyst Outlook for Cardano’s Price Movement

Crypto analysts are mixed in their outlook for Cardano in the short term. Some experts predict that ADA could continue to trade within its established range between $0.63 and $0.75.

However, a breakout above the $0.75 resistance could set the stage for a stronger upward move, with some even setting a target of $1 for the next few weeks. Moreover, according to a TradingView analysis shared, Cardano price has been following an established ascending channel pattern over the years. This pattern has historically led to significant price surges when ADA moved between its upper and lower trendlines. In the past, a similar channel saw ADA rise from $0.20 to over $2.70 in 2021.

Source: TradingViewSource: TradingView
Source: TradingView

The TradingView chart suggests that if ADA continues to follow this pattern, it could see significant upside potential in the long term. Analysts believe ADA might push towards $50.48 by the end of 2025, as it follows this channel’s upward trajectory. Such a move would require continued market optimism and strong demand for ADA.

On the flip side, analysts like Ali Martinez warn that Cardano is at a critical juncture. If ADA fails to reclaim the $0.70 to $0.80 support zone, it could see a deeper correction. Some experts suggest that ADA might test the lower $0.30s, though this scenario would require a more severe breakdown from current levels.

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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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How Will Elon Musk Leaving DOGE Impact Dogecoin Price?

Published

7 hours ago

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April 2, 2025

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Elon Musk’s time at the Department of Government Efficiency (DOGE) is coming to an end following White House chatter. While DOGE has had a significant impact since its launch, Musk’s departure will have unintended consequences for Dogecoin price.

Is Elon Musk Leaving DOGE?

A Politico report suggest that the curtain could be falling on Elon Musk’s time at DOGE after nearly four months. Musk has been leading operations at the department since its formation, stifling fraud and reducing government inefficiency.

However, the report notes that the Tesla CEO will be leaving the agency to focus on his business empire. Per the report, Musk’s departure is linked to growing criticisms over his handling of DOGE operations since taking over the reins.

Elon Musk’s supporters argue that a transition is in order with the blueprint for DOGE already established. Furthermore, whispers of a departure are coinciding with the end of a 130-day exemption for Musk to operate as a special government employee, allowing him to sidestep a maze of conflict of interest rules.

Despite, clear signals for his Elon Musk’s departure, President Trump vows to keep the billionaire at DOGE for as long as possible. While Musk will not call the shots at DOGE in the future, pundits say Trump will offer Musk with an advisory role.

Will Elon Musk’s Exit Affect Dogecoin Price?

The exit of Elon Musk from DOGE will have far-reaching effects on Dogecoin’s price. His appointment to DOGE triggered a rally for the memecoin and pundits theorize that his exit may trigger negative sentiments.

Musk’s influence on the memecoin is far-reaching and previous actions have triggered price swings. After Musk teased a Ghibli-themed DOGE, Dogecoin price showed glimpses of a strong rally.

His comments that there are no DOGE adoption plans by the US sent dampened enthusiasm for a potential rally. At the moment, Dogecoin is trading at $0.1742, holding onto its April 1 gains. However, weekly charts indicate a 12% draw down that may worsen if Elon Musk leaves DOGE.

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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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