Market
XRP Holders On The Path To Millionaire Status
A market expert has boldly proclaimed that all XRP holders might ultimately become millionaires.
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Based on a historical study of XRP’s price movement in 2017, this assertion makes the implication that the altcoin is set for a similar bull run. For many XRP community members, crypto analyst Steph’s viewpoint offers a ray of hope despite current turbulence.
This positive view is challenged, though, by current market dynamics—including the asset’s recent 22% weekly decline.
XRP: Historical Parallels With 2017 Surge
Steph’s optimistic predictions are largely based on the performance of XRP during the 2017-2018 bull run. In that period, the altcoin saw a meteoric rise, increasing by 802% from March to May 2017.
This surge followed a relatively quiet period, with the coin initially lagging behind other cryptocurrencies. XRP has once more exhibited remarkable increase fast forward to 2024, rising by nearly 570% from November 2024 to a top of $3.4 in January 2025.
All #XRP holders will become millionaires.
No exceptions. pic.twitter.com/zoLebdj8um
— STEPH IS CRYPTO (@Steph_iscrypto) February 5, 2025
If history is any indication, Steph thinks the altcoin is only halfway toward its expected ascent. According to the analyst’s examination, a second ascent might drive the asset considerably higher, maybe reflecting the price movement registered in 2017.
The Road To $50,000 Per Token
Many XRP holders wonder if such a rally will turn them into millionaires. The study indicates that, although still rather hypothetical, there is a big possibility. For instance, the price per token would have to be $50,000 if one wanted a 20 XRP ownership to be worth $1 million.
In the same vein, a 500 XRP-holder would need the price to reach $2,000 to make their holdings worth $1 million. Although these figures are staggering, they show the significant influence a large surge could have on portfolios of holders. However, whether such price levels are realistic is still uncertain.
Deviation From 2017 Path: A New Fractal?
Not every researcher shares Steph’s hope. Examining XRP’s present price movement closely reveals some variations from the 2017 trend. XRP dropped significantly from its January high of $3.4, lately falling below $3.
In my opinion, 2017 is now irrelevant
I see many trying to pinpoint comparison to 2017 still, I think it’s a waste of time
The fractal has broken. We are in a new era and game now…
Sometime the rear view helps, but not anymore IMO pic.twitter.com/03ePoONaNV
— Dom (@traderview2) February 4, 2025
Analyst Dom has claimed that XRP might not go the same route as it did in 2017, suggesting a fractured fractal. Should this be the case, the cryptocurrency may be on a fresh path where future expansion is not correlated with historical price trends.
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Market Volatility: Change In Trend Or A Regular Setback?
In spite of these anomalies, XRP has a long-term bright future. Recent price swings of the asset are considered as normal ebb and flow of the market. Correction times are expected, as with any high-growth asset.
At $2.44 right now, XRP dropped almost 4% over the past 24 hours. Still, experts remain optimistic since the asset has great room for expansion.
Featured image from Pexels, chart from TradingView
Market
Deribit Leaves Russia Under New EU Sanctions
Crypto exchange Deribit is banning Russian nationals and residents due to new EU sanctions. Although the exchange is based in Dubai, its Dutch parent company requires compliance with EU economic restrictions.
Russians make up the second-largest demographic on the exchange, but several competitors are more popular within the country. These sanctions may actually harm Deribit more than Russia’s crypto community.
Deribit To Exit Russia
According to TASS, the crypto derivatives exchange Deribit is completely withdrawing from Russia. This is due to new EU sanctions placed on Russia, but this also leaves a few exceptions.
For example, if a Russian-born person has citizenship or a permanent residence within the European Economic Area, they can continue. All Russian firms, however, are banned.
“Due to EU sanctions against Russia, Deribit is no longer able to accept Russian nationals and Russian residents as its clients, unless an exception applies. Since Deribit’s parent company is Dutch, these EU sanctions are relevant to us,” Deribit claimed in a statement.
Sanctions have become a defining part of Russia’s cryptocurrency ecosystem. Digital assets have seen wide adoption in Russia due to their ability to bypass sanctions, and government officials even espoused this practice at last year’s BRICS Summit.
However, the US Treasury is aware of the practice and keeps piling sanctions on the industry. Deribit continued to operate in Russia despite US sanctions, but new ones from the EU changed the equation.
Over the years, the exchange has faced significant regulatory challenges. This was one of the reasons why Deibit relocated to Dubai in 2023. However, even Russians living in Dubai are banned from registering on the exchange.
This isn’t the exchange’s only recent setback. Last month, it considered a buyout from Kraken. Additionally, data shows that Deribit is a popular exchange within Russia but nowhere near as popular as several other competitors. Meanwhile, Russian citizens are the second-largest demographic of users by country on Deribit’s end.
In other words, these sanctions might actually harm Deribit more than the broader crypto community in Russia. If nothing else, this incident proves the importance of decentralized institutions within crypto.
These international sanctions are still somewhat limited in their reach, and DeFi provides many tools to circumvent them.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bybit Returns to India After Paying $1 Million Fine
Bybit is resuming operations in India after registering in accordance with local regulations and paying a $1 million fine. The exchange temporarily left in January, citing changing licensing requirements.
Indian political figures have recently advocated for liberalizing the nation’s crypto laws, and Bybit wants to contribute. It joined a local Web3 association and partnered with blockchain societies at several major universities.
Bybit Returns to India
Bybit, the second-largest crypto exchange in terms of daily trading volume, is resuming services in India. The firm temporarily suspended trading services in the country around a month ago, citing changing regulations.
Specifically, India’s Financial Intelligence Unit (FIU-IND) required that Bybit receive licensing to prove compliance and pay a $1 million fee. According to a new press release, this has now been achieved:
“Bybit is committed to operating within the regulatory framework of India and takes its compliance obligations seriously. We have been working diligently with the FIU-IND to address their concerns and ensure full adherence to the Prevention of Money Laundering Act (“PMLA”) and associated regulations,” the press release claimed.
Bybit’s CEO also shared these developments on social media. This is a rather positive development for the crypto exchange, as India remains one of its key markets in Asia.
In addition, Bybit continues to face several regulatory hurdles worldwide. In November, Japan warned Bybit to register its operations, and customers in France can no longer withdraw any assets.
Still, Bybit isn’t the only exchange with disputes with India. Binance recently owed the Indian government $85 million in taxes, and other exchanges like WazirX faced similar scrutiny.
Also, the current government does not seem to have a very pro-crypto vision. Last year, Indian regulators strongly advocated banning Bitcoin and other assets to favor the nation’s CBDC.
However, this attitude may be changing. Earlier this week, India’s Economic Affairs Secretary suggested loosening the country’s crypto restrictions, claiming that cryptoassets “don’t believe in borders.”
“Bybit officially registers with India’s financial regulator and settles pending fines. Full operations license expected soon. Another W for crypto adoption in India, but get ready for that sweet 30% tax + 1% TDS,” wrote Budhil Vyas, a local crypto influencer.
The industry is dramatically growing worldwide, and India doesn’t want to lose out. This might help explain Bybit’s speedy return.
In any event, it’s difficult to predict big-picture political changes like that from here. For now, Bybit is back in business and is carrying out a few endeavors to reach India’s crypto community.
These include partnering with several university-based blockchain societies, becoming a member of the Bharat Web3 Association, conducting workshops and hackathons, and more.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Binance’s CZ Sparks TST Meme Coin Frenzy, Traders Reap Huge
Binance founder and former CEO Changpeng Zhao (CZ) inadvertently triggered a trading frenzy around a test token, TST. Interestingly, One lucky trader turned $35,000 into nearly $700,000, representing gains of almost 1,900%.
The news centers around Four.meme, which advertises as the first meme coin fair launch platform on Binance Smart Chain (BSC).
Binance’s CZ Claims Accidental Exposure
The incident stemmed from an educational video made by the BNB team demonstrating how to launch a meme token on the Four.meme platform. However, it resulted in an unexpected surge in the test token TST’s market capitalization.
Changpeng Zhao took to social media platform X (Twitter) to clarify how TST gained traction. He cited a now-deleted video tutorial posted on the Four.meme platform.
“In this video, we launched a token named TST as the example….,” CZ explained, citing a BNB Chain team member.
Following an accidental reveal by the BNB team, members of the Chinese crypto community identified the token and began actively trading and promoting it. CZ emphasized that neither he nor Binance exchange holds any of the tokens.
“This is NOT an endorsement from me for the token…no one on the team (or Binance) holds any of that token. This is NOT an official token by the BNB Chain team or anyone. It is a test token used just for that video tutorial,” he articulated.
Reportedly, a team member also deleted the private key for the tutorial wallet. However, this did little to stop speculators from jumping in, sending TST’s market cap to nearly $500,000 within hours.
Crypto analyst Ai shed light on an intriguing transaction. A trader, identified by the wallet address 0xeBB…74711c, purchased $35,000 worth of TST just minutes before CZ’s tweet. As the hype built up, the trader’s holdings skyrocketed to a floating profit of $657,000—a staggering 1,885% return. Ai speculated whether this was pure luck or if the trader had inside knowledge about the video leak.
“Lucky/smart money 0xeBB…74711c happened to open a position of 35,000 USD in tokens five minutes before CZ tweeted TST, andnow has a floating profit of 657,000 USD, with a return rate of 1885%! After CZ tweeted, he quickly added 2 BNB. He currently holds 28.82 million TST, making him the top 1 address. I am also impressed by his luck,” Ai remarked.
Adding to the speculation, crypto user 0xSun suggested that the address could be linked to a Binance Chain team member. This speculation fueled suspicions of potential insider trading.
Elliot’s Crypto, another industry veteran, pointed out that BNB community members saw an opportunity, piling in on the trade and fueling a meme-driven price surge.
“Let’s send it for the culture of BNB memes… I mean there could be huge opportunity on these levels. I had just a small bag at dip and still holding…it’s shared by BNB chain first on the video but community found the cat,” the user noted.
Meanwhile, CZ insists that the TST token was purely for demonstration purposes. Nevertheless, the incident reflects his and other industry leaders’ immense influence. Even an unintentional mention can send markets into a frenzy, reinforcing how unpredictable and volatile crypto markets remain.
Data on Gecko Terminal shows that TST remains well above its debut price with a market cap of $15.1 million at press time, but the price action shows continued profit booking.
Rise of Token Launchpads and Regulatory Scrutiny
Notably, Four.meme is a BNB chain-based platform that allows users to easily create and launch meme coins. It comes amid a growing trend of token launchpads, which enable users to easily create and launch new cryptocurrencies.
The launchpad joins an already competitive space. Players such as Solana’s Pump.fun, Tron’s SunPump and PancakeSwap’s SpringBoard are already in the market, lowering the barriers for token creation and fostering an explosion of meme coins.
However, the increasing popularity of these platforms has drawn regulatory scrutiny. The UK’s Financial Conduct Authority (FCA) recently warned against Pump.fun. BeInCrypto reported that the regulator cautioned that it may be operating in violation of financial laws.
Additionally, Pump.fun has faced backlash for enabling harmful live streams. Here, bad actors exploited the platform to mislead and manipulate retail investors.
As token launchpads continue to grow, regulatory oversight is expected to increase. Authorities seek to prevent manipulation and protect investors from bad actors.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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