The XRP price is on the verge of a 35% surge to its year-to-date high as inflows into the Teucrium 2x Long Daily XRP ETF continue. Ripple (XRP) was trading at $2.5270 on Tuesday, up over 55% from its lowest…

XRP price eyes a 35% surge as Ripple ETF nears $100M milestone

SEC delays decision on Solana ETF while opening public comments for Dogecoin, 
BlackRock proposals amid crypto market scrutiny.
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SEC delays Solana and Litecoin ETFs as Dogecoin and BlackRock proposals enter public comment

XRP has gained significant momentum over the past several days, posting a 
sharp 24% rally since last week as bullish sentiment returns to the broader 
crypto market. With Bitcoin holding above $100K and Ethereum reclaiming the 
$2,200 mark, altcoins like XRP are beginning to show strength after months of 
subdued performance. Analysts are now calling for a potential breakout, 
emphasizing the importance of XRP reclaiming key resistance levels in the 
coming days to confirm a sustained move higher. Related Reading: Ethereum 
Recovery Gains Strength: Massive Comeback Above Key Support Fueling this 
optimism is new data from Glassnode revealing a dramatic surge in XRP Futures 
Open Interest. The metric has climbed over $1 billion in just one week, rising 
from $2.42 billion to $3.42 billion—a 41.6% increase. This spike suggests a 
growing wave of speculative interest and directional conviction among traders. 
As leverage builds, all eyes are on XRP’s next move to determine whether this 
momentum can evolve into a full-blown rally. The rise in open interest 
alongside price appreciation often points to sustained bullish intent, adding 
weight to calls for a continued surge. With volatility returning to the 
altcoin market, XRP could be gearing up for one of its most critical breakouts 
in months. XRP Leads With Strong Momentum And Rising Leverage XRP is emerging 
as one of the strongest performers in the market, displaying remarkable 
resilience during recent downtrends and now showing clear strength in the 
current bullish environment. After consolidating through volatile conditions, 
XRP has surged above the $2.50 level, firmly positioning itself as a leader 
among large-cap altcoins. The price action remains tight, with bulls 
continuing to test the $2.60 zone while bears are unable to push the price 
below the new support levels formed near $2.35. This price compression, 
combined with broader market optimism, suggests that XRP may be gearing up for 
a major move. With Bitcoin consolidating near its all-time highs and Ethereum 
testing crucial resistance zones, analysts are paying close attention to XRP’s 
trajectory. The altcoin market is heating up, and XRP’s technical structure 
hints at a bullish expansion phase if current levels are maintained or 
reclaimed with volume. Supporting this bullish outlook is recent data from 
Glassnode, showing that XRP Futures Open Interest has soared by over $1 
billion in the past week. It jumped from $2.42 billion to $3.42 billion—a 
41.6% increase—coinciding with a price rally from $2.14 to $2.48. This surge 
in leverage underscores growing speculative interest and strong directional 
conviction among traders. Elevated open interest, particularly when paired 
with upward price movement, often signals sustained momentum and institutional 
participation. With XRP firmly above key support and showing signs of renewed 
investor confidence, the next few sessions could be pivotal for determining 
whether XRP will finally break out into a new macro trend. Related Reading: 
Ethereum Hits Major Level After Biggest Weekly Candle In Years – What Comes 
Next? Price Action Signals Strength Amid Market Momentum XRP is showing strong 
bullish momentum as it continues to trend higher, currently trading around 
$2.55. The chart reveals a well-established uptrend, with XRP recently 
breaking above key resistance levels and holding above both the 200-day Simple 
Moving Average (SMA) and Exponential Moving Average (EMA), currently at $2.13 
and $2.02, respectively. This alignment of moving averages below the current 
price reinforces the bullish structure. Over the past two weeks, XRP has 
surged more than 24%, confirming higher lows and higher highs in the process. 
After briefly stalling at $2.60, the price is now consolidating with low 
volatility just below that level—indicating potential for another breakout if 
buying pressure resumes. Volume also picked up significantly during the 
initial leg of this move, signaling strong interest from market participants. 
Related Reading: Solana Rallies Into Pivotal Zone – $180 Level Could Define 
Next Move The next resistance level to watch is near $2.80, which marked a 
major rejection zone earlier in the year. On the downside, the $2.35 zone has 
now turned into strong support and would be a critical level for bulls to 
defend if momentum weakens. Featured image from Dall-E, chart from TradingView

XRP Open Interest Surges 41% As Speculation Grows – Over $1B Added In Just One Week

Coinbase has partnered with Canadian stablecoin issuer Stablecorp in a bid to 
expand access to tokenized Canadian dollars, a company executive told 
Cointelegraph during the Blockchain Futurist Conference in Toronto.
According to Coinbase Canada&#8217;s CEO, Lucas Matheson, the exchange is investing 
an undisclosed amount in Stablecorp and will help market its fiat- 
collateralized stablecoin, QCAD.
&#8220;It&#8217;s really important that we have a stablecoin for Canadians,&#8221; Matheson told 
Cointelegraph in an exclusive interview on May 13, adding that stablecoins are 
especially urgent because the country has &#8220;no peer-to-peer [payment] rail&#8221; and 
&#8220;wire transfers cost $45 and take 45 minutes of paperwork.&#8221;
&#8220;With stablecoins, 24/7, instant, borderless payments become possible &#8212; this 
is already feasible with existing tech,&#8221; he said.
_Lucas Matheson (left) and Sam Bourgi (right) on the sidelines of the Futurist 
Conference in Toronto. Source: Cointelegraph_
 _**Related:**__**What Canada &#8216;s new Liberal PM Mark Carney means for 
crypto**_
## Barriers to adoption
As of May 13, stablecoins have an aggregate market capitalization of around 
$245 billion, primarily comprising US dollar-backed stablecoins Tether (USDT) 
and USDC (USDC), according to data from CoinGecko.
Stablecorp&#8217;s most recent report on QCAD&#8217;s fiat reserve backing dates to July 
2024, at which time only around $175,000 worth of QCAD were in circulation, 
according to its website.
_Stablecorp &#8216;s flagship product is QCAD, a fiat-backed stablecoin. Source: 
__Stablecorp_
However, &#8220;Canada lacks a clear path for stablecoin adoption&#8221; in part because 
its government has yet to &#8220;remove securities regulation barriers for fiat- 
backed stablecoins,&#8221; Coinbase said in a March 26 blog post. It needs to begin 
&#8220;treating them as payment instruments rather than securities,&#8221; the exchange 
added.
In April, the US SEC said that stablecoins do not qualify as securities in the 
country if they are marketed solely as a means of making payments.
&#8220;We&#8217;re asking the federal government to develop a national strategy for 
digital assets. Crypto is strategic, and we hope this new administration sees 
that,&#8221; Matheson said.
Canada elected Prime Minister Mark Carney during its federal elections in 
April. Carney has historically been critical of cryptocurrency.
_**Magazine: **__**Ethereum is destroying the competition in the $16.1T 
TradFi tokenization race**_

Coinbase invests in Canadian stablecoin issuer

**Key takeaways:**
 * Solana&#8217;s $10.9 billion TVL surpassed the entire Ethereum layer-2 ecosystem.
 * Solana&#8217;s 30-day fee revenue ($43.4 million) rose 109% compared to the previous month.
 * SOL&#8217;s 8% funding rate shows healthy leverage demand from bulls.
Solana&#8217;s native token SOL (SOL) surged 24.8% between May 6 and May 10, 
following the broader altcoin market rally after Bitcoin broke above $100,000. 
Since then, SOL has struggled to stay above $180, but derivatives and onchain 
data still suggest further gains are in store.
_SOL/USD (blue) vs. altcoin market cap. Source: TradingView / Cointelegraph_
While Solana ranks the fifth largest cryptocurrency by market capitalization, 
Solana Network is the vice-leader in key onchain metrics including the total 
value locked (TVL).
_Blockchain ranked by TVL, USD. Source: DefiLlama_
Solana&#8217;s $10.9 billion total value locked (TVL) surpasses the entire Ethereum 
layer-2 ecosystem, which includes Base, Arbitrum, and Avalanche. Even BNB 
Chain, which integrates seamlessly with Binance and Trust Wallet, cannot match 
Solana&#8217;s numbers. Notable 30-day TVL increases for Solana include Raydium DEX, 
up 78%, Jito liquid staking solution, up 41%, and Marinade, which gained 56%.
## Rising fee revenue boosts SOL demand and momentum
Gaining traction in decentralized finance (DeFi) does not always translate 
into demand for the native token, since some networks have extremely low fees. 
For example, over a recent 30-day period, the Ethereum network generated just 
$24.9 million in base layer fees, while Tron captured $51.9 million and Solana 
totaled $43.3 million, according to DefiLlama.
_Solana network DApps revenue (left) vs. chain fees (right). Source: 
DefiLlama_
Solana&#8217;s DApps revenues and chain fees have shown consistent growth over the 
past four weeks. The latest figures are approaching their highest levels in 
three months, which is highly positive for SOL, as it drives demand. With 65% 
of the SOL supply involved in staking, this dynamic also supports upward price 
momentum.
_**Related:**__**Solana co-founder proposes meta chain to fix blockchain 
fragmentation**_
To gauge whether traders are becoming more optimistic about SOL&#8217;s price 
outlook, it is helpful to look at leverage demand. A positive funding rate 
means that long positions (buyers) are paying to keep their trades open.
_SOL perpetual futures annualized funding rate. Source: Laevitas.ch_
Currently, the SOL perpetual futures funding rate is at 8%, which falls within 
the neutral range of 5% to 10% based on the cost of capital. However, with SOL 
still trading 40% below its all-time high of $295 from Jan. 19, there is 
little reason for excessive optimism just yet. Still, the increasing activity 
on the Solana network suggests that SOL could reach $200 soon, potentially 
outperforming its competitors.
The exact catalyst that could propel SOL&#8217;s price higher remains uncertain, but 
possibilities include the potential approval of a spot Solana exchange-traded 
fund (ETF) in the US, as well as Solana&#8217;s eventual inclusion in a state-level 
digital asset strategic reserve. Additionally, some analysts are optimistic 
about traditional asset tokenization on Solana, which could unlock further 
value for SOL.
This article is for general information purposes and is not intended to be and 
should not be taken as legal or investment advice. The views, thoughts, and 
opinions expressed here are the author&#8217;s alone and do not necessarily reflect 
or represent the views and opinions of Cointelegraph.

Solana network and DeFi activity suggest SOL price rally will continue

The Infinite Node Foundation (NODE), a nonprofit focused on conserving digital 
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non-fungible tokens (NFTs). New Era for Cryptopunks as Infinite Node 
Foundation Secures Full IP Rights Founded in 2017 by Larva Labs, Cryptopunks 
revolutionized […]