The accelerating flows into exchange-traded notes, or ETNs, suggest many are prepared to navigate these complexities in pursuit of stable returns

Crypto’s second act: The quiet rise of exchange-traded notes | Opinion

Ripple’s ongoing lawsuit with the US SEC is moving through the courts, and 
some in the XRP community say “judgment day” is close. XRP pushed past $2 late 
last year, only to slip back under that mark recently. For most of 2024, it 
hovered near $0.50, a range many traders saw as a barrier. Now, with fresh 
legal hurdles, believers and skeptics are both bracing for what comes next. 
Related Reading: Analysis: Crypto Heats Up As $35 Billion Enters Market In 
Under A Month Legal Battle Takes A Detour According to court records, Judge 
Analisa Torres blocked a joint settlement on May 15, 2025. Ripple hoped to pay 
a reduced $50 million fine and lift a permanent injunction. Instead, the judge 
ruled that the motion had cited the wrong procedural rule—Rule 62.1 instead of 
Rule 60. Ripple and the SEC must refile under the correct rule. That move 
won’t overhaul the timeline, but it does mean more filings and a delay that 
could last months. Very soon, nothing will be holding XRP back. No lawsuit. No 
distractions. At that point, it all comes down to the utility we’ve been 
talking about for years. Judgment day is coming—and we’ll see if we were 
right. Will we see explosive growth? Or a slow and steady climb?… — All Things 
XRP (@XRP_investing) May 15, 2025 Community Pushes &#8216;Judgment Day&#8217; Narrative 
Based on reports from XRP forums and social feeds, many holders believe “price 
suppression” has held the token down. They point to the long stay around $0.50 
and insist outside forces prevented higher gains. After XRP rallied above $2 
at year‑end, talk of suppression faded—until it fell back under $2. Now 
critics warn that believers are setting themselves up for disappointment, 
while optimistic voices say judgment day will reveal the truth and clear the 
way for a big rally. Utility Claims Face Competition Commentators often 
highlight XRP’s role in cross‑border payments through RippleNet. They predict 
it could capture a slice of a tokenization market projected to exceed $18 
trillion by 2033. But rivals are gearing up. SWIFT is rolling out faster 
transaction corridors, and platforms like Ethereum, Solana and Algorand are 
also targeting tokenized assets. So far, real‑world XRP volume remains small 
compared with its total supply, and widespread adoption has yet to 
materialize. Bold Price Targets Draw Doubt Some analysts toss around targets 
of $50, $100 or even $1,000 for XRP once the legal cloud clears. To reach 
$100, the market cap would need to expand more than 40‑times from today’s 
levels. A $1,000 price tag would require an even more massive inflow of new 
money. Few market watchers see that happening without a major institutional 
push or a breakthrough in cross‑border payment adoption. Related Reading: 
Bitcoin Outshines All In 2025, Official Report From Russian Central Bank Says 
Final Ruling Could Set The Stage Ripple and the SEC both say they want this 
case wrapped up quickly. Yet appeals courts move at their own pace. Even the 
most optimistic projections point to a final decision in late 2025 or early 
2026. When “judgment day” arrives, it could either validate those bullish 
forecasts or underscore how tough it is for XRP to shake off legal overhangs. 
Until then, traders will likely watch every court update more closely than 
utility metrics. For now, it’s still a waiting game—one that could reshape 
XRP’s next big move. Featured image from Gemini Imagen, chart from TradingView

‘Judgment Day Is Coming’—XRP Set To Explode, Analyst Warns

Bitcoin is currently trading at $102,980, securing a market capitalization of 
$2.04 trillion. With a 24-hour trade volume of $23.32 billion and an intraday 
range between $102,801 and $104,263, the market is reflecting a phase of 
consolidation following a robust upward movement. Bitcoin The 1-hour chart 
indicates a clear short-term downtrend, with price action forming […]

Bitcoin Price Watch: Bearish Signals Emerge Despite Bullish Trendline

After a strong rally that pushed Ethereum to a local high of $2,730, the asset 
has retraced over 10%, now testing key support levels as the market cools off. 
The correction comes after days of heavy buying pressure and growing 
expectations of a broader altseason. However, the recent pullback has sparked 
debate among analysts and traders, with sentiment now split between those 
anticipating another leg up and others preparing for a deeper correction. 
Related Reading: Ethereum Multi-Year Consolidation Could Spark A Parabolic 
Move – Details Some believe this pause is healthy and necessary before 
Ethereum resumes its uptrend. Others argue that ETH could retest lower zones, 
especially if Bitcoin remains range-bound. Top analyst Daan weighed in by 
highlighting the ETH/BTC pair, pointing out that Ethereum, after its big move 
up, is now facing resistance around the 0.026 BTC level. With Ethereum still 
trading far below its all-time high and caught in a wide macro range, the 
coming days may prove decisive. Whether this is just a short-term cooldown or 
the start of a larger correction, Ethereum’s current levels will likely 
dictate the momentum heading into the next phase of the market. Ethereum Holds 
Critical Support As ETH/BTC Pair Faces Key Resistance Ethereum continues to 
show resilience despite recent volatility, maintaining its position above the 
$2,400 level. This zone now acts as crucial support, and bulls must defend it 
to preserve the broader bullish momentum. While price action has cooled 
slightly following its sharp run to $2,730, ETH remains one of the stronger 
performers in the market, holding up well amid increased uncertainty and 
speculative positioning. Much of the current optimism hinges on Ethereum’s 
performance relative to Bitcoin. If ETH continues to outperform BTC, analysts 
believe it could trigger the long-awaited altseason — a market phase where 
altcoins significantly outperform Bitcoin. Daan shared insights on this 
dynamic, focusing on the ETH/BTC ratio, which has gained notable strength in 
recent sessions. According to Daan, ETH has now run into resistance near the 
0.026 level after a sharp rally. For bullish momentum to continue, ETH must 
hold above 0.0224. A break below this key support could trigger a slow bleed 
and potentially unwind the entire recent move. On the upside, a clear break 
above 0.026 would open the door to a move toward 0.03 and beyond. In short, 
Ethereum’s short-term direction will likely be shaped by its ability to hold 
$2,400 and maintain strength against Bitcoin. If both conditions are met, the 
case for a sustained altcoin rally grows significantly stronger. Related 
Reading: Dogecoin Whales Accumulate 1 Billion DOGE In A Month: Fueling Price 
Surge Speculation ETH Pulls Back Into Support After Failing To Break $2,700 
Ethereum is currently trading at $2,485, following a sharp retracement from 
its recent local high near $2,730. The chart shows that ETH failed to hold 
above the 200-day simple moving average (SMA) at $2,701, which acted as a 
strong resistance zone. After days of sustained upward momentum, this 
rejection has pushed the price back toward the 200-day exponential moving 
average (EMA) around $2,438 — a key level that now serves as immediate 
support. Volume has remained elevated during this move, suggesting active 
participation from both bulls and bears. Despite the rejection from the 200 
SMA, Ethereum is still holding well above its breakout zone from early May, 
where the price surged from under $2,000. If bulls can defend the EMA and keep 
price above $2,400, this could form a higher low and set the stage for another 
attempt at reclaiming the $2,700–$2,800 area. Related Reading: Solana Sees 
Renewed Demand As Capital Flows Turn Positive – Details However, if ETH loses 
the $2,400 level, momentum could shift in favor of the bears, potentially 
triggering a larger correction. For now, Ethereum remains in a consolidation 
phase within a broader bullish structure. The next few daily closes will be 
critical to confirm if the pullback is healthy or a signal of deeper weakness. 
Featured image from Dall-E, chart from TradingView

Ethereum Faces Resistance Against Bitcoin – ETH/BTC Bullish Structure In Question

In an effort to enhance security for the cryptocurrency industry, the French 
government said it will provide increased protection for crypto entrepreneurs 
and their families. Crypto Entrepreneurs to Receive Safety Briefings In a move 
to protect the crypto industry, the French government said it will now provide 
enhanced security to cryptocurrency entrepreneurs and their families. […]

France to Boost Security for Crypto Entrepreneurs Amid Kidnappings

The US Securities and Exchange Commission (SEC) has held discussions with 
Everstake, one of the largest non-custodial staking providers globally, to 
explore clearer regulatory definitions around staking in blockchain networks.
The meeting, which also involved the SEC&#8217;s Crypto Task Force, comes at a time 
when over $193 billion in digital assets are staked across major proof-of- 
stake (PoS) networks.
However, despite the massive scale of participation, staking remains in a 
legal gray zone in the US as regulators wrestle with its classification under 
existing securities law.
The previous SEC administration also took enforcement actions against major 
players such as Kraken, Coinbase, and Consensys due to their staking services. 
The agency, under pro-crypto President Donald Trump, has recently dismissed 
these enforcement actions.
During the meeting, Everstake told the SEC that non-custodial staking should 
not be classified as a securities transaction. The company said that users 
maintain full control over their digital assets throughout the staking process 
and do not transfer ownership to a third party.
They argued that this makes staking a technical function, not an investment 
product.
&#8220;Our main assertion is that staking is not a financial instrument or security 
transaction, but rather a technical process, a base-layer protocol mechanism&#8211; 
akin to an oracle in a database&#8211;that maintains the integrity and 
functionality of decentralized networks,&#8221; Everstake founder Sergii Vasylchuk 
told Cointelegraph.
_Everstake team meeting with the SEC. Source: Everstake_
 _**Related:**__**SEC delays staking decision for Grayscale ETH ETFs**_
## Everstake calls for regulatory clarity
In a letter submitted to the SEC&#8217;s Crypto Task Force on April 8, 2025, 
Everstake asked the agency to extend regulatory clarity to non-custodial 
staking and custodial and liquid staking models.
In the letter, which came in respond to Commissioner Hester Peirce&#8217;s call for 
input on regulatory treatment of blockchain services, Everstake argued that 
non-custodial staking should not be considered a securities offering.
It claimed that non-custodial staking, where users retain control of their 
tokens, does not involve the pooling of assets or the expectation of profits 
from managerial efforts.
In its model, Everstake said users delegate only validation rights while 
maintaining ownership of their digital assets. The staking rewards are 
algorithmically distributed by the blockchain network itself, and the firm 
merely provides technical infrastructure.
_**Related: **__**Ethereum ETF staking will have little impact without 
multimonth rally: Analyst**_
## Non-custodial staking fails the Howey test
The letter also details why non-custodial staking fails each prong of the 
Howey test. Users do not make an investment of money in a common enterprise, 
do not expect profits from Everstake&#8217;s efforts, and are not dependent on the 
company&#8217;s management for financial returns.
Instead, any rewards come from network-level incentives and fluctuate with the 
market value of the underlying asset.
Everstake proposes specific criteria that should exempt non-custodial staking 
from securities classification. These include user asset control, absence of 
pooled funds, permissionless unstaking, and the provision of purely technical 
services.
It likens non-custodial staking to proof-of-work mining, which the SEC has 
previously ruled out as a securities transaction.
Margaret Rosenfeld, Everstake&#8217;s chief legal officer, also told Cointelegraph 
that &#8220;with non-custodial staking, there&#8217;s no handover of assets, no investment 
contract, and no third-party risk.&#8221; She added:
&gt; &#8220;Treating it as a securities offering undermines the decentralized model and 
&gt; risks chilling innovation in the blockchain sector.&#8221;
Nevertheless, the SEC has so far withheld a definitive stance. Rosenfeld said 
that the agency did not make any &#8220;specific commitments&#8221; on staking guidance. 
However, it continues to listen to industry stakeholders.
&#8220;The Task Force is actively engaging with a range of stakeholders&#8211;including 
those involved with non-custodial staking, ETFs, and broader blockchain 
infrastructure&#8211;to gather input.&#8221;
In an April 30 letter to the SEC, nearly 30 crypto advocate groups led by the 
lobby group the Crypto Council for Innovation (CCI) asked the agency for clear 
regulatory guidance on crypto staking and staking services.
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RWA tokens: Asia Express_**_