Welcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and crypto news from the past week. This edition explores how the U.S. Senate is weaponizing bitcoin against El Salvador in a politicized attempt to sanction Bukele&#8217;s administration on alleged human rights violations. Latam Insights Encore: U.S. Senate Weaponizes Bitcoin Against […]

Latam Insights Encore: US Senate’s Weaponization of Bitcoin Ownership Should Raise Concerns

The past week has been nothing short of interesting for XRP. Notably, the 
cryptocurrency has been on an extended run of increases in the past seven 
days, which saw it momentarily touch the $3 price level for the first time in 
months. This interesting move came after reports broke of the US Securities 
and Exchange Commission&#8217;s approval of the ProShares Ultra XRP ETF, which 
allowed XRP to extend its upward movement. However, this momentum didn’t just 
affect price; it also had major effects on XRP’s standing in the overall 
crypto market. XRP Becomes Top 3 Crypto The SEC’s decision to approve the 
ProShares Ultra XRP ETF, which offers 2x daily exposure through futures 
contracts, is an interesting milestone for XRP. After years of legal scrutiny 
and uncertainty, especially following the SEC’s 2020 lawsuit against Ripple, 
the ETF approval is a remarkable change in the SEC&#8217;s stance with XRP. It shows 
that XRP has not only survived the challenges but has also earned a place in 
the next phase of institutional adoption of cryptocurrencies. Related Reading: 
XRP ETF Race Heats Up: Why July 14, July 21, And July 25 Are Important After 
news of the ProShares ETF approval, XRP rallied sharply and outperformed many 
other top assets on both the daily and weekly timeframes. This surge came as a 
continuation of bullish momentum already building from Bitcoin’s recent 
breakout to new all-time highs above $122,000. However, even while Bitcoin 
corrected back to below $118,000, XRP managed to keep up with the pace of 
inflows. At the time of writing, XRP is up by about 25.7% in a seven-day 
timeframe. This notable increase has allowed its market cap to increase to 
$173.4 billion, effectively overtaking that of Tether USDT&#8217;s market cap of 
$159.8 billion. This means that XRP is now back to being the third-biggest 
cryptocurrency by market cap and it is now closing in on Ethereum in rankings. 
Can The Altcoin Flip ETH? XRP’s climb past USDT in market capitalization 
reflects both a solid price surge and its strength in the crypto market. The 
next target on the leaderboard, however, is much more formidable. To flip ETH 
in market cap, XRP would need to more than double from its current $173.46 
billion to exceed Ethereum’s $381.13 billion. Assuming the current circulating 
supply of 59.13 billion XRP tokens is kept at this level, this translates to a 
required price of roughly $6.60 per XRP in order to reach a $381.13 billion 
market cap. Related Reading: Official Ripple Document Surfaces Online, 
Revealing What Will Drive The XRP Price Higher XRP overtaking ETH would also 
be somewhat of a hard task, considering the fact that ETH has also kept up 
interesting price gains in the past few days. Particularly, the leading 
altcoin is also up by about 20.2% in the past seven days. Ethereum&#8217;s price 
performance can be attributed to the steady inflows into Spot Ethereum ETFs, 
which have witnessed $1.55 billion inflows in July. However, XRP still has a 
chance of overtaking Ethereum, especially when a Spot XRP ETF is approved by 
the SEC. An important moment could happen on July 25, when the SEC is expected 
to decide on the REX-Osprey XRP ETF, which is a spot-based ETF. Some analysts 
believe XRP’s price could skyrocket toward $1,000 under a scenario of full- 
scale institutional adoption. If that vision materializes, XRP wouldn’t just 
surpass Ethereum; it would be positioned to compete with Bitcoin in market 
cap. At the time of writing, XRP is trading at $2.93. Featured image from 
Getty Images, chart from Tradingview.com

XRP Becomes Top 3 Crypto After ProShares ETF Approval, Can It Flip ETH?

XRP is often criticized for “not having a use case,” yet it remains a top 
performer in the current bull market. Why?

There’s more to Ripple than the ‘XRP Army’: Why the altcoin is a good trade

Fetch.ai is showing early signs of bullish continuation after holding key 
support zones. With price reclaiming critical volume levels, the setup favors 
a move toward $1.03, and potentially $1.40, if momentum persists. Fetch.ai 
(FET) has demonstrated resilience at major support,…

FET holds key support: bullish structure targets $1.03 and beyond

The New York Times reports that U.S. President Donald Trump drafted a letter 
firing Federal Reserve Chair Jerome Powell and showed it to House Republicans 
during an Oval Office meeting Tuesday night, polling them on whether he should 
proceed. Trump confirmed Wednesday he discussed firing Powell with lawmakers, 
saying most advised him to do it, […]

Trump Drafts Letter to Fire Fed Chair Powell, Polls GOP Support: NYT

Dow Jones traded higher as major banks posted strong earnings, while Trump 
walked back reports on Powell.