XRP Wallet Surge Reflects Optimism Amid SEC Ruling; Bitcoin Hits $93k

Active XRP wallets have surged ahead of a potential SEC ruling and the launch of XRP futures, boosting optimism among traders. XRP futures, a precursor to ETFs, alongside the new 2X XRP ETF, may signal favourable outcomes for XRP in the near future. In tandem, Bitcoin’s gradual recovery coincides with easing US-China trade tensions, currently trading around $93,745.

The excitement in the crypto world is certainly palpable as active XRP wallets have surged. It seems traders are reacting to potential news that the SEC might drop its appeal and settle the much-discussed Ripple case, thanks in part to Paul Atkins stepping in as SEC Chair. There had long been expectations that big decisions regarding the Ripple-related case would wait until Atkins was officially on board.

Bill Morgan, a pro-crypto lawyer, pointed out that this optimism has noticeably increased both institutional and retail interest in XRP. Particularly interesting is that right before the launch of the XRP futures market, there was a remarkable spike in active XRP addresses. Notably, those addresses shot up by 67.5% between April 19 and 20, right before Coinbase rolled out its XRP derivatives products.

XRP futures are often seen as a gateway to spot ETFs, and they can certainly sway XRP’s price movements. Sal Gilbertie, CEO of Teucrium, highlighted XRP’s unique position by saying it’s essentially the digital currency with the most utility, contrasting it with Bitcoin. In his view, while Bitcoin serves best as a store of value, XRP actually has practical applications that make it stand out.

Earlier this month, Teucrium introduced the 2X XRP ETF, aiming to double the daily price performance of XRP. This launch has led to speculation—could an unleveraged XRP-spot ETF approval come soon? The SEC’s apparent ease with leveraged products indeed raises some eyebrows.

On April 23, XRP only rose a slight 0.29%, consolidating gains from a previous 6.08% jump. The token nearly reached $2.30, marking the highest price seen since late March, before settling at $2.22. XRP is moving in sync with the broader crypto market, which has seen a slight 0.55% uptick, bringing the total market cap to an impressive $2.89 trillion.

Meanwhile, Bitcoin (BTC) has continued its ascent, buoyed by improvements in broader economic sentiment regarding tariffs and trade. Notably, gold fell 2.75% on April 23, as US Treasury Secretary Scott Bessent signified a softening stance on the US-China trade issue, with President Trump also suggesting possible tariff reductions. Not surprisingly, the Nasdaq Composite Index reacted positively, gaining 2.50%.

It’s pivotal for BTC’s future that the US’s shift in approach to China and trade could potentially ease BTC’s earlier struggles. BTC had plummeted from its staggering January 20 peak of $109,312 to a low of $74,394 by March 7, largely influenced by trade tensions. A potential trade resolution could be what BTC needs to bounce back.

Demand for US BTC-spot ETFs has sharply increased with the recent developments, as shown by net inflows of $912.7 million on April 22—reportedly the highest since mid-January. Continued inflows on April 23 contributed to Wednesday’s overall gains. Eric Balchunas from Farside Investors remarked on the massive inflow, dubbing it the “Pac-Man mode” for spot bitcoin ETFs with inflows reaching $1.2 billion for the week. The BTC price by April 23 had climbed to $93,745, up 0.39% from the day before.

Looking forward, investors would do well to keep an eye on the Ripple lawsuit’s progress, updates on US-China trade matters, and comments from central banks. Market sentiment is likely to swing based on macroeconomic signals and ETF movement. While a Ripple settlement could be a boon for XRP’s value, the overall market direction will hinge on fluctuating global policies and the risk appetite of investors.