OVERVIEW

Why XRP Is Pumping

While the NASDAQ nosedived to its worst daily close since March 2018, the crypto market has held up surprisingly well. 🟢

In today’s Litepaper, a look at why Ripple is spiking higher and leaving everyone else in the dust.

Also on deck: a technically speaking on Bitcoin and the Total Crypto Market Cap chart, and a funny end to Faketoshi. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

XRP
Why Ripple Is Pumping 🎉

Just in case you missed, it, $XRP has been on tear lately and is easily outperforming the rest of the cryptocurrencies in the top ten market cap. 💯

XRP is up nearly +30% over the past thirty-days and +19% this week. And over the past ten days, XRP has closed in the green nine out of those ten days. 🫢

Hell, let’s just keep the list of bullish events going. XRP has closed above an interior trendline, the 200-day moving average, and the 20-day moving average in just five days.

Will it keep going? Who knows, but when XRP pamps, it pamps big. The daily RSI is at an historical resistance level, but that might not matter.

Why? 🤔

Because tomorrow, June 18, is the day many in the XRP community are waiting for. As we discussed in Monday’s Litepaper, the SEC has a closed-door meeting starting at 2 P.M. EST. 📆

The subject matter of the closed meeting will consist of the following topics:

• Institution and settlement of injunctive actions;

• Institution and settlement of administrative proceedings;

• Resolution of litigation claims; and

• Other matters relating to examinations and enforcement proceedings.

A good chunk of the crypto and XRP communities anticipate the meeting resulting in a settlement with Ripple Labs - ending years of persecution from the SEC. 🚓

TECHNICAL ANALYSIS
Technically Speaking 🔮

A little bit of a pause in the crypto rally coming up? Maybe. Let’s look at why it might take a breather. 🫁

Bitcoin

It’s hard to forget that last week there the market was worried $BTC might be facing moves to the $40k levels because it closed below the 200-day EMA. Instead, ever since last Saturday, Bitcoin has returned above the 200-day EMA and the 20-day EMA. 👍️

And it’s gained +12% in the process. But now it’s up against some resistance.

There’s an interior trendline in the $65,200 value area and the 2024 VPOC in the $67,000 value area. The VPOC (Volume Point Of Control) represents the price level where the most amount of buying and selling has occurred. It’s where the most trading happens(ed).

It’s a naturally strong support/resistance level and one that we might see Bitcoin testing for a little while. 🧪

Total Crypto Market Cap Chart

While Bitcoin’s chart shows some signs of a halt or pause, the total market cap chart shows something a little different.

Like Bitcoin’s chart, the total market cap chart is above its 20-day and 200-day EMAs. But where Bitcoin is still below its 2024 VPOC, the total market cap chart is above it. 🔼

This might be the kind of signal altcoin and memecoin bulls are looking for: strong aggregate market, significant support, and a wide open range to move higher.

Let’s see what happens. 👀

STOCKTWITS EDGE
Elevate Your Trading Game 👀

Unleash your trading potential with our new Edge subscription plan—featuring unique social data, an ad-free experience, and more!

NEWS
Epic Fail: Craig Wright Officially Denies Being Bitcoin's Creator 🤣

Craig Wright, the self-proclaimed creator of $BTC, decided to make it official on X: he’s not Satoshi Nakamoto. This revelation comes hot on the heels of a UK High Court ruling that unceremoniously labeled Wright a serial liar. 🧄

The court accused Wright of lying “extensively and repeatedly," forging documents left and right, and basically concocting a whole fairy tale to support his delusion of being Bitcoin’s mysterious creator.

And now this is on his website:

To cap it all off, the court has barred Wright from any more legal shenanigans related to his bogus claims, even banning him from threatening to sue anyone over this nonsense.

Let’s hope this is the last we hear of him for a while. 🤦‍♂️

NEWS
Crypto News In Three Sentences 📰

🗣 Scaramucci Criticizes Democrats on Crypto

Anthony Scaramucci blasted Democrats for not introducing crypto legislation, saying it's hurting their election chances. Despite agreeing with Trump's pro-crypto stance, he won’t vote for him, citing Trump's "lack of intellectual curiosity" and "danger to democracy." Scaramucci also called for SEC Chair Gary Gensler to be fired, labeling his actions a disaster for the crypto industry. From CoinDesk.

🤖Grayscale Launches Decentralized AI Fund

Grayscale unveiled its Decentralized AI Fund, offering accredited investors exposure to blockchain-based AI projects like Filecoin ($FIL) and Bittensor ($TAOAI). The fund targets decentralized AI services, infrastructure, and solutions to centralization problems. With quarterly rebalancing, it aims to stay relevant in the evolving crypto market. Decrypt has more.

⚠️ Circle CEO Warns on MiCA Rules

Circle’s CEO Jeremy Allaire warned that MiCA’s reserve requirements could destabilize the industry. He highlighted the risks of holding significant assets in multiple EU banks, calling it a potential hazard to the banking system. Despite these challenges, Circle has managed to secure major banking relationships to navigate the new regulatory landscape. Full story at DailyCoin.

💬SEC’s Peirce Suggests Reconsidering Crypto ETF Features

SEC Commissioner Hester Peirce indicated that staking and in-kind redemption features for crypto ETFs might be revisited. Her comments come as the crypto world anticipates the launch of Ethereum ETFs. A more crypto-friendly administration could significantly alter the regulatory landscape, potentially including these features in future ETFs. More at CryptoSlate.

💸German Gov’t Rushed Bitcoin Sales, Says Arkham CEO

The German government sold its $BTC stash quickly across five exchanges to maximize liquidity, according to Arkham CEO Miguel Moreno. This selling pressure contributed to Bitcoin’s price dip in June. BTC started recovering after the government ran out of Bitcoin to sell, climbing back above $60,000 in mid-July. From Cointelegraph.

📈Core Scientific Upgraded Amid HPC Expansion

B Riley upgraded Core Scientific ($CORZ) to a buy rating, raising its price target from $0.50 to $13. The upgrade reflects Core Scientific's lucrative deals with CoreWeave and its potential as a leader in high-performance computing hosting. The broker valued these agreements at $2.3 billion, excluding potential contract extensions. CoinDesk has more.

Links That Don’t Suck 🔗

🤣Musk moves SpaceX and X HQs to Texas

🥿Pump.fun grows riskier with a novel rug pull exploit

🐐No kidding! King Charles III bestows royal title on rare golden goat breed

🕹️No Man's Sky completely refreshes its universe with Worlds Part 1 update

➕Atlanta Fed GDPNow growth estimate for Q2 comes in at 2.7% up from 2.5% prior

🪴Nansen’s new dashboard reveals Aptos’s dramatic rise in transactions and developer activity

Get In Touch 📬

Follow our social channels for great, real-time content on Stocktwits and Twitter. And check out our YouTube channel for in-depth video content! 📲

Email me (Jonathan Morgan) your feedback; I’d love to hear from you. 📧

Want to sponsor this newsletter and reach hundreds of thousands of crypto enthusiasts? Reach us here. 👍

Disclaimer:Stocktwits, Inc. (“Stocktwits”) operates the stocktwits.com website and Stocktwits mobile device applications (the “Apps”). Stocktwits is not a securities broker-dealer, investment adviser, or any other type of financial professional. No content on the Stocktwits platform should be considered an offer, solicitation of an offer, or advice to buy or sell securities or any other type of investment or financial product.Read the full terms & conditions here. 🔍