Is XRP Finally Coming To BlackRock? Ripple Drops Bombshell Announcement

XRP was one of the top crypto assets that suffered massive declines at the beginning of this week. Its attempt to reach $3 on Thursday was quickly thwarted by the bears.

As the token trades at $2.82, a perfect Fibonacci bounce is now teasing a new uptrend.XRP’s Flawless Fibonacci Play

XRP delivered a textbook technical move this week, as it perfectly backtested the critical $2.79 support level. According to crypto analyst ‘CasiTrades,’ this is a key zone where bullish momentum was expected to emerge. In a recent post, she highlighted that the macro 0.5 Fibonacci retracement continues to hold as a major floor during the ongoing correction.

However, the market’s path remains undecided. To invalidate the need for a deeper pullback, XRP must break and climb above $2.97 to align itself with the 0.854 retracement and the bottom of Wave 1. A stronger confirmation of a new uptrend would come only if the crypto asset flips the macro 0.382 level at $3 into solid support.

But failure to reclaim these levels could invite another retest of $2.79 or even a deeper slide toward $2.58, the 0.618 retracement. She added,

“We need to be watching these levels closely on the RSI for any signs of exhaustion!”

CasiTrades had recentlyweighedin on XRP experiencing high volatility after a dramatic wick down to a double bottom near $2.70, which marked the end of its latest consolidation phase. Sharp moves like this are commonly interpreted as the first indications of a larger trend reversal, assuming crucial support remains firm.

The analyst observed that the sudden dip was likely driven by over-leveraged traders rather than a fundamental shift in market sentiment. Following the sell-off, XRP quickly reclaimed the macro 0.5 Fibonacci retracement at $2.79, where candles have consistently held strong.Channel Setup Predicts Liftoff

A bold new analysis on XRP points to a familiar yet powerful setup that has historically marked the beginning of explosive rallies. According to another analyst, XRP often forms an ascending channel during the final phase of each cycle, a pattern that represents quiet accumulation before liftoff.

While research shows such channels break down 57% of the time, XRP’s history tells a different story after having defied the odds in both 2017 and 2021. The Bull Market Support Band (BMSB) has come into play as a safeguard, and the analyst explained that as long as weekly closes remain above it, the bullish structure stays intact.

In past cycles, XRP broke the top of its channel, retested briefly, and then launched to new all-time highs, eventually delivering gains of 350% in 2017 and 110% in 2021. If this pattern repeats, projections point to a whopping upside of $15-$33 by late 2025.

Crypto has long been a leveraged trade on the Nasdaq but lately it's turned into a bad deal. It's received none of the upside in the summer Nasdaq rally and is increasingly subject to leveraged downside. Ethereum has certainly outperformed bitcoin in the past few months but it's giving back a chunk of that today as it falls 7.5% compared to a 3.8% drop in bitcoin.

More broadly, it's an across-the-board rout in crypto:

• Cardano -6%
• Solana -7.2%
• Ripple -5.6%
• Binance coin -6.1%

As for ETH, the fall puts it right back into the $2800-$4000 range that dominated 2024.ETH daily This article was written by Adam Button at investinglive.com.

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! Crypto traders woke up to another sea of red this morning as ether fell below $4,000, and analysts said bitcoin is stuck in a "market of maybes" as Wall Street inflows clash with Fed caution.

In today's newsletter, Cloudflare joins the stablecoin race, the U.S. Senate schedules a hearing on crypto taxation with testimony from Coinbase, Cipher Mining inks a Google-backed $3 billion AI hosting deal, and more.

Meanwhile, REX-Osprey becomes the first to launch a staking Ethereum ETF in the U.S. as BlackRock and Fidelity's products await the SEC's review.

Let's get started!

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Cloudflare joins the stablecoin race with NET Dollar plans

Cloudflare CEO Matthew Prince announced plans for the internet infrastructure firm to launch its own NET Dollar stablecoin, fully collateralized by the U.S. dollar.

• No exact date of launch was given, but the company said the stablecoin will be available soon.
• Cloudflare positioned NET Dollar as a tool for automated, machine-to-machine payments across networks and ecosystems globally amid the rise of AI agents.
• The move comes as stablecoin competition intensifies, with Bank of America, JPMorgan, Société Générale, and MetaMask also developing their own tokens in addition to Tether, Circle, and PayPal's existing offerings, among others.
• Citi analysts' base case forecast for stablecoin issuance by 2030 is now $1.9 trillion, or $4 trillion in a bull case scenario, up from around $282 billion today.
• Cloudflare powers an average of 78 million HTTP requests per second and operates data centers in over 330 cities worldwide.

US Senate sets hearing on crypto taxation

The U.S. Senate Finance Committee set an Oct. 1 hearing titled "Examining the Taxation of Digital Assets," with a panel of industry experts expected to provide testimony at the livestreamed event.

• Coinbase VP of Tax Lawrence Zlatkin is one of the crypto execs set to testify, alongside experts from Coin Center, ASKramer Law, and the American Institute of CPAs' Digital Assets Tax Task Force.
• The hearing follows Senator Cynthia Lummis' July bill to modernize crypto tax rules, which she says are outdated and restrictive, stifling innovation.
• The White House has also indicated support for de minimis exemptions that would exclude small crypto payments from taxation. Current IRS rules require taxpayers to report all crypto transactions, even those with no capital gain or loss.

Bitcoin miner Cipher signs $3 billion Google-backed AI hosting deal

Bitcoin miner-turned-AI hosting provider Cipher has signed a 10-year, $3 billion AI hosting deal with Fluidstack, providing 168 MW of IT load capacity from its Barber Lake facility in Texas.

• Google will backstop $1.4 billion of Fluidstack's lease obligations as part of the deal in exchange for warrants equal to a 5.4% equity stake in Cipher.
• The agreement includes two further optional five-year renewals that could lift the total value to about $7 billion.
• Cipher also proposed an $800 million private offering of zero-coupon convertible senior notes on Thursday to help fund its data center expansion plans.

South Korea's Upbit to merge under internet giant Naver via stock swap

South Korean internet giant Naver plans a share swap through its financial arm to make Dunamu, the parent company of Upbit, a 100% subsidiary, according to local reports.

• The move would integrate the country's largest crypto exchange into Naver Financial's broader financial services ecosystem.
• Unlike a traditional merger, both entities will remain legally intact after the transaction.
• The move comes as South Korea pushes to formalize a won-pegged stablecoin framework and broader digital asset regulation by year-end.

Benchmark sees bullish outlook for Metaplanet despite stock decline

Benchmark reiterated its buy rating on bitcoin treasury company Metaplanet with a 2,400 Japanese yen 2026 target, despite the stock's 40% slide over the past month.

• The research and brokerage firm highlighted Metaplanet's ability to generate recurring income from bitcoin derivative strategies as a key differentiator from its competitors.
• Metaplanet boosted its holdings to 25,555 BTC earlier this week after completing its latest $632.5 million purchase, reclaiming its place as the fifth-largest public corporate holder.

In the next 24 hours

• U.S. PCE data are out at 8:30 a.m. ET on Friday.
• ECB President Christine Lagarde will speak at 5:30 a.m. U.S. FOMC members Thomas Barkin, Michelle Bowman, and Raphael Bostic will speak at 9 a.m., 1 p.m., and 6 p.m., respectively.
• Korea Blockchain Week continues in Seoul. Wyoming Blockchain Stampede continues in Laramie. ETHGlobal gets underway in New Delhi.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Asset manager Hashdex expanded its Crypto Index US exchange-traded fund (ETF) to include XRP , SOL and Stellar following the generic listing rule change from the Securities and Exchange Commission (SEC).

The Nasdaq stock exchange-listed ETF now includes five cryptocurrencies held 1:1 by the fund, including Bitcoin and Ether , and is trading under the ticker symbol NCIQ, according to Thursday’s announcement.

The SEC approved generic listing standards for ETFs in September, paving the way for a faster ETF approval process for eligible cryptocurrencies.