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- Ripple’s XRP drama unfolds
Ripple’s XRP drama unfolds
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Ripple breaks silence on Linqto fallout as XRP sentiment wavers
Key points:
Ripple CEO Brad Garlinghouse confirmed Linqto owns 4.7M Ripple shares but emphasized XRP is unaffected and no direct ties exist.
XRP price rose 3.5% amid ETF optimism and Ripple’s U.S. banking license bid, but market sentiment remains split and range-bound.
News - Ripple CEO Brad Garlinghouse addressed growing concerns surrounding Linqto, a private equity platform now under federal investigation for allegedly misleading customers and inflating prices of startup shares, including Ripple’s. In a July 2 post on X, Garlinghouse clarified that Ripple has no business relationship with Linqto and never sold shares directly to the company.
“Linqto owns 4.7 million shares of Ripple, purchased solely on the secondary market,” Garlinghouse stated. “XRP and Ripple shares are very different things… this post is ONLY about shares in Ripple.” He emphasized Ripple stopped approving secondary share sales to Linqto in late 2024 due to growing skepticism.
Linqto’s operations have since collapsed, with over 14,000 user accounts frozen, and bankruptcy expected. While Ripple distanced itself from the scandal, Garlinghouse noted that Ripple shares have appreciated significantly, suggesting potential gains for Linqto’s unit holders, if recoverable.
XRP traders watch ETF, Fed news - Despite the controversy, XRP climbed 3.5% in the last 24 hours amid renewed optimism. Deribit options activity shows the $3 strike call is now the most traded bet, reflecting bullish sentiment tied to a possible spot XRP ETF approval. Bloomberg analysts now peg its odds at 95%.
Adding to the momentum, Ripple applied for a national banking license from the OCC and a Fed Master Account to directly hold RLUSD reserves, potentially boosting trust in its stablecoin.
XRP still trapped in a range - However, on-chain data shows investor sentiment remains mixed. XRP continues to consolidate between $2.08 support and $2.33 resistance, with its Average True Range (ATR) dropping to 0.051, suggesting weakening momentum.
Until a clear catalyst emerges, XRP may remain in limbo despite regulatory strides.
Key points:
JPMorgan forecasts stablecoin market to reach $500B by 2028, calling trillion-dollar projections overly optimistic.
88% of current stablecoin usage remains crypto-native, with payments contributing just 6% to total demand.
News - JPMorgan has pushed back on sky-high stablecoin projections, forecasting a more tempered growth trajectory for the sector. In a new report led by strategist Nikolaos Panigirtzoglou, the bank expects the stablecoin market to reach $500 billion by 2028, well below the $1–$2 trillion estimates promoted by more bullish analysts.
According to the report, the overwhelming majority of stablecoin demand, around 88%, stems from crypto-native activity such as DeFi, trading, and idle treasury holdings. Meanwhile, payment usage accounts for only 6%, casting doubt on mass adoption narratives.
JPMorgan also dismissed the idea that stablecoins will soon replace bank deposits or rival mobile payment systems like Alipay or WeChat Pay. The bank cited limited yields and friction in fiat-to-crypto conversion as major hurdles to broader financial integration.
Standard Chartered takes the bullish side - While JPMorgan downplays exponential growth, Standard Chartered offers a stark contrast. In an earlier report, the bank said upcoming U.S. regulation, particularly the GENIUS Act, could legitimize the sector and trigger a 10x supply surge, pushing the market to $2 trillion by 2028.
According to Standard Chartered, legal clarity could open the floodgates to institutional and payment-driven use cases, positioning stablecoins as a core pillar of digital finance.
Realistic growth, or missed potential? - JPMorgan’s more cautious stance suggests that unless real-world usage, particularly in payments, materializes, stablecoins will remain largely confined to crypto circles. Whether regulation can reshape that trajectory remains the defining question for the next few years.
Strategy (MSTR) soars despite Bitcoin lawsuit, eyes stay on 597K BTC bet
Key points:
Strategy’s (MSTR) stock jumped 7.76% despite a class action lawsuit over misleading Bitcoin disclosures and $5.9B in unrealized Q1 losses.
Investors appear unfazed as the firm now holds 597,325 BTC and has gained over 3,300% in five years.
News - Strategy (formerly MicroStrategy) is under legal fire, but that hasn’t stopped its stock from climbing. A class action lawsuit filed by Pomerantz LLP and Bronstein, Gewirtz & Grossman alleges that the company made false and misleading statements about the profitability and risks of its Bitcoin-focused strategy, especially under new accounting rules.
The lawsuit targets Strategy’s adoption of ASU 2023-08, a Financial Accounting Standards Board (FASB) update requiring firms to mark their crypto holdings at fair value. The complaint claims Strategy downplayed the potential losses, highlighting a $5.9 billion unrealized Q1 loss, while selectively promoting bullish metrics like “BTC Yield” and “BTC Gain.”
The lawsuit covers shareholders who bought MSTR stock between April 30, 2024, and April 4, 2025. Investors have until July 15 to join the class action.
Wall Street shrugs off the lawsuit - Despite the legal spotlight, MSTR surged 7.76% on Wednesday, closing at $402.28, and traded above $407 pre-market Thursday. The rally underscores investor confidence in Strategy’s long-term Bitcoin thesis.
The company now holds 597,325 BTC, making it the largest corporate Bitcoin holder globally. Over the past five years, MSTR stock has soared 3,328%, according to Yahoo Finance. That rise has inspired copycat treasury strategies from firms like Metaplanet, prompting a growing wave of BTC accumulation by public firms, increasingly rivaling ETF inflows in recent quarters.
What’s at stake? - If the court finds that Strategy misrepresented its Bitcoin risks under fair value rules, the case could reshape how corporate crypto treasuries handle disclosures. But for now, markets seem more interested in Bitcoin than lawsuits.
IMF blocks Pakistan’s Bitcoin mining plan over power subsidy concerns
Key points:
The IMF has rejected Pakistan’s plan to offer subsidized electricity for Bitcoin mining, citing market distortion risks.
The proposal aimed to allocate 2,000 MW of surplus power to crypto operations as part of Pakistan’s digital transformation strategy.
News - Pakistan’s bid to fund a national Bitcoin reserve by leveraging surplus electricity for crypto mining has hit a major roadblock. The International Monetary Fund (IMF) has rejected the government’s proposal to offer subsidized power to mining firms, data centers, and energy-intensive industries, calling it a potential threat to the country’s already fragile power market.
Power Secretary Dr. Fakhray Alam Irfan confirmed the rejection during a Senate committee session, noting that the IMF fears "market distortions" and fiscal risks. The original plan, which surfaced in September 2024 and was revised in November, offered 22–23 rupees ($0.08/kWh) marginal-cost tariffs for crypto miners. But IMF officials compared it to failed sector-specific tax holidays and questioned how Pakistan would transition back to market rates.
Bitcoin reserve ambitions hit a snag - The now-stalled proposal was a key part of Pakistan’s broader digital transformation drive, backed by the Pakistan Crypto Council and the Ministry of Finance. The initiative, announced at the Bitcoin 2025 conference, includes:
A national Bitcoin reserve with long-term holding goals
Strategic use of DeFi yields to expand BTC holdings
Tax breaks and duty exemptions for AI centers and crypto miners
Despite the IMF’s rejection, the government says the plan is now under review by the World Bank and other partners.
Crypto push meets energy reality - While Pakistan pushes forward with crypto regulation and ambitions to become a regional blockchain hub, the IMF’s stance underscores a growing tension: digital innovation vs. infrastructure fragility. With circular debt exceeding Rs 1.275 trillion ($4.5B), the Fund insists any growth in crypto must not come at the cost of economic stability.
More stories from the crypto ecosystem
Interesting facts
Pineapple Fund donated 5,057 BTC to charity: The anonymous Pineapple Fund donated 5,057 BTC (valued at ~$86 million) to 60 charities in 2017–2018, supporting causes like medical research, human rights, and environmental conservation.
BlackRock launched the first Bitcoin ETP in Europe: In March 2025, BlackRock introduced the iShares Bitcoin ETP, its first bitcoin exchange-traded product in Europe, listing in Switzerland, Paris, Amsterdam, and Frankfurt through Coinbase custody.
Crypto fund assets hit a record $167B: Crypto funds reached all-time high asset levels in May 2025, with a net inflow of $7.05 billion, bringing total assets under management to $167 billion amid rising interest in digital hedges.
Top 3 coins of the day
Bonk (BONK)
Key points:
At press time, BONK was trading at $0.00001664, reflecting a 5.85% increase over the last 24 hours.
BONK broke above the upper red band of the Madrid Ribbon, while the RSI climbed to 57.69, signaling rising bullish momentum.
What you should know:
BONK rebounded sharply over the last two days, fueled by a volume surge and a clean break above the densely stacked Madrid Ribbon bands, a zone that had acted as resistance throughout June. The RSI jumped from neutral to bullish territory, suggesting a momentum shift in favor of the bulls. Adding to this rally, speculation around Tuttle Capital’s potential 2x Long BONK ETF filing on July 1 triggered intensified retail demand and helped push 24-hour trading volume up by over 300%. A strong daily close above the $0.00001620 zone could turn this former resistance into support and open the door to further upside. However, any weakness near $0.00001664 may trigger minor profit-taking, especially if volumes cool off.
Sui (SUI)
Key points:
At press time, SUI was trading at $3.01, reflecting a 3.99% increase over the last 24 hours.
The price reclaimed its 9-day SMA, while the EWO histogram remained in negative territory, suggesting lingering bearish pressure despite the uptick.
What you should know:
SUI climbed nearly 4% as buyers pushed the token back above the $3.00 level, reclaiming its 9-day SMA for the first time since mid-June. This rebound followed a successful absorption of SUI’s $120M token unlock on July 1 and rising developer activity, now the fastest among Layer-1s. Meanwhile, a 137% spike in trading volume fueled bullish sentiment after a breakout past the $3.00 resistance. However, the Elliott Wave Oscillator remained below zero, indicating that bearish momentum hasn’t fully dissipated. Additional tailwinds came from ecosystem strength, institutional interest via a pending 21Shares SUI ETF, and the broader market recovery. Unless SUI closes above $3.15, upside may remain capped, while support sits at $2.90.
Sei (SEI)
Key points:
At press time, SEI was trading at $0.27, marking a 3.22% decline over the last 24 hours.
It was one of the top losers among major altcoins, with falling volume and waning momentum on the Awesome Oscillator.
What you should know:
SEI dropped sharply after failing to maintain support above the $0.28 level, slipping below its 9-day SMA. This breakdown followed a brief consolidation near $0.30, a resistance zone that has rejected SEI multiple times since February. Volume has also tapered off, reflecting cooling demand. The Awesome Oscillator has lately turned red after a solid stretch of green bars, suggesting the bullish momentum is now weakening. This marks an early warning of a potential trend shift, rather than random choppiness. On-chain sentiment may also be weighed down by negative funding rates and broader market rotation into Bitcoin, as altcoin interest declines. Still, SEI's long-term fundamentals remain intact, with the network recently hitting a record $612M in Total Value Locked (TVL). Unless bulls reclaim $0.30, SEI may consolidate between $0.25 and $0.30.
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