Ripple, Trump, Musk enter the ring

July 09, 2025

 

Reading time: 5 minutes

Crypto crunch on Capitol Hill: Ripple, Trump, Musk, and the battle for digital power

Key points:

  • Ripple CEO Brad Garlinghouse and other crypto leaders testify before the U.S. Senate Banking Committee as Congress weighs the GENIUS and CLARITY Acts.

  • Trump-backed crypto bills gain momentum, while Democrats propose sanctions on El Salvador for its Bitcoin strategy and criticize the president's industry ties.

News - All eyes are on Washington as "Crypto Week" kicks off, and Congress takes center stage in shaping the future of digital assets. On July 9, the Senate Banking Committee will host a landmark hearing titled "From Wall Street to Web3," with high-profile testimony from Ripple CEO Brad Garlinghouse, Blockchain Association CEO Summer Mersinger, and Chainalysis co-founder Jonathan Levin. Their focus: the GENIUS Act on stablecoins and the CLARITY Act for broader crypto market rules.

Garlinghouse emphasized the urgency of market structure legislation, calling it the next step in bolstering U.S. competitiveness. Mersinger echoed this, warning that regulatory ambiguity risks sending innovation overseas.

Trump’s crypto strategy gains traction - As the House prepares to fast-track the GENIUS Act and drop its own STABLE Act, the legislation could soon reach President Trump’s desk. Trump is pushing for quick, clean passage without amendments, and the Senate’s 68–30 approval of GENIUS suggests the stablecoin bill may be signed into law soon. However, the CLARITY Act, aimed at crypto market structure, still faces Senate hurdles and internal GOP negotiations.

Democrats, meanwhile, are demanding conflict-of-interest provisions to limit Trump-family involvement in crypto. This comes as the president’s influence expands through industry-backed legislation and vocal anti-CBDC efforts.

Democrats target El Salvador over BTC use - In parallel, Senate Democrats introduced the El Salvador Accountability Act, citing concerns over President Bukele’s Bitcoin holdings and alleged human rights abuses. The bill could impose sanctions and mandates a detailed crypto use report from the U.S. Treasury and State Departments.

Trump vs. Musk: Bitcoin’s surprise tailwind? - The political rift between Trump and Elon Musk is also sending shockwaves through the crypto space. Musk’s new America Party, which he has indicated will support Bitcoin due to his view that “Fiat is hopeless,” presents a stark contrast to Trump’s fiscal strategy. Analysts now forecast BTC could rally toward $136,000 by mid-August, fueled by institutional demand and macro shocks.

The bigger picture - While Washington debates crypto rules, geopolitical tensions and political drama are amplifying Bitcoin’s narrative. With Musk stirring the pot and Garlinghouse pressing for clarity, July 2025 could mark a turning point for crypto legislation, and investor confidence.

BONK, CRO, SHIB: Whale accumulation surges ahead of Senate hearing

Key points:

  • Whales ramped up accumulation of BONK, SHIB, and CRO, with BONK alone seeing a 3B net positive flow in 24 hours.

  • CRO surged 17% after its inclusion in Trump Media’s proposed ETF; SHIB open interest topped 7M amid bullish RSI signals.

News - As the U.S. Senate Banking Committee gears up for today’s digital asset hearing, major crypto whales are already placing their bets. BONK, CRO, and SHIB are seeing intensified accumulation by large holders, signaling market anticipation for regulatory clarity, and potential policy tailwinds.

BONK, the Solana-based memecoin, is drawing notable attention. According to Moby Screener, 11 whales made 70 large trades within 24 hours, 39 of which were buys totaling 3.17 billion BONK. Despite a 6% price drop, BONK.fun’s rising dominance, launching over 200K projects, has boosted confidence. Fees from Bonk.fun are being funneled into buybacks and burns, reinforcing long-term value.

Meanwhile, CRO surged 17% after its listing in Trump Media’s proposed “Truth Social Crypto Blue Chip ETF.” The ETF, which also includes BTC, ETH, SOL, and XRP, allocated 5% to CRO, triggering the token’s first spot net inflow in a week. Santiment data also shows that whales added 20 million CRO recently, bringing total large-holder balances to 1.03 billion.

SHIB is no slouch either. According to IntoTheBlock, whales holding over 1% of SHIB’s supply increased their share by 3%, now controlling 62% of the supply. Despite some whale selling, open interest in SHIB futures crossed 7 million tokens on Binance, suggesting bullish sentiment is building, supported by strong RSI and rising volume.

ETF momentum and futures fuel confidence - CRO’s ETF inclusion appears to be a tipping point for the token’s credibility, drawing both institutional and retail interest. At the same time, SHIB’s increasing futures open interest and BONK’s platform-led burn mechanisms reflect how different segments of the market are coalescing around anticipation and token-specific catalysts.

A pre-hearing power play - The coordinated moves by whales suggest a calculated bet on regulatory clarity favoring these assets. While BONK battles price resistance, its ecosystem growth and on-chain accumulation speak volumes. CRO is riding ETF momentum, and SHIB appears to be staging a comeback powered by futures interest and reduced supply.

Ripple’s stablecoin momentum grows, XRP eyes ETF catalyst

Key points:

  • Ripple’s RLUSD hit a $500M market cap as Transak onboarded the stablecoin across 64 countries and 450+ apps.

  • XRP surged to $2.83 as Ripple’s CEO will testify before the U.S. Senate, with ETF hopes and regulatory clarity driving bullish sentiment.

News - Ripple’s stablecoin and its native token are both making headlines this week, riding twin waves of adoption and regulatory momentum. RLUSD, Ripple’s U.S. dollar-pegged stablecoin launched in late 2024, hit a $500 million market cap, marking a 62% rise since June. This milestone coincided with its integration into Transak, a fiat-to-crypto gateway used by over 8.3 million users across 64 countries.

The Transak integration enables RLUSD purchases via Apple Pay, Google Pay, cards, SEPA, and U.S. wire transfers. The platform now connects RLUSD to over 450 wallets and dApps, including MetaMask, Uniswap, Trust Wallet, and Coinbase Wallet. Off-ramping will follow later in 2025, as Ripple scales use cases beyond enterprise adoption.

On the same day, Ripple confirmed that BNY Mellon, the world’s largest custodian bank, will safeguard RLUSD reserves. This institutional backing is expected to further cement RLUSD’s position in a rapidly maturing stablecoin market.

Capitol Hill spotlight on Ripple - Ripple CEO Brad Garlinghouse is set to testify before the U.S. Senate Banking Committee on July 9, urging lawmakers to pass crypto market structure legislation. His appearance comes as Congress debates the GENIUS and CLARITY Acts, both of which could redefine how stablecoins and digital assets are regulated in the U.S.

Ripple, having recently applied for a national banking license and a Federal Reserve master account, appears poised to deepen its integration with traditional finance. The Senate also weighed whether assets like XRP qualify as commodities, potentially opening the door to altcoin ETFs.

XRP price builds on legal momentum - XRP surged to $2.83, its highest level since May 23, amid a bullish Guppy moving average crossover. Technical analysts flagged a potential breakout toward $2.65 and beyond. Meanwhile, XRP’s inclusion in Grayscale’s ETF and the proposed “Crypto Blue Chip ETF” by Trump Media has fueled optimism for a dedicated XRP-spot ETF.

Ripple’s partial legal victory against the SEC and its withdrawal of a cross-appeal further strengthened sentiment. With the SEC potentially dropping its own appeal as early as July 10, XRP bulls are watching for a final green light that could reshape its long-term trajectory.

Solana’s ETF momentum and Q2 surge signal $300 breakout

Key points:

  • Spot Solana ETF approval odds hit 99.7%, fueling bullish sentiment and chart targets near $300.

  • Q2 revenue reached $271M, topping Ethereum and Tron, while Solana stablecoins seem to gain institutional traction.

News - Solana is back in the spotlight as bulls eye a $300 target, driven by explosive network fundamentals and rising ETF optimism. According to Polymarket, the odds of a spot Solana ETF approval by the U.S. SEC in 2025 surged to 99.7% earlier this month. Bloomberg’s James Seyffart also estimates a 95% likelihood, citing a wave of ETF launches expected in H2 2025.

At the same time, Solana is outperforming all Layer-1 and Layer-2 competitors in terms of revenue. The network posted $271 million in Q2 earnings, beating Ethereum ($129M), Tron ($165M), and Bitcoin ($50M), thanks to strong DApp activity, meme token launchpads, and booming RWA tokenization.

Technical setup: Bull flag breakout ahead? - A potential breakout is forming on the charts. SOL recently printed a textbook bull flag pattern on the daily timeframe, with analysts eyeing a rally to $300–$303. The daily RSI has climbed from 31 to 53 since June 22, signaling rising bullish momentum. However, resistance between $155–$165 (its 50-day and 200-day SMAs) remains key for confirmation.

Stablecoins and institutions fuel confidence - Solana-native stablecoins are gaining traction. Crypto exchange Bullish announced a partnership with the Solana Foundation to use SOL-based stablecoins for trading, custody, and settlements across its $2.3B/day platform.

Public companies double down on SOL - DeFi Development Corp. raised its Solana treasury by 64%, purchasing 47,000 SOL worth $7M at an average of $149.09. The firm now holds $102.7M in SOL and staking rewards, reinforcing long-term conviction and investor confidence.

Did you know?

  • Tuesdays have been the most volatile day for Bitcoin so far in 2025, with realized volatility averaging 82%, making mid‑week swings a key headache (or opportunity) for traders.

  • Ethereum’s “Pectra” upgrade rolled out in May 2025, increasing the validator staking cap to 2,048 ETH and improving wallet usability—a key step in scaling DeFi infrastructure.

  • As of early July 2025, BlackRock’s iShares Bitcoin Trust (IBIT) has amassed over 700,000 BTC, becoming the fastest-growing spot Bitcoin ETF and a major driver of institutional crypto adoption.

Top 3 coins of the day

FLOKI (FLOKI)

Key points:

  • At press time, FLOKI was trading at $0.000092, reflecting a 1.84% gain over the last 24 hours.

  • The price moved toward the upper Bollinger Band, while the Squeeze Momentum Indicator remained green with increasing strength.

What you should know:

FLOKI continued its recovery with another green daily close, pushing closer to the upper Bollinger Band. After weeks of sideways movement near the midline, the price finally broke above short-term resistance at $0.000089 with a strong surge in daily volume, indicating renewed buyer interest. The Squeeze Momentum Indicator confirmed the shift in sentiment, flipping from red to green with growing positive bars. This uptick followed a period of volatility contraction, now transitioning into an expansion phase. Volume spiked nearly 5x, aided by the launch of FLOKI’s Valhalla Play-to-Earn game on opBNB, marking its transition from memecoin to GameFi utility token. With over 100,000 Veras NFTs minted in a week and a $10K player giveaway, momentum has extended beyond hype. A daily close above $0.000094 could open the door for a test of the $0.0000105 zone, while the $0.000085–$0.000087 range may act as near-term support.

Chainlink (LINK)

Key points:

  • At press time, LINK was trading at $14.05, reflecting a 0.64% increase over the last 24 hours.

  • The Parabolic SAR trailed below the price, while the Elliott Wave Oscillator finally displayed a stronger green bar, signaling a potential bullish reversal.

What you should know:

Chainlink gradually climbed toward the upper boundary of its supply zone near $14.20 after bouncing from the $12.30 support region earlier this month. The Parabolic SAR shifted beneath the candles in early July, confirming a positive momentum shift following weeks of sideways movement. The Elliott Wave Oscillator (EWO) printed its first strong green bar after an extended red phase, pointing to an early reversal signal. Volume remained relatively stable, with moderate inflows accompanying the recent price push. This move followed a breakout above $13.60, supported by a 46% surge in 24-hour volume. LINK also gained traction from Europe’s MiCA framework, where 53 firms are now licensed to use its oracles, boosting institutional interest. If LINK clears $14.20 convincingly, bulls may aim for the $15.50–$16.00 range. A failure, however, could pull the price back toward $13.10–$13.30 support.

Cronos (CRO)

Key points:

  • At press time, CRO was trading at $0.094, reflecting a 2.46% decline over the last 24 hours.

  • The RSI hovered near 62, while the price sharply moved above the 9-day SMA on strong volume, hinting at renewed buyer interest.

What you should know:

CRO briefly surged above the $0.10 mark after breaking past its short-term resistance zone, before facing mild rejection. This upward move came on the back of a strong volume spike, the highest since early April, indicating renewed bullish enthusiasm. The price closed well above its 9-day Simple Moving Average, establishing a near-term trend shift. Meanwhile, the Relative Strength Index (RSI) jumped to 62, placing it in bullish territory but shy of overbought conditions. The rally was likely fueled by news of CRO’s proposed 5% allocation in Trump Media’s new “Crypto Blue Chip ETF,” which boosted investor sentiment and institutional interest. Historically, CRO has struggled to maintain momentum above the $0.10 level, making the $0.100–$0.115 band a key resistance zone to monitor in the coming sessions. A successful close above $0.10 could open the door to $0.114. However, a failure to hold current levels might trigger a pullback toward the $0.084–$0.087 region.

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