Whales fuel XRP rally amid chaos

April 22, 2025

Reading time: 5 minutes

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Polygon NFTs flip Ethereum: Courtyard RWA craze leads the charge

Key points:

  • Polygon NFTs topped $22.3M in sales last week, overtaking Ethereum.

  • RWA-backed Courtyard cards drove $20.7M of that volume.

  • Polygon saw 39,000+ NFT buyers—a weekly rise of 81%.

News - Polygon has leapfrogged Ethereum to claim the top spot in NFT sales last week, fueled by a real-world asset (RWA) project that’s turning Pokémon and sports cards into blockchain gold.

According to CryptoSlam data, Polygon recorded $22.3 million in NFT sales over the past seven days—edging past Ethereum’s $19.2 million. Driving this surge was Courtyard, a rapidly growing RWA NFT platform that tokenizes physical trading cards and stores them in insured vaults. Courtyard alone generated $20.7 million in volume, accounting for nearly 93% of Polygon’s weekly NFT total.

This RWA twist has clearly struck a chord with collectors. Courtyard’s model allows users to trade NFTs backed by tangible assets—like graded Pokémon or basketball cards—with the option to redeem the real card by burning the NFT. The platform also features gamified elements like “vending machine drops,” enhancing engagement.

RWA momentum lifts Polygon - Beyond just sales, Polygon also saw its weekly buyer count soar to over 39,000—an 81% increase. Ethereum trailed slightly with 36,544 buyers during the same period.

Polygon’s breakout moment highlights the rising appeal of onchain RWAs, a narrative gaining serious momentum in 2025. With RWA tokenization now crossing into the NFT space, traditional collectors and crypto-native users are converging around digital ownership that’s physically backed.

Why it matters - As RWAs cross $21B in tokenized value (excluding stablecoins), Polygon’s dominance this week could signal a structural shift in the NFT landscape—one where real-world value meets blockchain liquidity.

Bitcoin nears $93K, but traders stay wary of fakeouts

Key points:

  • Bitcoin hit a 6-week high above $91K, buoyed by U.S.–China trade tensions and gold’s surge to new all-time highs.

  • $93K, the yearly open, is emerging as the key resistance, with traders citing the need for a breakout confirmation above that level.

  • Despite optimism, recession fears and bearish signals prompt caution, as analysts warn of fakeouts and liquidity hurdles.

News - Bitcoin surged past $91,000 on April 22, reaching its highest level since early March. The move came as investors responded to escalating trade tensions between the U.S. and China, driving safe-haven assets like gold — and now Bitcoin — higher.

According to Daan Crypto Trades, Bitcoin is “closing in on the big $90K–$91K horizontal area,” which previously acted as a key support. A successful reclaim of this level could flip the 200-day simple moving average (SMA) at ~$88,370 back into support. However, the real test lies at $93,000 — Bitcoin’s yearly open and a critical resistance zone for bulls to conquer.

CryptoQuant’s Julio Moreno emphasized that realized prices between $91K–$92K also act as heavy resistance during bearish phases, making a clean breakout essential to validate the rally.

Gold vibes, Nasdaq disconnect - Interestingly, Bitcoin’s recent strength has mirrored that of gold, not tech stocks. Nansen CEO Alex Svanevik noted Bitcoin is acting “less Nasdaq, more like gold,” as the crypto asset resists stock market downtrends amid rising U.S. recession risks and geopolitical turmoil.

The Nasdaq has dipped below its own 200-day SMA, historically a macro headwind for Bitcoin. Analysts at JPMorgan, meanwhile, pegged U.S. recession odds at 60%, projecting Fed rate cuts from September 2025.

Why it matters - Bitcoin’s resilience is promising, but a decisive close above $93K is key to sustaining the rally. Until then, the market remains vulnerable to fakeouts and macro pressure.

XRP defies outflows: Whale accumulation, futures launch fuel $37M inflows

Key points:

  • XRP saw $37.7M in inflows last week, bucking the $146M in total crypto outflows triggered by U.S. retail data.

  • Coinbase’s XRP futures launch and growing whale accumulation signal rising institutional confidence.

  • Legal uncertainty returns as Oregon's AG sues Coinbase, calling XRP an unregistered security.

News - As broader crypto markets faced $146 million in outflows last week—sparked by stronger-than-expected U.S. retail sales—XRP stood out, attracting $37.7 million in inflows, according to CoinShares. That made it the third-most successful crypto this year, with year-to-date inflows reaching $214 million.

Analysts say XRP’s surge is fueled by Coinbase launching XRP futures via its CFTC-regulated derivatives arm and rising onchain activity. Santiment data confirms increased whale accumulation, with addresses holding over 1 billion XRP now controlling 39.4% of total supply, up from 37.7% in late March.

Simultaneously, exchange balances have dropped to 2.7 billion XRP—down 10% in just 30 days, hinting at strong long-term holding behavior.

Whale activity and technical setups show strength - Technically, XRP is hovering above a key trendline at $2.10, forming a bull flag pattern. Analysts like Dark Defender expect a breakout toward $3.00–$4.00, with key levels to watch at $2.22 and $2.75. However, downside risks persist if support at $1.80 or $1.61 fails. XRP dominance has also climbed, while Ethereum dominance continues to fall, further supporting XRP’s rising market stature.

Regulatory clouds on the horizon - On the legal front, XRP faces renewed scrutiny. Oregon’s Attorney General sued Coinbase, alleging XRP is among 30+ unregistered securities. While this doesn’t override federal rulings, it introduces fresh uncertainty for the token's regulatory status and reflects growing state-level enforcement against digital assets.

Paul Atkins sworn in as SEC Chair, pledges pro-crypto shift

Key points:

  • Paul Atkins officially replaces Gary Gensler as SEC Chair, signaling a shift in crypto regulation.

  • Atkins holds up to $6M in crypto assets and aims to build “rational” frameworks for the digital economy.

  • Over 70 crypto ETF applications, including for XRP, SOL, and DOGE, now await SEC review.

News - Paul Atkins has officially taken over as Chairman of the U.S. Securities and Exchange Commission (SEC), succeeding Gary Gensler in a move widely seen as a turning point for crypto regulation in the U.S. Atkins, confirmed by a 52–44 Senate vote, has deep ties to both Wall Street and the crypto industry. He previously served as an SEC commissioner and advised multiple digital asset firms, with personal crypto holdings reportedly worth up to $6 million.

Atkins steps into office at a time when the SEC is reviewing more than 70 crypto-related ETF applications. His appointment marks a clear departure from Gensler’s enforcement-heavy approach, as the agency shifts toward open dialogue with industry stakeholders.

From crackdowns to collaboration - The SEC’s recent shift began under interim chair Mark Uyeda and Commissioner Hester Peirce, who suspended several crypto enforcement cases and launched a crypto task force. Atkins is expected to formalize this approach, supporting friendlier regulatory pathways and reducing ambiguity that plagued past compliance efforts.

His pro-innovation stance aligns with the Trump administration’s broader digital asset agenda, including interest in stablecoins and the U.S. Bitcoin Reserve project.

A stacked crypto agenda ahead - With over 70 crypto ETFs under review—from blue-chip tokens like XRP and Solana to memecoins like $DOGE and $TRUMP—the Atkins-led SEC faces an unprecedented volume of industry interest. Bloomberg analysts have described this as a “spaghetti cannon” approach, where issuers are testing what the new regime will allow.

Atkins takes over a commission currently missing two Democratic members, with only four out of five seats filled. His leadership will be crucial in shaping U.S. crypto policy during this pivotal year of adoption and regulatory reform.

Did you know?

  • Crypto is playing a growing role in remittances: Crypto usage for cross-border remittances is rising rapidly in regions like Latin America and Africa. In some corridors, digital assets like USDT and Bitcoin already account for a notable share of transactions—though the global total is likely still below 5%.

  • Telegram’s mini-apps now support crypto—but only via TON: Telegram has expanded its mini-app framework to include crypto wallets and trading bots, but as of 2025, all such apps must use TON Connect, the protocol tied to The Open Network (TON). This shift has sparked debate over decentralization but also reinforced Telegram’s growing role in Web3 adoption.

  • Ethereum validators now exceed 1 million: As of April 2025, Ethereum has surpassed 1.06 million active validators securing the network, highlighting the growing decentralization of its proof-of-stake ecosystem since the Merge and Shapella upgrades.

Top 3 coins of the day

Kaspa (KAS)

Key points:

  • At press time, KAS was trading at $0.086, reflecting a 4.9% increase over the last 24 hours.

  • It was one of the notable gainers amid mid-cap altcoins, with bullish MACD momentum and Bollinger Band expansion.

What you should know:

Kaspa has continued its recovery streak, gaining nearly 5% in the last day to climb past the $0.086 level. The Bollinger Bands showed a clear widening pattern, indicating rising volatility and potential for continued momentum. Importantly, the MACD histogram flipped decisively into green territory, and the MACD line crossed above the signal line—both bullish cues suggesting strengthening market interest. The price moved above the midline of the Bollinger Bands for the first time in weeks, hinting at a possible trend reversal. Kaspa's bullish technical structure has highlighted a potential breakout scenario, provided the current momentum sustains. Analysts have been eyeing the $0.085–$0.090 range, with a decisive close above this band likely validating a stronger upward move. Traders should watch the $0.090–$0.092 resistance zone — a breakout above it could pave the way toward the $0.10 psychological level, while support holds near $0.078.

Ethereum (ETH)

Key points:

  • At press time, ETH was trading at $1,644, reflecting a 4.14% increase over the last 24 hours.

  • It was one of the top trending cryptocurrencies as whale activity and EIP-7907 buzz gained traction.

What you should know:

Ethereum broke above its Bollinger midline for the first time in weeks, signaling the early stages of a potential breakout from its prolonged downtrend. The daily RSI climbed to 45.7 but remained below the neutral 50 level, indicating a cautious shift in market momentum rather than an overbought impulse. Volume also surged alongside price action, suggesting active participation from buyers. Whale wallets were reported to have accumulated over 4,500 ETH in the past 48 hours, a move interpreted as growing confidence in Ethereum’s near-term prospects. Adding to the narrative, Ethereum’s EIP-7907 upgrade received final approval, promising improved smart contract efficiency. Analysts now suggest that if ETH maintains above $1,620, it could aim for the $1,700–$1,750 resistance zone. However, failure to sustain momentum could drag prices back toward support at $1,560.

Filecoin (FIL)

Key points:

  • At press time, FIL was trading at $2.56, reflecting a 1.95% decline over the last 24 hours.

  • Despite a brief mid-April push above $2.80, bullish momentum seemed to stall near short-term resistance.

What you should know:

Filecoin struggled to maintain its recent gains after bouncing off the $2.00 support earlier this month. The 9-day SMA, which was previously acting as a dynamic resistance, had briefly flipped into support, but that shift lost strength over the last two sessions. With RSI cooling off near 47.4, bullish pressure weakened but hasn't turned decisively bearish either. Volume has remained modest compared to the early April spike, suggesting reduced conviction among buyers. If sellers maintain control, FIL may retest the $2.40 support zone. On the upside, a sustained close above $2.65 could open the door toward the $2.85–$3.00 region. Traders might want to monitor RSI movements closely for clearer direction in the coming days.

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