XRP bulls reclaim the narrative

May 13, 2025

Reading time: 5 minutes

Truth Social denies memecoin rumors amid $TRUMP price dip

Key points:

  • Donald Trump Jr. and Trump Media have denied claims that Truth Social is launching a memecoin.

  • World Liberty Financial reaffirmed it remains the only DeFi project affiliated with the Trump family.

News - Trump Media & Technology Group has denied reports that Truth Social will launch a memecoin, following viral rumors fueled by crypto influencer Ran Neuner. “There’s no truth whatsoever about Truth Social launching a memecoin,” Donald Trump Jr. posted on X, dismissing the speculation as “false information.”

The post came after Neuner claimed that a Truth Social token would launch within 72 hours, tied to the team behind the TRUMP memecoin. His claims triggered a surge in unaffiliated “Truth”-branded tokens across Ethereum and Solana, many of which have no official ties to Trump Media.

Scams and clarifications - In response, World Liberty Financial (WLFI)—a Trump-linked DeFi platform—echoed Trump Jr.’s message. “There is no new Trump crypto project,” it warned. “WLFI is the only DeFi project backed by the Trumps.”

While Truth Social has stayed away from crypto products officially, a shareholder letter from April revealed plans for a utility token to power Truth+ subscriptions through an in-app wallet. This suggests a future foray into blockchain rewards, but not a memecoin.

Backlash and token price drops - Amid the confusion, Trump-affiliated tokens saw steep corrections. The $TRUMP token fell 10% to $12.75, while $MELANIA dropped 9% to $0.37. This follows weeks of controversy around Trump’s May 22 gala dinner for top $TRUMP holders—a move lawmakers are calling a “corrupt self-enrichment scheme.”

What’s next? - While Truth Social distances itself from memecoins, Trump’s crypto empire remains under scrutiny. Between NFT drops, token launches, and political backlash, the crypto-Trump narrative is only getting messier. Investors and fans would be wise to double-check affiliations before buying into the hype.

Bear trap or breakout? XRP’s failed pattern fuels optimism

Key points:

  • XRP rallied to $2.55, backed by bullish technical patterns, whale inflows, and rising open interest.

  • Analysts and AI models project potential targets between $2.85 and $3.45, with resistance at $2.80.

News - XRP is making headlines again. The token surged 3% over the past 24 hours to $2.55, becoming the market’s top gainer. Behind the price spike? A powerful trifecta of bullish momentum, technical breakouts, and on-chain whale signals.

The token is riding a breakout from a multi-month falling wedge pattern, with analysts projecting a move toward $3.45. Adding fuel to the fire, XRP decisively broke above the $2.40 resistance with high trading volume, forming an ascending channel. Some AI projections show that XRP could hit $2.85 by June 1, while market watchers believe $3.33 to $3.40 is within reach.

Whale activity and open interest drive optimism - XRP whale flows have flipped positive for the first time since November 2024, signaling a potential trend reversal. The last time this happened, XRP rallied nearly 400% within months. Meanwhile, XRP’s open interest surged to a three-month high of $5.38 billion, reflecting renewed investor appetite.

On the technical side, XRP’s MACD crossover on the daily chart signals strong bullish momentum, and the RSI is now trending above 57.

What’s next? - XRP appears poised to retest its March high of $2.71 and possibly push toward $3.40 if momentum continues. However, $2.80 remains a critical resistance zone. A drop below $2.50 could invalidate the rally and see XRP return to $2.29. But for now, with bulls in control and whale inflows rising, the path to higher ground looks increasingly viable.

Arizona Governor nixes crypto reserve plans, signs tough ATM law

Key points:

  • Governor Katie Hobbs vetoed three major crypto bills, including proposals to establish a Bitcoin reserve and allow crypto payments.

  • She approved a stricter law targeting Bitcoin ATM fraud, including refund rights and transaction limits.

News - Arizona’s Governor Katie Hobbs has drawn a hard line on crypto this session. On May 12, she vetoed two high-profile bills—Senate Bill 1373, which proposed a state-run Digital Assets Strategic Reserve Fund, and Senate Bill 1024, which would have allowed state agencies to accept crypto for fines and taxes.

Hobbs cited market volatility and risk to public funds as reasons. Her rejection comes on the heels of an earlier veto of SB 1025, a bolder proposal that would have invested up to 10% of Arizona’s treasury and retirement funds into Bitcoin.

Despite this, Hobbs isn’t entirely shutting out crypto. She signed House Bill 2387, a strict new law regulating crypto ATMs. The bill imposes transaction caps ($2,000/day for new users and $10,500/day for returning ones), mandates multilingual fraud warnings, and grants users a 30-day refund window for scams if reported with proof.

Consumer protections, not public bets - Unlike the reserve bills, HB 2387 focuses on consumer protection and fraud reduction. The law requires kiosk providers to post 24/7 helpline details, issue receipts with wallet addresses, and use blockchain analytics to detect flagged wallets.

Additionally, House Bill 2749, signed days earlier, brings unclaimed crypto under state law—allowing Arizona to hold such assets in digital form instead of liquidating them.

What’s next? - Arizona joins a growing list of U.S. states backing off Bitcoin reserves amid volatility. But with HB 2387 and HB 2749 in place, the state is signaling a selective approach—reining in crypto’s risks while slowly modernizing its frameworks.

Animoca eyes U.S. IPO amid Trump’s crypto pivot

Key points:

  • Hong Kong-based Animoca Brands is planning a U.S. listing, citing a “unique moment” under the Trump administration’s crypto-friendly stance.

  • The move marks a strategic pivot from previous plans to go public in Hong Kong or the Middle East.

News - Animoca Brands, the Web3 investment giant known for backing OpenSea, Kraken, and Axie Infinity, is preparing to go public in New York. Executive chairman Yat Siu told that a formal announcement could come soon, as the company looks to leverage a regulatory landscape increasingly favorable to crypto firms.

“If the U.S. didn’t do what they did with the regulators [under Biden], we probably would have competitors in the U.S.,” said Siu. “It’s a unique moment in time. I feel like it would be one heck of a wasted opportunity if we didn’t at least try.”

The move signals a shift away from earlier IPO plans in Asia and the Middle East. Animoca was delisted from the Australian Stock Exchange in 2020 but has since reinvented itself as one of crypto’s most prolific investors, with over 540 Web3 investments.

Financial momentum and market timing - Animoca’s 2024 unaudited earnings reached $97 million on $314 million in revenue—up 185% year-over-year. The company holds $293 million in cash and stablecoins, $538 million in digital assets, and $2.9 billion in off-balance-sheet token reserves.

This IPO plan arrives as other crypto firms—such as Kraken and Gemini—also weigh U.S. public listings, fueled by Trump’s rollback of enforcement actions and regulatory hostility from the prior administration.

What’s next? - If successful, Animoca’s IPO could mark a turning point for crypto-native firms entering U.S. capital markets. As Siu emphasized, “Going public is a way to tell the world that there’s a business in crypto that isn’t doing the typical crypto stuff.”

Interesting facts

  • On March 13, 2024, Ethereum implemented the Dencun upgrade, introducing Proto-Danksharding (EIP-4844). This advancement significantly improved the network's scalability by enabling more efficient data storage and reducing transaction costs. 

  • As of 2024, the Bitcoin network's annual energy consumption reached approximately 175.87 terawatt-hours, comparable to the entire electricity usage of Poland. This statistic highlights the environmental considerations associated with cryptocurrency mining.

  • Between July 2021 and June 2022, Sub-Saharan Africa accounted for 6% of global cryptocurrency transaction volume, the highest among all regions. This trend underscores the region's growing engagement with digital assets for economic activities.

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Top 3 coins of the day

Degen (DEGEN)

Key points:

  • DEGEN fell over 8% in the past 24 hours, cooling off after a sharp multi-day rally that pushed it to a local high near $0.0086.

  • The MACD maintained a bullish crossover, while the Parabolic SAR remained below the price, suggesting the broader trend is still intact.

What you should know:

DEGEN saw an 8.04% intraday decline after a vertical surge over the past week, which saw the memecoin briefly flirt with the $0.0086 mark. Despite this cooldown, the broader uptrend remained valid at press time, as evidenced by sustained high volume and bullish indicators. The Parabolic SAR continued to print dots under the candles, reflecting an active uptrend, while the MACD lines hovered in bullish territory, even as histogram momentum showed early signs of softening. The recent rally was fueled by renewed investor interest in Base chain memecoins and a wave of bullish sentiment after DEGEN was listed among top gainers across multiple platforms. As noted by analysts, the coin’s price trajectory has mirrored prior explosive moves seen in top memecoins. Although $0.01 has emerged as a psychological target, the current retracement could be a necessary reset before the next leg up. Traders may want to monitor the $0.0055–$0.0060 zone as a key near-term support range should further consolidation occur.

XRP (XRP)

Key points:

  • XRP traded at $2.54 after a flat 24-hour performance, despite heightened trading volumes.

  • Bollinger Bands showed expanded volatility, while the CMF hovered in positive territory, signaling sustained capital inflow.

What you should know:

XRP held steady near the $2.54 level, barely moving over the last 24 hours, yet price action reflected growing strength underneath the surface. The Chaikin Money Flow (CMF) stayed above zero, confirming consistent buy-side pressure, while the Bollinger Bands widened — hinting at increasing volatility following last week’s upside. XRP’s recent gains followed a surge in open interest, which recently hit a 3-month high, reinforcing the narrative of increasing institutional and retail engagement. Notably, South Korea’s XRP trading activity has seen a frenzy on local exchanges like Upbit, contributing to volume dominance and helping XRP buck broader crypto corrections. On-chain metrics and regional demand continue to favor bullish continuity, but traders should remain cautious near the $2.60–$2.70 resistance zone. On the downside, the $2.30 region may act as short-term support in case of any pullbacks.

OFFICIAL TRUMP (TRUMP)

Key points:

  • TRUMP dipped by over 8% in 24 hours, trading at $12.97 as bullish momentum cooled.

  • Despite the correction, the RSI hovered above neutral while the 9-day SMA provided mild support.

What you should know:

TRUMP pulled back after a recent rally, dropping by 8.04% over the past day to trade near $12.97. This decline followed a multi-day surge that lifted the token well above its early May lows. Despite the drop, the Relative Strength Index (RSI) stayed near 54, suggesting that bullish momentum wasn’t fully lost yet. The 9-day Simple Moving Average (SMA) also continued to trend upward, offering short-term support near the $12.75 mark. The cooldown came amid controversy and media buzz. Notably, a wallet associated with the TRUMP token group transferred 3.5 million TRUMP tokens on May 10, valued at approximately $52.66 million, across multiple exchanges. The recent price action also coincided with the announcement of an exclusive dinner event with President Donald Trump for top TRUMP token holders. While the token remains a top performer in the memecoin category, volatility is likely to persist given its politically charged backdrop. Traders should watch for a support test around $12, while $15 now acts as the next resistance zone.

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