XRP wallet explosion stuns market

June 17, 2025

Reading time: 5 minutes

XRP sets records as whale wallets surge, price eyes $2.40 breakout

Key points:

  • Over 2,700 whale wallets now hold 1M+ XRP, an all-time high in the token’s 12-year history.

  • XRP rose 3.6% in 24 hours, reclaiming $2.25 and forming new support as ETF speculation and institutional inflows grow.

News - XRP is experiencing a wave of bullish momentum across both price action and network fundamentals. According to on-chain data, the number of whale and shark wallets holding at least 1 million XRP has crossed 2,700, a record high since the token's inception. Meanwhile, daily active addresses have surged to 295,000, a massive uptick from the recent 35,000–40,000 average.

These metrics mirror rising institutional interest. Canada’s Purpose Investments is launching the country’s first XRP ETF on June 18, while companies like Worksport and VivoPower have begun adding XRP to their crypto treasuries. XRP also saw $11.8 million in weekly inflows, ending a three-week streak of outflows.

Amid this backdrop, XRP’s price climbed 3.6% in the last 24 hours to peak at $2.33 before stabilizing around $2.25. The token broke resistance at $2.21, forming support at $2.29, with bullish traders eyeing a breakout toward $2.40. Notably, technical analysts have identified a bull pennant pattern, with potential targets of $14 if the rally mirrors the 2017 cycle.

ETF buzz and strategic integrations drive sentiment - Institutional speculation extends beyond ETFs. Cardano’s upcoming Lace wallet integration with XRP and Ripple’s RLUSD stablecoin are aligning XRPL with DeFi use cases. However, despite these efforts, XRP’s DeFi footprint remains modest with $60M in TVL and low DEX volume under $100K.

Macro tailwinds and risk-on rotation - XRP has outperformed major peers like Bitcoin and Ether during recent geopolitical tensions, holding firm while broader crypto markets faced drawdowns. Analysts attribute this resilience to its cross-border utility and rising speculation of a spot ETF approval in the U.S.

EigenCloud launches with $70M boost from a16z, targets off-chain trust

Key points:

  • EigenLayer launched EigenCloud, a “verifiability-as-a-service” platform, backed by a new $70M token investment from Andreessen Horowitz.

  • Despite growing institutional interest and performance upgrades, EIGEN has dropped over 11% in 24 hours, trading around $1.15.

News - Ethereum restaking giant EigenLayer has officially launched EigenCloud, a developer-focused platform that brings cryptographic verification to off-chain applications across AI, finance, Web2, and DeFi. Venture firm Andreessen Horowitz (a16z) backed the rollout with a $70 million direct purchase of EIGEN tokens, building on its earlier $100M Series B investment in February 2024.

EigenCloud enables “programmable verifiability” by integrating core primitives—EigenDA (data availability), EigenCompute (verifiable off-chain execution), and EigenVerify (dispute resolution)—into one modular system. Developers can now prove what happened, why it happened, and validate outcomes even in non-blockchain environments.

The alpha launch, available to select developers, includes EigenDA performance upgrades and gated access to EigenVerify, with broader rollout and new features expected later this year.

Institutional use cases and a crypto-native AWS? - One of EigenCloud’s early enterprise adopters is Securitize, which will use it to verify asset pricing data for BlackRock’s $2B BUIDL fund. With over $12 billion in restaked assets securing more than 200 Autonomous Verifiable Services (AVSs), EigenLayer positions itself as a foundational trust layer for decentralized middleware, rollups, and even medical AI systems.

The launch marks a step toward Eigen’s broader vision: transforming blockchain from a transaction ledger into a programmable trust engine, with EIGEN as a utility token driving rewards, slashing enforcement, and usage fees.

Token drop amid platform hype - Despite the buzz, EIGEN fell over 11% in the past 24 hours and is down nearly 30% this month, currently trading near $1.15—over 80% below its December 2024 high. Still, a16z’s renewed confidence and Eigen’s expanding developer roadmap suggest long-term conviction in verifiability as crypto’s next killer feature.

Pump.fun and memecoin founders vanish from X in surprise crackdown

Key points:

  • X suspended over 20 crypto-linked accounts, including Pump.fun and its founder, amid speculation of memecoin-related violations and policy abuse.

  • The move spotlights growing scrutiny of Solana meme launchpads and their links to API misuse, viral stunts, and suspected liquidity manipulation.

News - On June 16, Solana-based memecoin platform Pump.fun and its co-founder Alon Cohen were abruptly suspended from X, formerly Twitter, as part of what appears to be a coordinated enforcement sweep. At least 20+ other crypto-affiliated accounts—including GMGN, Bloom Trading, BullX, and Eliza OS—were also taken offline.

While X has not released a formal statement, each suspended profile now displays the standard “Account suspended” notice for rule violations. The reason remains unclear, but speculation is mounting over a potential crackdown targeting the viral memecoin boom and associated platforms that rely heavily on third-party APIs and high-frequency bot trading tools.

Theories fly: API abuse, liquidity harvesting, or mass reporting? - Users have proposed several explanations: some suggest the platforms were scraping X data using unofficial APIs, a practice banned in early 2023. Others point to "Liquidity Harvesting 2.0" tactics allegedly used by Pump.fun, where funds are siphoned from retail wallets and rerouted to insider-linked accounts. A few even cited mass reporting campaigns or regulatory pressure, though no agency has confirmed involvement.

Adding fuel to the fire, Pump.fun was previously hit with a class-action lawsuit accusing it of enabling pump-and-dump schemes and earning nearly $500 million in fees from unregistered meme token launches.

No comment, but activity continues - While the platform has not addressed the suspensions, Pump.fun’s website remains live, and users continue launching Solana-based tokens. GMGN and others said they’re actively appealing the bans, with hopes of restoring communication soon.

Whether this marks a one-off moderation blitz or a larger shift in X’s crypto policy, the memecoin sector is once again under a harsh spotlight.

Thailand goes all-in on crypto with 5-year tax break

Key points:

  • Thailand will exempt personal income tax on crypto trading profits from 2025 to 2029, if done via SEC-licensed platforms.

  • Officials aim to turn the country into a regional digital asset hub and expect over $30M in mid-term tax gains.

News - Thailand’s cabinet has approved a five-year tax exemption on profits from cryptocurrency trading, effective January 1, 2025, through December 31, 2029. The measure applies strictly to transactions carried out on platforms regulated by the Thai SEC, signaling a dual focus on innovation and market oversight.

Previously, crypto gains were subject to up to 35% income tax and a 15% withholding tax on some transactions. Under the new policy, traders using compliant exchanges will no longer face personal income tax on crypto profits. According to Deputy Finance Minister Chulaphan Amornvivat, the move is expected to stimulate investment, boost blockchain innovation, and generate at least 1 billion baht ($30.7M) in tax revenue over the medium term.

Digital economy push meets regulatory realism - This crypto-friendly pivot is part of Thailand’s broader effort to position Bangkok as a regional blockchain and fintech hub, differentiating itself from neighboring economies. The tax relief comes just weeks after regulators cracked down on unlicensed exchanges like Bybit and OKX, reinforcing Thailand’s two-track approach: enabling growth while curbing non-compliant activity.

Additionally, the Revenue Department is working to align the tax code with OECD international transparency standards, paving the way for possible VAT frameworks and information-sharing mechanisms in the future.

Tourist spending and entrepreneurial vision - The tax measure follows recent proposals to enable crypto spending by tourists, and builds on past exemptions for investment token earnings. Officials say the policy will benefit both global investors and Thai entrepreneurs, helping to elevate the country’s economic potential on the global digital stage.

Interesting facts

  • Binance opens trading to Syrian users: Following a lift in U.S. sanctions in June 2025, Binance resumed services in Syria, allowing residents to trade over 300 cryptocurrencies and conduct transactions using the Syrian pound. This marks a rare expansion of crypto access in a heavily sanctioned region.

  • Liverpool named UK’s crypto capital: A 2025 Openreach survey ranked Liverpool as the top city in the UK for crypto engagement, with 13% of its residents regularly investing in digital assets—more than anywhere else in the country.

  • Australia leads developed nations in crypto adoption: As of 2023, 23% of Australian investors hold cryptocurrencies, making Australia the highest among developed nations, ahead of the U.S. (16%) and U.K. (12%), with strong uptake among younger adults aged 18–24.

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Top 3 coins of the day

Bitcoin Cash (BCH)

Key points:

  • At press time, BCH was trading at $476, up 2.80% over the last 24 hours.

  • The Awesome Oscillator flipped green and rose above the zero line, reinforcing bullish momentum.

What you should know:

Bitcoin Cash extended its recovery, clearing the $460 resistance zone and testing its highest level in over a month. The 9-day Simple Moving Average (SMA) acted as reliable intraday support throughout the rally. Meanwhile, the Awesome Oscillator turned positive and showed rising green bars, a sign of growing buying pressure after a prolonged consolidation. Volume ticked higher alongside the uptrend, suggesting renewed trader interest. This upward swing also coincided with a breakout above a multi-year resistance trendline and whale accumulation across Asian exchanges, fueling both retail and institutional confidence. If bullish momentum holds, BCH could push toward the $490–$500 resistance band, where prior rejections occurred. That said, if BCH fails to maintain above $470, a retest of the $455 support zone may follow. Traders should also watch for early signs of weakening on the AO, as any bearish histogram shift could foreshadow short-term exhaustion.

Monero (XMR)

Key points:

  • At press time, XMR was trading at $328, up 2.39% over the last 24 hours.

  • The Parabolic SAR remained above the candles, while the MACD histogram showed easing bearish momentum.

What you should know:

Monero extended its recovery after bouncing from the $308 support zone, rising steadily to reclaim the $320–$330 region. However, the Parabolic SAR dots continued to hover above the price action, suggesting that the broader trend had yet to flip bullish. The MACD histogram printed shorter red bars, signaling fading selling pressure, though the MACD line stayed below the signal line. XMR’s rebound also coincided with increased activity related to the ZKasino scam, with reports claiming that $30 million in illicit funds were moved into Monero via OTC swaps and perpetual contracts. This drove a 64% spike in volume, fueling the price bounce but also drawing potential regulatory attention to privacy coins. If bulls push through, XMR could target the $342–$350 resistance. Rejection at that level may force consolidation around $315. A breakdown below $308 would invalidate the recovery and expose $296 again.

Pepe (PEPE)

Key points:

  • At press time, PEPE was trading at $0.00000105, down 0.47% over the last 24 hours.

  • The price hovered near the lower Bollinger Band, while CMF remained negative at -0.18, reflecting continued capital outflows.

What you should know:

PEPE continued its descent after slipping below the midline of the Bollinger Bands, trading just above the lower band support. This bearish movement aligned with a persistent negative Chaikin Money Flow (CMF), indicating sustained selling pressure and capital flight. The broader downtrend was amplified by large-scale whale activity, with over 190 trillion PEPE moved to exchanges this week and a corresponding 0.6% rise in exchange balances, signaling profit-taking. PEPE also broke below key technical levels like its 50-day EMA and pivot point, with its current price now testing the 78.6% Fibonacci retracement level. Meanwhile, rising Bitcoin dominance and weak altcoin momentum further diverted liquidity away from memecoins. If bulls fail to defend the $0.00000100 level, the price could slide toward $0.00000088. A close above $0.00000117, however, may initiate a retest of the $0.00000133 resistance zone.

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