What to Know:
- XRP gains legal recognition in India, establishing cryptocurrency as property and bolstering investor confidence.
- The Mt. Gox repayment timeline is extended to October 2026, keeping a significant amount of Bitcoin locked up and delaying market impact.
- China reaffirms its strict anti-crypto stance, warning against stablecoins and their potential systemic risks.
The crypto market is currently experiencing a lull as traders await key macro events and big tech earnings reports. XRP has recently seen a positive development with legal recognition in India, while Bitcoin’s price remains range-bound. Meanwhile, China has reiterated its firm stance against cryptocurrency, particularly stablecoins.
The Madras High Court in India has recognized cryptocurrency as property in a case involving XRP, setting a legal precedent. This ruling prevents WazirX from redistributing XRP tokens and could boost confidence in crypto ownership rights throughout India. The decision could lead to increased regional demand for XRP, potentially driving its price closer to the $2.80 resistance level.
The long-awaited Mt. Gox repayments have been delayed again, now extended to October 2026. This pushes back the potential impact of a large Bitcoin release on the market, easing immediate concerns of a mass sell-off. While the delay provides some short-term relief, the risk of eventual distribution remains a factor for traders to consider.
China’s central bank has once again voiced concerns about stablecoins, citing systemic risks and potential threats to monetary sovereignty. This reinforces China’s strict anti-crypto stance and its isolation from global crypto trends. Despite ongoing crackdowns, Bitcoin has risen against the Chinese yuan, highlighting its role as a shadow hedge for domestic users.
As the market braces for a Fed decision, remarks from Powell, and earnings from major tech companies, the crypto market could see a breakout from its current ranges. Keep an eye on key levels for Bitcoin and XRP as potential triggers for significant price movements.
Source: Original article
