11 April 2025

Things got crazy this week. Trump’s tariffs, suspension and other macro data have created havoc among investors of stock indices, US bonds and, of course, crypto. While it looks like things have eased for now, we are not sure if this is sustainable. Gold is, again, at a new all-time high confirming the risk-off sentiment in the market.

Bitcoin is holding above $80,000 but altcoin gains since Nov. have been mostly wiped out.

While we hope for a quick turnaround for altcoins, we focus on a legacy one which has a lot going for it currently – XRP. Yes, really. We cover Ripple’s (XRP) growth and ecosystem in our Hot Take today.

Top-3 stories of the week:

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The newsletter is put together by Giottus Crypto Platform. You can read all the previous issues of Cryptogram here.

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WEEKLY MACROS

• Total crypto market cap - $2.57 trillion - DOWN 8.2%    

• Bitcoin price - $81,071 - DOWN 6.0%

• The dollar index (DXY) - 100.5 - DOWN 3.7%

• Bitcoin Dominance - 63.28% -  UP 2.0%

• Crypto Fear and Greed Index - 25 - Market is in Extreme Fear

THE HOT TAKE

Ripple’s ambition to power a new financial world

What is the biggest indicator of a growing convergence between traditional finance and blockchain? Ripple acquiring Hidden Road!

Ripple has acquired Hidden Road, a major institutional prime broker, for $1.25 billion. This move takes Ripple far beyond its original focus on cross-border payments. Hidden Road helps large financial institutions trade assets like currencies, crypto, derivatives, and bonds—all while managing risk, credit, and settlement. With this deal, Ripple now has direct access to the core infrastructure of institutional finance. It’s a bold step that connects Ripple’s blockchain (XRP Ledger) to the heart of traditional markets.

Why does it matter and what does Ripple gain?

This acquisition gives Ripple the arsenal to serve big players directly. Hidden Road acts as a one-stop-shop for institutions that want to trade across multiple platforms without juggling accounts or collateral everywhere. Ripple can now offer services like credit, clearing, and settlement - using its own XRP and RLUSD stablecoin as part of the flow.

Even more important: Hidden Road plans to use the XRP Ledger to settle trades, meaning real financial transactions could be processed instantly on-chain instead of taking hours or days. This could make XRP and XRPL key components of global finance infrastructure. Ripple now has everything it needs: the rails, the assets, the network, and the customers.

Boost for XRP you say? We have more.

Teucrium Launches First US-Listed 2x Leveraged XRP ETF

Teucrium Investment Advisors has launched the Teucrium 2x Long Daily XRP ETF, the first XRP-backed ETF to be listed in the US. This marks a major step forward for XRP, which had faced regulatory scrutiny from the US SEC for years. The fund offers 2x daily leveraged exposure to XRP, targeting short-term traders who seek to capitalize on its price volatility. In simpler terms, the ETF is designed to give investors twice the daily return of XRP’s price - meaning if XRP goes up 1% in a day, the ETF aims to go up 2%. However, if XRP goes down 1%, the ETF would lose 2%.

The ETF saw $5 million in trading volume on its first day - an encouraging sign of investor interest despite mixed market conditions. Bloomberg’s Senior ETF Analyst Eric Balchunas described the debut volume as “very respectable,” highlighting the strong appetite for leveraged crypto products.

XRP faces a long road - but the vision remains clear

XRP is often seen as a speculative asset, but its real value lies in what it aims to solve - the inefficiencies in cross-border payments. Today, most international banks still rely on the SWIFT system, which has been around since 1973. Ripple wants to change that by offering a faster, cheaper, and more transparent alternative using blockchain technology. But convincing long-established financial institutions to switch from a legacy system that handles trillions of dollars every year is no small task.

To track XRP’s progress, many investors look at the number of transactions on its network. While this number has been steadily rising, it doesn’t paint the full picture. A more meaningful metric is the actual volume of value being transferred over the XRP Ledger. And in recent years, that number hasn’t shown the same level of growth - suggesting that while more payments are happening, the amounts being moved are still relatively low.

That said, Ripple’s acquisition of Hidden Road could change things significantly. By gaining direct access to institutional markets, Ripple is positioning itself to bring real financial volume onto the XRP Ledger. If successful, this could lay the foundation for XRP to slowly challenge SWIFT’s dominance - one institution at a time. It’s still early, and the road ahead is challenging, but the potential upside is massive if Ripple can pull it off.

What about XRP the token?

XRP is currently consolidating with a neutral-to-bullish undertone, trading around $2, comfortably above its recent support zone at $1.80 but still below the key resistance band between $2.15 and $2.40. This range has proven historically significant and will be pivotal in determining XRP’s short- to mid-term direction.

Technically, the structure is indecisive. We are observing a sequence of lower highs and lower lows, a classic signal of diminishing demand and lower interest on dips. The Relative Strength Index (RSI) at 42.8 is stabilizing in a healthy zone - neither overbought nor oversold. However, MACD histogram bars are shrinking in the red, suggesting bearish momentum is fading and a potential bullish crossover may be on the horizon.

The immediate test lies at the $2.15 level. A decisive break and daily close above it could trigger a swift advance toward the $2.25-$2.4 zone, where heavier profit-taking and supply pressure could emerge. Should XRP fail to clear this threshold in the near term, we may see a healthy retest of the $1.80-$2.00 zone, which would likely act as a demand floor in the current market context.

XRP recovery liquidates short traders

XRP’s price rebound this week signifies the resilience of the crypto market, considering over $1 billion was wiped off the market in liquidations at the start of the week. Monday’s flush cleared out overleveraged longs, but a sudden tariff u-turn from President Trump caught bears off guard, triggering millions in short liquidations. In 24 hours, $22.4 million worth XRP has been liquidated, with $15.8 million in shorts force-closed, a clear sign of shifting momentum.

A sharp rise in Open Interest (OI) points to fresh capital entering the market and growing confidence from leveraged traders. If OI continues climbing and XRP holds above the $2.00 level, the path toward a breakout at $2.40 could mark the start of a broader bullish momentum. Market structure is aligning for a potential move.

Key Takeaway

Ripple is no longer just building blockchain products - it’s aiming to rewrite financial infrastructure. With the launch of the first-ever US-listed 2x XRP ETF and the massive acquisition of Hidden Road, Ripple now has the tools, access, and network to directly serve institutional players and connect the XRP Ledger to real financial flows. These moves show that Ripple is serious about pushing XRP beyond speculation and into real-world utility.

While XRP still faces major challenges, especially in replacing long-standing systems like SWIFT, the path forward is starting to look more defined. If Ripple can prove that its network can handle large-scale, fast, and efficient settlements for global institutions, it could change how money moves across borders. The foundation is being built - now it’s all about execution.

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If you have any questions or feedback for us, write to us at [email protected]. You can check out the previous issues here.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.