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A popular crypto pundit who previously criticized XRP has now changed his tune, acknowledging he was wrong to undermine the cryptocurrency and now calling it “the global currency”. The analyst cited his earlier misconceptions about the altcoin, highlighting developments such as Ripple’s new bank charter as major reasons for his shift in sentiment.  

XRP Critic Reverses Stance On The Cryptocurrency

Crypto commentator Minus Wells has publicly reversed his stance on XRP, admitting he was wrong to be a “hater” and to have consistently criticized the cryptocurrency. In his post on X, Wells asserted that he was a “changed man now,” underscoring his newfound confidence in the token. 

He cited several reasons for his unexpected change of heart, highlighting Ripple’s recent milestone in receiving a bank charter license from the Office of the Comptroller of the Currency (OCC) in the US and officially becoming a regulated bank. Wells revealed that Ripple had formally sent him their first coin, which could be going into minting soon. He described the cryptocurrency as “the future currency of the world,” indicating that XRP could play a transformative role in the global financial system. 

Wells said that he was astonished by how much he had overlooked XRP’s potential. He admitted that, in light of the recent positive developments surrounding Ripple, he had to step back and acknowledge he was utterly wrong about the cryptocurrency. Pointing to the Ripple coin in his possession, the crypto pundit described it as absolute proof of XRP’s legitimacy and future growth.

He went on to compare XRP to Bitcoin, arguing that the altcoin now has physical coins, whereas BTC does not. Wells dismissed Bitcoin for lacking real substance and questioned its legitimacy, further supporting his argument by asking whether the world’s largest cryptocurrency holds a banking license in the United States similar to Ripple. 

Wells also sought to preempt any future claims that he was acting as an influencer for XRP. He emphasized that he was never paid to spread Fear, Uncertainty, and Doubt (FUD) about XRP during his earlier criticisms. He explained that, in most cases, financial incentives in the crypto space are used to promote digital assets and convince investors of a token’s bullishness rather than criticize it.

According to Wells, criticism of the altcoin is rarely sponsored, as paid efforts typically focus on boosting hype and driving demand. He added that those who fund influencer promotions are not Ripple, but whales who control significant portions of its supply and cannot sell their holdings without crashing the market. To support his claims, the former critic pointed to the sharp flash crash on October 10 as a prime example of the impact of large-scale liquidations. 

No All-Time High For The Token

Although he has backtracked on his previously negative position regarding XRP, Wells remains skeptical about its price potential. He stated that he does not expect the cryptocurrency to climb to $100, dismissing the notion that it could even reach $20.

The crypto pundit emphasized that the altcoin will never hit a new all-time high, and investors would be fortunate to see it ever trade above $5. He urged Ripple supporters to remain cautious and not be swayed by exaggerated predictions or claims from influencers.

Nu, the largest Latin American digital bank, has recently announced a major achievement in securing conditional approval of a national banking charter from the US Office of the Comptroller of the Currency (OCC). This development would see the Brazil-based bank expand its operational footprint into the United States, with sights set on potential strategic hubs in Miami, the San Francisco Bay Area, Northern Virginia, and the North Carolina Research Triangle.

Related Reading: Capital Rotation Intensifies As Bitcoin Lags Gold and US Equities Nu Establishes Initial Presence, Next Steps In Focus

In a blog post on January 29, Nu shares a business milestone in receiving a conditional approval that would allow the digital bank to extend its product offerings to the US market under the de novo national subsidiary known as Nubank N.A. However, to gain full operational powers of the national bank charter, the digital asset firm is expected to meet several criteria in terms of compliance systems, risk controls, governance, etc. 

In addition, the Nubank N.A. must also obtain all pending approvals from other regulators, including the Federal Deposit Insurance Corporation (FDIC) and the US Federal Reserve (Fed). The digital bank is also expected to have received all required start-up capital within 12 months and begin operations within 18 months, with its initial service expected to include deposit accounts, credit cards, lending, and digital asset custody. 

Commenting on the conditional approval from the OCC, the founder and CEO of Nu Holdings, David Vélez has expressed much excitement, stating the expansion provides a unique opportunity to contribute to the next level of US banking. 

Vélez said:

This approval isn’t just an expansion of our operation; it’s an opportunity to prove our thesis that a digital-first, customer-centric model is the future of financial services globally. While we remain fully focused on our core markets in Brazil, Mexico, and Colombia, this step allows us to build the next generation of banking in the United States.

Meanwhile, the Nubank N.A. is expected to be led by co-founder Cristina Junqueira, while former President of the Central Bank of Brazil Roberto Campos will chair the company’s board of directors.

Crypto Market Overview

At the time of writing, the total crypto market cap is $2.84 trillion, following a slight 0.84% decline over the past day. Meanwhile, daily trading volume is now valued at $172.24 billion.  Aside from Nu’s expansion into the US, other recent pro-crypto developments include the Senate Agriculture Committee’s clearance of the Clarity Act and another partnership between the SEC and CFTC on crypto projects.

Featured image from Building Nubank, chart from Tradingview

Crypto pundit X Finance Bull has highlighted that XRP’s use case extends beyond payments, with a focus on tokenization. This comes as experts such as Canary Capital CEO Steven McClurg have predicted that the altcoin will be the token of choice for real-world assets (RWAs) tokenization. 

How XRP’s Utility Extends Beyond Payments

In an X post, X Finance Bull drew attention to how XRP’s utility extends beyond payments, alluding to $110 million in tokenized diamonds transactions that were settled on the XRP Ledger. The pundit noted that five diamond collections were tokenized on the network through Ctrl Alt. 

He further remarked that the Ledger is expanding beyond cross-border payments into full RWA tokenization, with XRP, as the network’s native token, being used to settle these tokenized transactions. X Finance Bull added that the playbook is to build the payments infrastructure first, then tokenized assets second, and finally the full financial rails third. 

The crypto pundit declared that the network will be used to settle all types of transactions, aligning with predictions that the altcoin could become the backbone of global finance. Thanks to its expanded utility, X Finance Bull also noted that the narrative that the Ledger is just about payments is officially outdated. 

It is worth noting that prior to X Finance Bull’s revelation, Canary Capital’s CEO predicted that the token would dominate the RWA industry, which is projected to become a trillion-dollar industry at some point. He made the prediction based on Ripple’s moves over the last two years and how the crypto firm has integrated the Ledger into many Wall Street transactions, boosting institutional adoption in the process. This is one of the reasons McClurg is confident that XRP’s price can significantly appreciate in the long term.

What Ripple Treasury Move Means For The Altcoin

X Finance Bull also recently explained what the launch of the Ripple treasury platform means for XRP’s adoption. He noted in an X post that the crypto firm is adding digital asset expertise to the treasury platform, which will drive the altcoin’s integration. Based on this, he declared that the impact of the altcoin is direct. 

First, he stated that corporations will get unified visibility across cash and digital assets. Furthermore, thanks to XRP, settlements become instant, and the cost of FX drops. The move will also unlock more working capital as yield optimization runs 24/7. Lastly, the pundit stated that tokenized assets and programmable payments become native. He believes working on infrastructure that solves real corporate problems is the best way to drive institutional adoption, not through marketing. 

At the time of writing, the XRP price is trading at around $1.74, down in the last 24 hours, according to data from CoinMarketCap.

Bitcoin (BTC) prices fell by over 8% in the past week alone, resulting in heightened bearish sentiments across the market. The downtrend, as seen across the broader crypto market, has been largely attributed to institutional repositioning, inflows to precious metals, and the Federal Reserve’s latest decision to leave interest rates unchanged. 

To illustrate how cautious Bitcoin investors are, data from CoinCodex shows that the Fear & Greed Index stands at 16, indicating the market is ravaged by extreme fear. However, recent on-chain analysis shows Bitcoin may be approaching a turning point.

Hold! Bitcoin Market Winter Almost Over — Analyst

According to market analysts Michaël van de Poppe and James Easton, the Bitcoin MVRV Z-Score is flashing a potential end to the bearish market phase seen over the past four months. Notably, after touching the $126,000 price level in early October, BTC has experienced significant selling pressure, resulting in a price twice retesting the $80,000 region. 

For context, the MVRV measures Bitcoin’s current market value to the average price (realized value) at which all coins were last moved. When paired with the Z-Score, it analyses how far market Value deviates from realized Value, expressed in standard deviations. The MVRV Z-Score helps to identify if Bitcoin is overvalued or undervalued; thus, it can be used to highlight potential market bottoms or tops.

Based on the analysis presented by James Easton, Bitcoin’s current Z-Score is lower than that recorded during the bear markets in 2015, 2018, 2020, and 2022, indicating that the digital asset is trading at deep levels of undervaluation absent in previous market cycles. Although the decline from the present all-time high has been relatively lower compared to previous cycles, Van De Poppe explains that the MVRV Z-Score data indicate that the bear market has reached its latter stages, with a likely end now in view. 

This postulation suggests BTC could soon produce a significant rebound with potential immediate targets set at $90,000 and $97,500.

More Reasons To Be Bullish — Van De Poppe

In a separate X post, Michaël Van De Poppe shares other developments that point to an impending Bitcoin recovery. One of which was the last time the RSI on the BTC/Gold chart fell below 30, marking the end of the last Bitcoin market.  Furthermore, the gold market appears to have topped out after reaching a new all-time high of $5,600 on January 30. The seasoned analyst also highlights that a crypto mega rally followed the last time such a development happened with the precious metal.

At press time, BTC is valued at $83,645, as its daily trading volume climbs to around $72.31 billion.

Following a brief price rebound from $86,000 to $90,000 early in the week, it appeared that Bitcoin was experiencing its routine movement within the consolidation range. However, the market is on edge with curiosity about what is happening with the flagship cryptocurrency, especially after its swift decline to $81,000. A couple of fresh on-chain perspectives have emerged, delving into the underlying dynamics of the BTC market. 

On-Chain Signals Behind Bitcoin’s Bearish Move

In a recent post on the social media platform X, crypto analytics firm Glassnode outlined a confluence of on-chain events justifying Bitcoin’s impulsive move to the downside. The analysis began with results from the Spent Volume by LTH/STH metric. 

This metric has shown that, over the past 30 days, Bitcoin’s Long-term holders have been heavily distributing their share of BTC. According to Glassnode’s data, over 12,000 BTC per day (on average) has been distributed over the past 30 days — an equivalent of 370,000 BTC per month. Expectedly, distributing large amounts of BTC, in turn, reflected on the price as considerable selling pressure. 

However, distribution among LTHs is not the only event that happened; US spot Bitcoin ETFs also added to the bearish setup, as they have recorded multiple net outflows over the past few weeks. This means that there has been less institutional demand to cushion the LTH sell-off. 

When demand gaps appear amid ongoing LTH-selloffs, the BTC price can be expected to fall freely, especially in the event that bearish momentum enters the market. Hence, this could have played a role in the recent move to the downside.

The long-term holders are not the only ones who sold; the Net Transfer Volume From/To Miners metric shows that Bitcoin’s miner behavior also reinforces the weakness of the market structure. Glassnode reported that miners have been consistently sending their BTC to exchanges, adding to the structural bearish pressure, as positive exchange inflows often signal growing interest in offloading assets.

Derivatives market dynamics also played their role in intensifying the BTC price decline. As the flagship cryptocurrency lost its previous footing, there was a wave of long liquidations that followed suit. Glassnode highlighted that more than $300 million was liquidated in this move. When long positions are forcefully closed, as in this cycle, downside momentum is usually amplified, further pushing prices downwards.

With options market defensive rather than optimistic in their speculation, and spot demand subdued, it is safe to conclude that the Bitcoin market stands at a critical phase. Until significant demand enters the market, it is likely that Bitcoin may face troubles beneath key resistance levels in the days to come.

Bitcoin Price At A Glance

At the time of writing, Bitcoin is valued at $84,095, reflecting an over 1% price jump in the past 24 hours.

Рост панических настроений трейдеров и инвесторов на крипторынке — это на самом деле бычий сигнал, заявили эксперты ончейн-платформы Santiment.

Аналитики обслуживающей корпоративных клиентов консалтинговой компании Benchmark заявили, что от одного до двух миллионов биткоинов могут быть уязвимы для атак, совершенных с помощью квантовых компьютеров.

Управление по контролю за иностранными активами Минфина США (OFAC) ввело санкции против зарегистрированных в Великобритании криптобирж Zedcex и Zedxion, обвинив торговые площадки в связях с Ираном.

US authorities moved on Friday to cut off what they say was a major crypto pipeline used by Iranian actors. Two London-registered platforms were added to the sanctions list and are now subject to blocking measures that bar US persons from dealing with them.

First Ever Exchange Designations

According to US Treasury notices and blockchain analysts, the entries are unusual because they target the exchange infrastructure itself rather than just individuals.

Reports say the platforms — Zedcex Exchange Ltd. and Zedxion Exchange Ltd. — were identified as taking part in financial activity linked to Iran’s Islamic Revolutionary Guard Corps.

The Listings Change How Enforcement Looks

Based on reports from on-chain firms, the move follows months of tracing crypto flows that allegedly routed value for Iranian state-linked groups.

One firm reports that Zedcex alone processed more than $94 billion in transactions since it began operations in 2022, a volume that drew close scrutiny from investigators.

Treasury Also Targets Senior Iranian Figures

The sanctions were not limited to crypto firms. US officials added Iran’s interior minister and a set of other senior figures to the blacklist, citing roles in the violent suppression of protests and in laundering or diverting funds.

The listings were announced alongside broader measures that the Treasury said would choke off sources of revenue used to support repressive acts.

What Investigators Found

Reports note that the exchanges appear to have been used as clearing points for transfers tied to Iranian networks.

Blockchain forensics firms and law enforcement agencies say wallets connected to IRGC interests showed links to trades and transfers on these platforms, which helped build the case for sanctions.

Some of the accused companies were also tied to known Iranian business figures.

Impact On Markets And Firms

Markets reacted with caution, though the broader crypto sector did not collapse. Trading on many regulated venues continued, while exchanges that serve global clients began to review ties and tighten compliance checks.

A number of service providers are expected to block traffic associated with the newly sanctioned entities to avoid secondary penalties.

Observers say this action signals a tougher stance on using crypto to dodge financial rules. Based on reports, regulators may press more cases that treat whole pieces of infrastructure as part of an illicit financing chain.

Some analysts warn that the rules will push bad actors to find ever more complex routes, while others expect clearer rules and more cooperation between crypto firms and authorities.

Featured image from Unsplash, chart from TradingView