News
XRP fell as much as 6% over the past 24 hours as global economic tensions rattled financial markets, triggering a wave of liquidations and pushing prices below key support levels.
The token dropped from $2.20 to $2.14 as the broader crypto market shed 3.81% of its value, settling at a total market cap of $3.3 trillion.
The volatility comes in the wake of the U.S. Court of International Trade’s decision to overturn Trump’s trade tariffs, reigniting trade policy concerns and sending ripples across risk assets.
XRP wasn’t immune, with over $29.68 million in long positions liquidated as traders scrambled to adjust their exposure.
Related news:
- China-based Webus International said Friday it plans to raise up to $300 million through non-equity financing to support its global chauffeur payment network with an XRP reserve. The initiative aims to integrate XRP’s cross-border settlement capabilities into Webus’ ecosystem, including on-chain booking records and a Web3-based loyalty program. Webus is renewing its partnership with Tongcheng Travel Holdings to use the XRP Ledger to settle cross-border rides and driver payouts.
- Bitget listed Ripple's RLUSD stablecoin late Thusday.
- Ripple published a cross-border payments report on Friday. Cross-border payments underpin the $31.6 trillion B2B market, projected to hit $50 trillion by 2032. Traditional multi-intermediary rails are slow, costly and opaque, facing regulatory and transparency hurdles. Blockchain-based solutions like Ripple’s stablecoin network promise near-instant, cheaper, visible settlement, enhancing liquidity, global expansion, talent payments and customer trust, while reducing failed transfers, the report said.
Price-Action
XRP found strong selling pressure at the $2.21 resistance level, failing to mount a sustained recovery, according to CoinDesk Research's technical analysis model. A notable support zone emerged near $2.11, with high-volume buying during the 03:00 hour preventing further downside.
Recent consolidation between $2.13 and $2.14 suggests potential stabilization, though the pattern of lower highs indicates sellers remain in control.
In the final trading hour, XRP formed a higher-low pattern around $2.135, signaling potential short-term support.
However, the token also faced resistance at $2.144-$2.145, forming a tight range that traders will be watching closely for the next breakout or breakdown.
Technical Analysis Recap
- XRP dropped 5.7% from $2.20 to $2.14 over the past 24 hours.
- A price range of $0.13 (5.9%) was observed between a high of $2.22 and a low of $2.09.
- Significant resistance formed at $2.21 during the 16:00 and 22:00 hours, triggering heavy selling.
- Strong buying at $2.11 during the 03:00 hour prevented further downside.
- Recent consolidation between $2.13 and $2.14 suggests potential stabilization, though lower highs persist.
- A higher low at $2.135 formed in the last hour, with resistance at $2.144-$2.145 capping any rebound.
- XRP closed the session at $2.137, indicating consolidation after a volatile day.
- As XRP navigates the crosswinds of macroeconomic tensions and technical headwinds, traders will be closely watching for any signs of sustained support or further breakdown.
AAVE has demonstrated remarkable resilience in the face of global market turbulence, rebounding from a 15% price drop over four days as buyers stepped in to capitalize on DeFi’s growing momentum.
The protocol’s price climbed from $240 to above $250, buoyed by expanding tokenized yield markets that are drawing increased institutional and retail interest.
The price action comes as global trade tensions and new tariff uncertainties — including reports of China violating its trade agreement with the U.S. — injected volatility across risk assets.
Despite these headwinds, the DeFi sector is showing renewed strength, with total value locked (TVL) surging to $178.52 billion. AAVE remains a key leader in the space, commanding a TVL of $25.41 billion.
News Background
- A key driver of AAVE’s recent rebound has been its integration with Pendle’s tokenized yield markets, which saw new markets reach their supply caps within hours of launch, underscoring the strong demand for yield-generating products in the DeFi ecosystem.
- The Ethereum Foundation (EF) borrowed $2 million in GHO, Aave’s decentralized stablecoin pegged to the U.S. Dollar, earlier this week.
- This move, facilitated by supplying ETH as collateral, highlighted EF’s strategy of leveraging its crypto holdings to fund operations while supporting Aave’s protocol.
- Aave’s GHO stablecoin is fully overcollateralized within the Aave ecosystem, with EF’s loan backed by 1,403,519.94 Gwei of ETH (valued at $0.01 in the transaction).
- Interest payments on this loan support Aave’s DAO treasury, reinforcing a community-driven financial model that incentivizes participation and governance.
- Aave’s lending dominance is underscored by its 45% market share from January 2023 to May 2025, according to IntoTheBlock data.
- This figure highlights Aave’s steady recovery from the 2023 DeFi dip and cements its status as the largest decentralized lending protocol by volume and activity.
Technical Analysis Recap
- AAVE established a high-volume support zone around $242.70 during the 16:00-17:00 and 01:00-02:00 hours, attracting strong buying with volumes exceeding 90,000 units.
- A bullish ascending triangle pattern formed, with higher lows indicating accumulation despite recent resistance.
- After peaking at $255.96 at 20:00, AAVE set resistance at $253.75 before stabilizing at $248-$250.
- A notable volume spike between 07:51-07:52 coincided with a sharp rise from $248.98 to $249.82, creating a new resistance level.
- A cup-and-handle pattern formed, with the handle developing between 07:56-08:00, suggesting accumulation after the recent pullback.
- Short-term consolidation near $249, coupled with increasing volume on upward moves, hints at potential bullish momentum building for a test of $250 resistance.
As DeFi yield markets continue to expand, AAVE’s ability to integrate new products and sustain high-volume support levels positions it as a key player in the sector’s growth — despite the broader market’s macroeconomic challenges.
Binance Coin (BNB) dropped nearly 4% over the past 24 hours, rattled by renewed global trade tensions and broad market volatility that overshadowed positive regulatory news.
The token fell from $672.53 to a low of $646.27, with selling accelerating during high-volume trading hours as traders reacted to macroeconomic developments.
News Background
- President Trump’s announcement of new tariffs on Canada and Mexico reignited fears of a trade war, sending shockwaves across financial markets.
- The crypto market wasn’t immune, with BNB underperforming despite the SEC’s voluntary dismissal of its lawsuit against Binance and founder Changpeng Zhao.
- That case, which had alleged Binance facilitated trading of unregistered securities, had hung over the exchange for nearly two years.
- BNB Chain saw an active week with BSC recording 1.93 million daily active users and opBNB surpassing 2 million. Total weekly trading volume hit $69.75B, while TVL stands at $10.5 billion.
- Key projects launched include UpTop (DeFi), Volare Finance (options trading), and WeApe by Wello (stablecoin payments).
- The chain also launched an incentive program for real-world assets, went live with its AI Bot, and activated the Maxwell Hardfork on testnet for faster block times.
- The BNB AI Hack announced winners for its latest batch, and the Featured Activities Series now offers upward of $60,000 in rewards on DappBay.
Price-Action
Technically, BNB established a high-volume resistance zone around $669.68 after repeated failures to sustain bullish momentum. A second wave of selling hit during the midnight hour, with volume spiking to 81,409 units as prices broke below the $650 support level. Although BNB has managed a modest recovery from its cycle lows, forming potential support between $646-$648, the overall trend remains bearish with lower highs and lower lows.
Technical Analysis Recap
- BNB fell from $672.53 to $646.27, a 3.91% decline over the 24-hour period.
- Most dramatic selling occurred at 16:00 with volume spiking to 100,471 units, establishing key resistance at $669.68.
- Additional selling pressure hit at midnight, with volume reaching 81,409 units as prices fell below $650.
- A modest support zone formed between $646-$648, though the broader trend remains bearish.
- The hourly chart shows higher lows forming an ascending support trendline, suggesting a short-term bullish attempt that could stall further downside.
As global trade tensions weigh on risk assets, BNB’s resilience will be tested as traders weigh regulatory clarity against macroeconomic headwinds.
Solana (SOL) fell more than 5% over the past 24 hours, rattled by geopolitical tensions and waning memecoin activity on its network.
The token dropped from $163.72 to a low of $154.99 as a combination of market uncertainty and declining network revenue put pressure on its price.
The decline coincides with a broader crypto market correction triggered by the U.S. Court of International Trade’s reversal on Trump’s tariff suspension, which reignited trade concerns and spooked investors.
Memecoin revenue from the once-popular Pump.fun platform has also nosedived since early April, weakening one of Solana’s key transaction drivers.
News Background
- Solana Labs on Friday introduced the Solana AppKit, an open-source React Native toolkit designed to let developers build iOS and Android apps on the Solana blockchain in about 15 minutes.
- The kit integrates 18+ protocols, including embedded wallets powered by providers like Privy, Dynamic, and Turnkey, and supports Mobile Wallet Adapter for Solana Mobile.
- It also offers direct swaps and copy trading features, powered by Jupiter Exchange, along with integrations from Raydium and Pump.fun, aiming to boost app functionality and user engagement within the Solana ecosystem.
Price-Action
Technical analysis shows SOL forming a double-top pattern near $184.50, breaking below key Fibonacci support levels.
The SOL/ETH trading pair also collapsed below a rising wedge, with some analysts warning of a potential 40% drop relative to Ethereum if network activity fails to recover.
Standard Chartered added to the caution, suggesting that unless Solana can diversify beyond memecoins, its price could continue to underperform. Meanwhile, long liquidations have increased, contributing to the bearish pressure.
Despite these headwinds, some traders remain optimistic, noting that SOL is still within a broader bullish structure if it can hold the $150-$160 support range.
A sustained hold at these levels could pave the way for a potential recovery toward $200, though failure to do so may trigger further declines toward lower support zones.
Technical Analysis Recap
- SOL dropped from $163.72 to $154.99, a 5.33% decline over the past 24 hours.
- Price action highlighted increased volatility, with an overall range of $11.87 (7.24%).
- A key resistance level was established at $161.84 during a heavy sell-off at 16:00, accompanied by above-average volume (2.52M).
- Support emerged at $152.37, with high-volume buying (1.81M) at 01:00.
- The pattern of lower highs and lower lows underscores the ongoing bearish trend.
- Recovery attempts were modest, with SOL needing to reclaim $157 for short-term momentum.
- A local bottom formed at $154.37 at 07:17, followed by a small rally to $155.36.
- Strongest buying pressure was recorded at 07:54 with a volume spike of 10,295 units.
- Price retraced to $154.97 in the final minutes, suggesting a possible short-term support zone.
As traders weigh Solana’s next move, the market will be watching closely to see if the token can hold above critical support levels or if bearish momentum will push prices lower.
Crypto markets saw a wave of liquidations in the past 24 hours as bitcoin (BTC) prices slipped under $104,000, triggering over $600 million in forced closures of bullish futures positions to mark the highest losses since February.
A total of $688 million in liquidations hit traders, with 89% of them on the long side — reflecting a heavily bullish market. The largest single liquidation order was a $12.25 million BTC/USDT on OKX, Coinglass data shows.
Bitcoin-tracked futures led losses at over $153 mmillion, followed by Ethereum (ETH) at around $122 million. Solana (SOL) faced liquidations totaling about $33 million, XRP futures at $30 million, and Dogecoin (DOGE) futures at over $22 million.
"Markets went red on Friday on renewed tariff-related apprehensions," said Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk.
U.S. President Donald Trump accused China of violating a bilateral trade deal, prompting him to double tariffs on steel and aluminum to 50% to protect domestic industries. He claimed China reneged on a May agreement to ease trade tensions, adding that he might discuss the matter with President Xi.
While China is a top steel exporter, most of its steel is already subject to existing tariffs, per Reuters. Trump’s move rattled global trade markets, with potential implications for key minerals and overall relations between the two nations.
The broader crypto market was also swept by the sell-off, with Ether down nearly 4%, XRP and Solana falling around 4-5%, and Dogecoin diving over 8% on the day.
Data from Deribit shows open interest in Bitcoin futures has surged 51% since April, with options up 126%, signaling increasing investor appetite for leverage. But whales — large holders with more than 10,000 BTC — have shifted from accumulation to net selling, sending coins back to exchanges in a classic sign of profit-taking.
A cascade of liquidations often indicates market extremes, where a price reversal could be imminent as market sentiment overshoots in one direction. Still, the renewed tariff flare-up, combined with a jittery derivatives market, has traders bracing for more volatility ahead.
Cryptocurrencies started the weekend in red with Dogecoin (DOGE) down over 8% to lead losses among majors and Pepe (PEPE) shedding 12%.
Bitcoin fell over 2% to under $104,000 and traded just over $103,600 in Asian afternoon hours Saturday, while the CoinDesk 20 index slumped 4.2% in the past 24 hours.
Ether (ETH) fell nearly 4%, xrp (XRP), BNB Chain (BNB), Cardano’s ADA and Solana’s SOL showed losses between 2-5%. Cronos Network’s CRO was the only gainer in the top 100 tokens with a 12% on no immediate catalyst.
Analysts attributed the downturn to renewed U.S.-China trade tensions.
"Markets went red on Friday on renewed tariff-related apprehensions," said Alex Kuptsikevich, chief market analyst at FxPro, told CoinDesk in an email. “President Trump accused China on social media of violating the recent trade truce, while Treasury Secretary Scott Bessent admitted in an interview that talks with Beijing had stalled.”
The derivatives market also pointed to increasing investor caution. Open interest in Bitcoin futures is up 51% since April, while options have ballooned by 126%, according to data from Deribit.
Whale wallets, which had been accumulating Bitcoin throughout the year, recently shifted to net selling, sending coins back to exchanges — a classic sign of profit-taking.
"Bitcoin’s local support looks solid around $103K for the coming days," Kuptsikevich said. However, with tariff headlines rattling markets and whales taking risk off, traders are bracing for more volatility, he added.
A senior Democrat in the House of Representatives, Jamie Raskin, joined his name to lawmakers seeking answers about President Donald Trump's recent dinner for top investors in his memecoin, sending questions directly to Trump.
Raskin, the ranking Democrat on the House Judiciary Committee, has been a vocal critic of the president and becomes the latest of many from his party to probe details about the event, which they've called out as evidence of White House corruption. Because Raskin is in the minority party, his demands are unlikely to lead to further congressional action unless they regain the House or Senate in next year's elections.
"I write today to demand that you release the names of all the attendees at this dinner and provide information about the source of the money they each used to buy $TRUMP coins, so that we can prevent illegal foreign government emoluments from being pocketed without congressional consent," Raskin wrote this week to the president, joining many counterparts in the Senate in seeking the information, including Senators Elizabeth Warren, Chris Murphy and Richard Blumenthal.
"We deserve to know who is paying for access to our president, and what steps you took to ensure that the funds you receive are legitimate and legal, rather than the proceeds from foreign states or monarchs or illegal activities," Rasking said, specifically highlighting Tron founder Justin Sun, a guest who was a major early investor in Trump's family crypto operations.
Read More: Democrats Threaten Lawsuits, Join Protests Ahead of Trump Memecoin Dinner
The FTX Recovery Trust will begin distributing over $5 billion in cash and stablecoins to creditors starting on Friday, with funds expected to land in accounts within the next three business days via BitGo and Kraken.
And there’s a chance this wave of repayments will help lift the crypto market, analysts at Coinbase wrote in a report on Friday.
It’s the second major round of repayments following the exchange’s collapse. The first, which began on Feb. 18, returned roughly $7 billion to creditors with claims under $50,000. That did little to lift broader crypto markets at the time, which remained under pressure from macro headwinds.
This latest wave of distributions comes as investor sentiment has shifted, the analysts said. Payments will arrive in stablecoins, offering recipients immediate on-chain liquidity, instead of cash and crypto. That could influence whether the funds are reinvested.
There’s also a broader sense of optimism in crypto markets, thanks in part to a rally in major assets and increased political clarity around regulation. Institutional players, in particular, may feel more comfortable acting on incoming funds, especially as Congress moves closer to passing legislation that would define the roles of U.S. regulators overseeing digital assets.
The federal judge overseeing Roman Storm's prosecution declined to order the Department of Justice to review its records for any materials it might have missed that would help the Tornado Cash developer at the end of a 30-minute hearing Friday morning, though she told the government it should not have any disclosure issues.
Judge Katherine Polk Failla also ruled that there were no Brady violation concerns with the Department of Justice's conversations with the Financial Crimes Enforcement Network (FinCEN) about whether mixers needed to register as money transmitters — the conversation that prosecutors pursuing Samourai Wallet developers had with FinCEN officials, but not the prosecutors on Storm's case — one of the DOJ representatives said in the phone conference on Friday.
If the judge had found that prosecutors had withheld information, it could affect the case moving forward.
"I'm not going to require a further review based on the representations made that there's no additional material of this type, and based on my views that I don't believe the material was exculpatory," she said.
"There's a difference between 'this is something I'd like to know' and 'this is a Brady violation,'" the judge said, referring to a Supreme Court precedent that requires prosecutors to share any and all information that might help a defendant with the defendant's team.
Storm's defense attorneys argued during the hearing that they needed to know when the prosecutors in their case learned about the FinCEN conversation.
"They do plan to say they're charging a conspiracy to operate an unlicensed money transmitter," said defense attorney Brian Klein. "My question is who are they supposed to be licensed with? … this is all in the same issue. They've only dropped one subpart … but they're still going to say they're charging an unlicensed money business."
Thane Rehn, a prosecutor who worked on the DOJ case against Sam Bankman-Fried, said that his team wouldn't argue that Tornado Cash needed to secure a license.
"The word 'license' doesn't apply here and the jury won't be instructed on licensing issues … what we intend to prove at trial is the defendant knew they were transmitting funds derived from criminals," he said.
The judge did at multiple points ask the prosecutors if they planned to change any other theories or charges in the weeks leading up to the trial, saying doing so might be unfair to the defense. The trial is supposed to kick off in less than two months.
Read more: DOJ Will Still Pursue Roman Storm Case Despite Blanche Memo, Prosecutors Say
Markets went red on Friday on renewed tariff-related apprehensions.
Bitcoin BTC is down 2.1% in the last 24 hours, trading just above $104,000 after briefly hitting a session low of $103,900. The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, except for stablecoins, memecoins and exchange coins — slumped even further, by 4.2%.
Smart contract platforms were particularly affected, with solana SOL, sui SUI and avalanche AVAX losing 6.3%, 7.8% and 7.3% respectively.
Crypto stocks also took a hit, especially bitcoin mining firm Bitdeer (BTDR), down 8.3% on the day after a run-up that saw the stock rise 132% from April 16 to May 21. Strategy (MSTR) slid 2.7%, and Coinbase (COIN) 1.3%.
The bleeding wasn’t contained to crypto. The S&P 500 and Nasdaq are down 1% and 1.5% respectively, while gold lost 0.7%.
U.S.-China tariff clash: Round 2?
Behind the price action was the flare-up of U.S. trade tensions once again after an agreement was struck earlier this month. The concerns came after President Donald Trump accused China in a post on Truth Social of "violating" the tariff truce between the countries.
Meanwhile, Treasury Secretary Scott Bessent said in a Fox News interview that talks had "stalled" with the Chinese representatives.
China, in response, urged the U.S. to "immediately correct its erroneous actions, cease discriminatory restrictions," BBC reported.
The cool-off between U.S. and China helped risk assets rally in May, providing a tailwind for BTC to clinch a new record high. The re-escalation now threatens to unwind some of those gains.
Read more: Bitcoin Whales Seem to Be Calling a Top as BTC Price Consolidates