XRP and PI rallied, rising 8.83% and 6.5% respectively, amid growing optimism around XRPâs ETF prospects and Pi Networkâs mainnet progress.
The crypto market is showing early signs of recovery, with Rippleâs XRP (XRP) up 8.83% and Pi Networkâs PI (PI) token gaining 6.5% on Wednesday, as Bitcoin (BTC) continues its climb toward the $95,000 level.
Part of the renewed attention around XRP may relate to recent comments from Teucrium CEO Sal Gilbertie, who spoke with Bloomberg about the tokenâs real-world applications.
Calling XRP a coin with the âmost utility out there,â Gilbertie contrasted it with Bitcoin, which he described as more of a store of value. Gilbertie, however, didnât really explain what he meant by âmost utilityâ but just stuck to praising the Ripple team, saying they act âlike investment bankers.â
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XRP/USDT price chart on a daily basis | Source: crypto.news
As of press time, XRP is up 8.58% and trading at $2.27 in the XRP/USDT pair, according to the crypto.news price tracking page.
Gilbertieâs comments come as his firm is preparing to launch a 2X Leveraged XRP ETF, a move that may explain the timing of his praise. While itâs unclear how much weight his remarks carried in driving the price, they align with a broader narrative emphasizing XRPâs potential beyond trading.
PI/USDT price chart on a daily basis | Source: crypto.news
Meanwhile, Pi Networkâs PI token continues its migration efforts, which may be fueling optimism around the token. The network is in the process of moving users to its open mainnet. According to Pi Networkâs blog announcement, over 12 million users have completed migration thus far. Amid the news, the price of PI in the PI/USDT trading pair jumped 6.5% to $0.66.
$BTC has now broken the Short-Term Holder realized price, or cost basis. Recently, we have highlighted this level as a benchmark for market sentiment and positioning. A sustained move above it often signals renewed confidence and can act as a springboard for further upside. https://t.co/cimESZlnBb pic.twitter.com/1w99mj0Suhâ glassnode (@glassnode) April 23, 2025
Bitcoinâs recent momentum may also be supporting sentiment across the market. As Glassnode analysts pointed out in an X post, BTC has now broken above the short-term holder realized price, which is often used as a key market sentiment benchmark. If Bitcoin stays above this level, it could signal renewed confidence and pave the way for further gains.
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AAVE token price has already jumped by over 132% from its lowest level in April, and a rare technical formation points to another 50% surge.Â
AAVE (AAVE), the biggest player in decentralized finance, continued doing well this week as the total assets in its network jumped to a record high.
According to its website, the total market size on Ethereum has soared to $33.5 billion, with those borrowed being $13 billion. The funds available to borrow have jumped to $20.45 billion.Â
AAVE has also been growing in other chains, like Base, Sonic, and Arbitrum. Its total market size on the recently launched Sonic has jumped to $383 million, while on Base hit $882 million this week.Â
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AAVEâs GHO stablecoin has also gained market share as its market cap jumped to a record high of $255 million.Â
Data showing that futures open interest soared to $550 million, the highest point this year, further supports the uptrend. Soaring open interest indicates that AAVE has adequate demand in the futures market.
As the chart below shows, AAVE has had a positive funding rate since May 6, a sign that investors anticipate its future price to be higher than the spot one.Â
AAVE funding rate chart | Source: CoinGlass
Its balances on exchanges have continued falling. CoinGlass data shows that 2.16 million coins are on exchanges, down from the year-to-date high of 2.72 million.
AAVE price technical analysis
AAVE price chart | Source: crypto.news
The daily chart shows that AAVE price has soared in the past few weeks. This rebound happened after it formed a falling wedge pattern, a popular bullish reversal sign.
It has now moved above the 50% Fibonacci Retracement level, while the Average Directional Index has moved to 40. An ADX figure of over 25 indicates that the trend is strengthening.Â
AAVE has formed a golden cross as the 50-day and 200-day moving averages cross each other. Therefore, the path of the least resistance for AAVE is bullish, with the next point to watch being the last November high of $400.
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Prediction market Polymarket has lowered the odds of Jerome Powell being removed as Federal Reserve Chair as Trump signals support.
According to Polymarket, the odds of Jerome Powell being removed as Federal Reserve Chair by 2025 are now 14%, down 9 percentage points in the last 24 hours. The shift follows a public statement from U.S. President Donald Trump, who confirmed he has âno intentionâ of firing Powell, despite prior tensions over interest rate policy, as reported by Reuters.
Trump added that he would prefer Powell to be âa little more activeâ in cutting rates but has no plans to replace him. This marks a sharp reversal from just a week ago when rumors circulated that Trumpâs administration was preparing to interview candidates to replace Powell.Â
These rumors intensified following Treasury Secretary Scott Bessentâs comments and reports of ongoing disagreements between Powell and Trump regarding monetary policy. Trump has been pushing for more aggressive rate cuts to offset the economic effects of his newly imposed tariffs.Â
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Powell, meanwhile, has advocated a cautious approach, resisting further cuts while also revising the Fedâs 2025 economic outlook downward. Polymarketâs updated odds reflect growing market confidence in Powellâs stability as Fed Chair. The news has helped ease concerns of leadership instability, often a source of volatility in both traditional and crypto markets.
The cryptocurrency market responded well to the news, coupled with Trumpâs softening stance on aggressive tariffs imposed on China. Bitcoin (BTC) surpassed $93,000, its highest level in weeks. The Crypto Fear and Greed Index is now in the âGreedâ territory after rising 25 points to 72, indicating a higher risk appetite among investors.
With 13 months remaining in Powellâs term, Trumpâs support has brought temporary calm to a previously heated debate. Market analysts say continued clarity from the White House on economic policy will be key to maintaining investor confidence in the coming months.
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