Daily Crypto Signals: Bitcoin Hits $98K While XRP Surges 5% on Brazil's ETF Approval

The cryptocurrency market showed mixed signals today as Bitcoin traded near $98,000, while XRP rallied 5% following Brazil's approval of the world's first spot XRP ETF, and Cardano gained 4% after ratifying its constitution.

Crypto Markets See Mixed Signals as Bitcoin Hovers Near $98K

The cryptocurrency market displayed mixed signals on Monday, with Bitcoin trading in a narrow range around the $98,000 level and showing limited price action. In other news, XRP rallied 5% following Brazil's approval of the world's first spot XRP ETF, while Cardano rose 4% after ratifying its constitution. Here's a closer look at the latest crypto market developments.

Crypto Market Highlights

Major crypto assets exhibited varying momentum on Monday, with Bitcoin showing signs of low volatility as it hovered around the $98,000 price point amid declining inflows into spot ETFs. XRP led the gains, surging to highs of $2.67 after Brazil's historic approval of the Hashdex Nasdaq XRP Index Fund, the world's first spot XRP ETF. Meanwhile, Cardano's governance milestone drove its price above the $0.79 level.

Three key developments shaped the crypto landscape on Monday. In Argentina, President Javier Milei's U.S. diplomatic trip was marred by the LIBRA memecoin scandal, with a token promoted by the president on social media reportedly leading to $251 million in investor losses following an alleged rug pull. The president and his team later attempted to distance themselves from the incident.

Within the Bitcoin ecosystem, Stacks co-founder Muneeb Ali issued a stark warning about Bitcoin Layer-2 projects, predicting that over two-thirds will fail within three years as the "honeymoon phase" ends. Notably, Ali's own project, Stacks, recently completed its Nakamoto upgrade, which now leverages 100% of Bitcoin's hash power for security.

In a significant regulatory victory for the crypto industry, the SEC voluntarily dismissed its appeal over the controversial broker-dealer rule. The dismissal, confirmed in a Feb. 19 filing to the Fifth Circuit Appeals Court, effectively ends a legal battle that could have granted the SEC broader jurisdiction over decentralized crypto protocols. Blockchain Association CEO Kristin Smith hailed this as a "complete and total victory" for the crypto industry.

Bitcoin ETF Inflows Keep Crypto Markets on Edge

As Bitcoin BTC/USD continues trading within a narrow range between $91,000 and $102,000, the broader cryptocurrency market remains on edge. With current net inflows at 41,000 BTC versus 100,000 BTC last year, Q1 2025 has seen a substantial decline in spot Bitcoin ETF inflows compared to Q1 2024. The 1-month basis of the CME Bitcoin futures at levels last seen in September 2023 indicates risk-averse market conditions.

After a 4.40% rebound from a recent range at $93,321, Bitcoin (BTC) encountered resistance at lower levels. As the price faced difficulties sustaining momentum above $97,000, trading volumes dropped to pre-election levels. Analysts observed that Bitcoin's close compression over the last 15 days resembles trends seen in August 2023, suggesting a potential breakout once the price crosses the crucial $98,000 resistance.

XRP Rallies 5%, Poised to Test $6 on XRP ETF Approvals

With a 5% daily gain and trading above $2.67, XRP XRP/USD outperformed the broader market on Monday. This surge follows Brazil's securities regulator (CVM) approving the Hashdex Nasdaq XRP Index Fund, the world's first spot XRP ETF. Rising trader interest was evident as the token's open interest surged by 18% last week to $4.11 billion. Technicals indicate potential for further gains, with traders watching the $3.40 level as the next key target.

Cardano Surges Past $0.79

Several positive developments drove Cardano's ADA/USD up by 4.4% to trade above $0.79 on Monday. The network recently ratified its constitution with 85% of the community, implementing a new governance structure. Notably, Cardano's DeFi ecosystem also saw a significant expansion, with total value locked (TVL) increasing by 22% over the last seven days to reach $383.7 million. Technicals suggest potential for further gains, with resistance levels between $0.90 and $0.98 presenting the next major hurdle.