Tether (USDT) held its peg at $1.00 with a 24-hour volume exceeding $51.7 billion. USDC also remained stable, trading at $0.9998. The stablecoins continue to provide liquidity amid market shifts.
Several factors are influencing crypto market momentum today.
XRP vs SEC: One major development is Ripple’s decision to drop its . This move has sparked speculation that the SEC may vote to drop its case entirely during its closed-door meeting on July 3. If that happens, XRP could finally clear the path for a spot ETF and break past its key resistance at $2.3389.
Ethereum Accumulation at Peak: Ethereum is also in the spotlight after data revealed that 22 million ETH are now stored in inactive wallets. Despite trading around $2,400, Ethereum appears undervalued according to analysts. Whales now hold 27% of the ETH supply, indicating massive behind-the-scenes accumulation.
As analyst Lorniko put it, “Smart money (the whales) is accumulating Ethereum like never before.” The price has remained steady even as institutional inflows surge, suggesting a potential breakout if ETH crosses the $3,000 mark again.
Goldman Sachs on Fed Interest Cuts: A new signals that the US Federal Reserve is inching closer to interest rate cuts. This shift is being driven by softening labor data, reduced trade policy uncertainty, and speculation around leadership changes at the Fed. Easing interest rates typically boost risk assets like crypto, and the market is beginning to price in this pivot.
However, geopolitical tensions in the Middle East and fiscal risks still loom large. Any shocks from these fronts could quickly shift market sentiment. Currently, the dominant trend is one of bullish accumulation and growing institutional interest, particularly in Ethereum and large-cap altcoins.
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