Ripple, Bitcoin & Ethereum – European Wrap 13 February

Ripple’s XRP is up 2% in the early Asian session on Thursday following rising accumulation among investors and a potential bottom signal in the MVRV Ratio.

After the February 3 crypto market crash, XRP investors have largely switched towards accumulation in the past five days as buy-the-dip sentiment is becoming prevalent.

Twenty US states are proposing Bitcoin Reserves, with some advancing bills that could require $23 billion in BTC purchases, fueling massive demand.

A total of 20 US states are pushing for Bitcoin Reserves, with some proposals already moving forward. If these bills pass, they would require $23 billion in Bitcoin purchases, creating significant demand. This could also lead to state pension funds investing in BTC, further increasing pressure on supply. With Bitcoin already approaching a supply shock, even a few successful bills could send prices soaring.

Ethereum (ETH) could be set for increased demand in the coming months following Cboe BZX 19b-4 filing with the Securities & Exchange Commission (SEC) to enable staking for the 21Shares Core Ethereum exchange-traded fund (ETF).

In a 19b-4 filing, Cboe BZX Exchange proposed an amendment to permit staking for the 21Shares Core Ethereum ETF.