Why Crypto is Going Up Today: Is Brazil’s XRP ETF and Pi Coin Driving the Surge?

By / / Crypto News, Daily News
Table Of Contents
  1. rypto Market Surge: What’s Driving Today’s Bullish Trend?
  2. 1. Brazil’s XRP ETF Approval Sparks Optimism
  3. 2. Pi Network’s Open Mainnet Launch: Pi Coin Is Now Tradable
  4. 3. Ethereum Reserves Drop to a 9-Year Low
  5. 4. Crypto Fear & Greed Index Shifts to Neutral
  6. Will the Crypto Rally Continue?

rypto Market Surge: What’s Driving Today’s Bullish Trend?

The crypto market is witnessing a fresh wave of momentum, with the total market cap hitting $3.21 trillion, marking a 0.90% increase in the past 24 hours. Despite a 19.23% dip in trading volume to $82.99 billion, investor sentiment is shifting positively.

So, what’s behind today’s crypto market pump? Let’s break down the key reasons.

1. Brazil’s XRP ETF Approval Sparks Optimism

One of the biggest drivers of today’s surge is Brazil’s approval of the world’s first spot XRP ETF. The Brazilian Securities and Exchange Commission (CVM) has given the green light to Hashdex’s XRP ETF, which will soon be listed on Brazil’s B3 exchange.

The excitement doesn’t end there—the U.S. SEC is currently reviewing spot XRP ETF applications from major firms like CoinShares and 21Shares. With Nasdaq already filing for a CoinShares XRP ETF and the SEC launching a 21-day public comment period, the possibility of an XRP ETF in the U.S. is gaining traction. This speculation has fueled XRP price action, contributing to the overall market upswing.

2. Pi Network’s Open Mainnet Launch: Pi Coin Is Now Tradable

The long-awaited launch of Pi Network’s Open Mainnet has also played a major role in today’s rally. As of February 20, 2025, at 08:00 AM UTC, Pi Coin is officially live and tradable on top exchanges like OKX, Bitget, Bitrue, HTX, and BitMart.

This milestone has excited the Pi Network community, with Bitget launching a $60,000 Pi airdrop to celebrate the event. With millions of Pioneers finally able to trade their Pi holdings, this event has added significant trading volume and bullish sentiment to the market.

3. Ethereum Reserves Drop to a 9-Year Low

Another key factor behind today’s crypto rally is Ethereum’s (ETH) supply crunch. Exchange reserves for ETH have plummeted to a 9-year low, with just 8.2 million ETH left on trading platforms.

A shrinking supply on exchanges often signals a liquidity squeeze, which can drive up prices. Technical indicators also suggest bullish momentum for ETH:

  • RSI (Relative Strength Index) has bottomed out, hinting3 that ETH may be oversold and due for a bounce.
  • MACD (Moving Average Convergence Divergence) shows a bullish crossover, reinforcing upward momentum expectations.

This has fueled speculation of an impending Ethereum price breakout, adding to the market’s overall bullish sentiment.

4. Crypto Fear & Greed Index Shifts to Neutral

The Crypto Fear & Greed Index, which measures investor sentiment, has shifted from 44 (Fear) yesterday to 49 (Neutral) today.

This shift suggests that traders are gaining confidence, leading to increased buying activity. While last month’s reading of 76 (Extreme Greed) indicated a potential market2 top, today’s neutral stance offers a more balanced opportunity for growth.

Will the Crypto Rally Continue?

Today’s surge is backed by real-world developments like Brazil’s XRP ETF approval, Pi Network’s launch, and Ethereum’s supply squeeze. While short-term corrections are always possible, these factors indicate strong fundamentals supporting the current market uptrend.

Keep an eye on regulatory developments, exchange listings, and macroeconomic trends to gauge whether this rally has more room to run! 🚀

Also Check:

Scroll to Top