"XRP Ledger Halts: Ripple's CTO Sees Trump's Positive Regulation Amidst Market Correction"

The XRP Ledger, the blockchain technology behind the cryptocurrency XRP, experienced a temporary halt lasting approximately one hour. Ripple's Chief Technology Officer (CTO), Stuart Alderoty, responded to the incident, expressing confidence in the new administration under President Trump and the potential for positive regulation.

The halt in the XRP Ledger's operations comes amidst a broader market correction, with Bitcoin's price decline dragging down most altcoins. President Trump's announcement of new tariffs on Canada, Mexico, and China has fueled fears of rising inflation, while the U.S. Federal Reserve remains hesitant to cut interest rates in 2025.

Ripple's CTO, Stuart Alderoty, is optimistic about the new crypto task force led by SEC Commissioner Hester Peirce. He expects this to pave the way for positive regulation, potentially resolving the conflict between the U.S. financial regulator and the cross-border payment firm Ripple. However, the outlook for XRP's price remains negative, as it does for the rest of the altcoins in the top 30 tokens ranked by market capitalization.

Derivatives data from Coinglass shows that over $332 million in crypto derivatives were liquidated in the past 24 hours. More than $11 million in Solana derivatives positions were wiped out, with bullish bets suffering the most compared to bearish positions. XRP also saw a significant increase in options volume and open interest, reflecting the net value of all outstanding derivatives contracts. Over $14 million in derivatives positions were liquidated amid the market-wide correction.

On-chain data for XRP mirrors Solana's trends, with total open interest and traded volume declining over the past week. This is reflected in the spot market, where XRP prices continue to drop. Funding rates have remained negative for two consecutive days, suggesting derivatives traders are turning increasingly bearish.

Solana maintains its long-term upward trend even as SOL consolidates near key support above the $200 level. SOL could find support in the two imbalance zones between $190.11 and $198.47 and $169.39 to $185.84. Solana faces resistance at $218.90, the lower boundary of the imbalance zone. Technical indicators such as the relative strength index and moving average convergence/div