XRP (XRP) is down roughly 64% from its July 2025 multi-year high, but several onchain and technical indicators suggested the altcoin was due for a “strong price rebound.”

Key takeaways:

• XRP’s MVRV ratio fell to -47%, a level historically linked to strong market rebounds and accumulation.
• XRP Ledger transaction spikes suggest rising network activity and a possible macro price floor near $1.30-$1.50.
• XRP’s bullish falling wedge pattern projects a 134% price breakout to $3.10.

MVRV ratio: XRP is in an “extreme undervalued” zone

XRP’s market value realized value (MVRV) ratio, or the market cap divided by the realized cap, has dropped to levels that have historically aligned with accumulation zones and market bottoms.

The chart shows that XRP’s 30-day MVRV has now fallen to -47%, its lowest level since December 2020.

Related: XRP price risks 50% drop despite 9-day ETF inflow streak

This suggests that fear and frustration among investors have “reached rare extremes that have historically preceded strong rebounds,” onchain data provider Santiment said in a Tuesday post on X, adding:

“Historically, MVRV’s (average trading returns) will always average out to 0%, making this current level an extreme undervalued zone for $XRP. ”

XRP MVRV ratio. Source: Santiment

Deeply negative MVRV readings tend to appear when retail traders have largely given up, creating conditions where even small positive catalysts can trigger strong rallies.

While weak MVRV readings alone do not guarantee complete trend shifts, they “often signal that the majority of panic selling has already occurred and downside risk becomes more limited compared to potential upside,” Santiment added.

Meanwhile, XRP’s MVRV Z-score is hovering near zero, a level that historically aligns with accumulation zones and market bottoms, according to data from Glassnode.

XRP MVRV Z-score vs. price. Source: Glassnode

The last time XRP’s MVRV Z-score fell to similar levels in late 2024, it coincided with a macro market bottom at $0.30 before a rally of 500% to a multi-year high above $3. The gains were 215%, 94% and 1,050% in 2023, 2022 and 2021, respectively.

Analyst: XRP price “creating stable macro floor”

The XRP Ledger saw a massive transaction volume spike in April, suggesting that “deep ecosystem activity and accumulation are quietly building beneath the surface,” CryptoQuant analyst TopNotchYJ said in a Monday Quicktake note. 

“Massive, vertical spikes in transaction counts serve as early network leading indicators, predating explosive price expansions,” the analyst added.

In November 2019, a surge in transaction count preceded the 2021 rally from $0.15 to $1.79 (nearly 1,200%). A similar dynamic played out in July 2024, with a gain of 600% to its eventual cycle peak of $3.17 in mid-2025 from $0.50.

XRP is currently consolidating within the crucial $1.30–$1.50 accumulation zone, and the massive network spikes suggest that the price is “creating a stable macro floor,” the analyst said, adding:

“If history repeats and this current consolidation solidifies into a launchpad, a conservative 5x macro projection positions XRP’s next major target area between $7.50 and $8.00.”

XRP Ledger transaction count. Source: CryptoQuant

As Cointelegraph reported, other key XRP Ledger metrics, such as record whale wallet and monthly transaction counts, suggest that the XRP/USD pair was primed for a strong upward move. 

XRP falling wedge breakout targets $3.10

XRP price action is trading within a falling wedge pattern on the weekly chart, a structure typically associated with bullish reversals after a prolonged downtrend.

The price has been compressing between two descending trendlines since July 2025, with the lower boundary now being key support near the $1.30 psychological level

XRP/USD weekly chart. Source: Cointelegraph/TradingView

Meanwhile, the weekly relative strength index (RSI) has recovered from oversold conditions, suggesting that sellers are losing momentum. Historically, similar RSI conditions have preceded strong rebounds in XRP.

For example, XRP rallied as much as 660% between July and December 2024 following the RSI’s recovery from near oversold conditions. The gains were 95% in mid-2022.

A confirmed breakout above the wedge’s upper trend line at $1.50 could open the way for a run toward the measured target of the prevailing chart pattern at $3.1, about 134% above the current price. 

As Cointelegraph reported, buyers will have to break and sustain the XRP price above the $1.40-$1.60 resistance zone on the daily chart to confirm a long-term trend shift.

Block’s Cash App has quietly begun rolling out its highly anticipated stablecoin payment feature, a source familiar with the matter told CoinDesk Wednesday. According to this individual, the feature is now active for 25% of Cash App’s nearly 60 million users, with plans to scale to 100% by the end of the week.

Block did not immediately respond to a CoinDesk request for comment.

The launch marks an unprecedented ideological shift for Block’s leadership and changes how the platform handles digital fiat currency.

The source familiar with the matter said that integrating alternative blockchain rails indicates Block CEO Jack Dorsey, a historically staunch bitcoin maximalist, has changed his mind and now sees tangible value in these non-BTC networks.

As of this week, the total market value of stablecoins has reached a record $322 billion, surpassing the foreign exchange reserves of 95 countries, including developed economies like the United Kingdom and Canada.

The integration of a stablecoin payment method was first announced on the Cash App website late last year, saying it would be available in 2026.

Dorsey explained his shift in stance in March. The bitcoin purist announced his firm was reluctantly giving into stablecoins. “I don’t like that we’re going to support stablecoins but our customers want to use them,” he said. “I don’t think it’s wise to go from one gatekeeper to another.”

For years, Dorsey framed Block’s crypto strategy around Bitcoin alone, backing mining hardware development and integrating the asset into products such as Cash App.

The newly-released integration treats stablecoins strictly as a payment method rather than investment infrastructure, according to a statement on the Cash App website.

Users can deposit Circle’s USDC stablecoins from external accounts to fund their fiat Cash App balance or withdraw funds as stablecoins to external accounts, utilizing the blockchain entirely as a modern transaction rail.

According to official product documentation, the feature supports USDC across four networks, including Solana, Ethereum, Polygon, and Arbitrum. Because these blockchain transactions are entirely irreversible, any funds sent to incorrect addresses or unsupported networks will be permanently lost.

To use the feature, which is currently unavailable in New York and on sponsored accounts, identity-verified users face strict caps: a $2,000 daily ($5,000 weekly) sending limit and a $10,000 weekly receiving limit.

Bitcoin has fallen more than 3% over the past 24 hours as traders reacted to renewed Middle East tensions, persistent ETF outflows, and a fresh rejection below a major technical resistance zone.

According to data from crypto.news, Bitcoin (BTC) price dropped from around $77,880 to nearly $75,220 overnight before recovering slightly toward $75,700 during early Asian trading hours on May 27.

Market sentiment deteriorated after reports emerged that the United States launched airstrikes near the Strait of Hormuz, escalating tensions with Iran and raising fears of disruptions across global energy markets.

Oil prices moved higher following the strikes, reviving concerns that inflation could remain elevated after hotter-than-expected U.S. CPI and PPI data earlier this month.

Traders increasingly expect the Federal Reserve to delay rate cuts, a scenario that has weighed on liquidity-sensitive assets, including cryptocurrencies. Gold advanced during the session while Bitcoin failed to hold above the psychologically important $76,000 level.

The geopolitical backdrop intensified after Iran introduced “Hormuz Safe,” a Bitcoin-denominated maritime insurance system designed to facilitate trade settlement outside traditional banking rails.

The U.S. Office of Foreign Assets Control warned that the platform could violate sanctions rules, while Iranian officials threatened retaliation after the airstrikes. At the same time, Israeli military operations expanded in southern Lebanon following the collapse of a temporary ceasefire extension earlier this month.

Spot Bitcoin ETF flows also weakened during the latest correction. Several U.S.-listed products recorded net outflows across recent sessions as institutional demand slowed after Bitcoin’s failed rally toward $82,000 earlier this month.

In a May 26 X post, Alex Thorn, head of research at Galaxy Digital, said the market still has “a lot of supply to absorb” near current levels as previous-cycle holders continue selling into rallies.

Thorn added that nearly 4.45 million BTC likely changed hands since the Oct. 10, 2025, flash crash, with a large share of coins originating from wallets that last moved Bitcoin above $103,600.

According to Galaxy’s data, roughly 36% of the supply transferred during that period came from holders with cost bases below $66,000, including dormant wallets inactive since before the FTX collapse in November 2022.

Meanwhile, BlackRock’s iShares Bitcoin Trust ETF drew attention after a reported $1.29 billion block trade earlier this month. Thorn said the transaction may suggest that some institutional investors have reduced exposure while Bitcoin remains far below its all-time high near $124,000.

Bitcoin remains trapped between liquidity clusters and key resistance levels

The daily chart shows Bitcoin losing momentum after breaking below an ascending parallel channel that guided price action higher through April and early May. The breakdown followed repeated rejections near the upper boundary of the structure, where sellers defended the $82,000 area aggressively.

Fibonacci retracement levels drawn from the February low near $59,988 to the May rebound high near $98,051 place immediate support around the 0.382 level at $74,528. The 0.5 retracement near $79,020 now acts as short-term resistance, while the 0.618 level at $83,511 aligns closely with the bullish target zone many traders continue to monitor.

The 200-day simple moving average near $80,169 has also capped upside attempts during the past several sessions. Bitcoin briefly pushed above the average earlier this month before sellers regained control and forced the price back below the indicator. The 50-day moving average has started turning lower as short-term momentum weakened following the rejection near $82,000.

Weekly chart structure presents additional pressure for bulls. Bitcoin remains well below the cycle high near $124,000 posted earlier this year, while weekly MACD readings continue to print negative momentum despite the rebound from the $60,000 region.

RSI readings near 45 have yet to return above bullish territory, leaving the market without a confirmed higher-timeframe trend reversal.

Derivatives positioning also points to elevated volatility around current levels. CoinGlass liquidation heatmaps show dense clusters of leveraged short positions sitting between $77,800 and $78,500, with additional liquidity stacked near the $80,000 and $81,000 levels. These zones have repeatedly attracted price during intraday moves as market makers hunted leveraged positioning on both sides.

Below the current price, major liquidation pools remain visible near $74,000 and between $72,000 and $73,000. Bitcoin’s inability to reclaim higher liquidity zones after several attempts has increased the risk of another sweep lower should support near $75,000 fail during the coming sessions.

In a May 26 post on X, crypto analyst Crypto Candy said Bitcoin continues to hold above a key demand zone despite the recent sell-off.

“So far, not much has changed in the BTC scenario. It’s still holding above the demand zone of 76k-74k and trying to rebound. As long as this zone sustains, we still expect BTC to reach the 83k-85k area. This bias is invalid once it closes below the demand zone,” said the analyst.

Meanwhile, analyst BitcoinHyper outlined a more cautious short-term scenario, suggesting Bitcoin could be forming an ABC corrective structure after the recent rejection near $82,000. According to the analyst, BTC could first rebound toward the $79,000 area before another leg lower potentially drives the price toward $71,000.

A breakdown below $74,000 could expose lower support zones

A decisive move below the current demand zone would weaken the remaining bullish structure across both daily and weekly timeframes. Traders continue watching the $74,000 region closely because it aligns with the lower boundary of recent consolidation, the 0.382 Fibonacci retracement level, and a major concentration of leveraged long positions.

Further downside could expose Bitcoin to a move toward the March accumulation area near $68,900, where the 0.236 Fibonacci retracement currently sits. Historical volume profiles also show heavy spot activity around that range following the February liquidation cascade earlier this year.

Open interest across Bitcoin perpetual futures contracts has also stayed elevated despite the latest correction. Traders continue using high leverage around local support and resistance zones, increasing the probability of sharp liquidation-driven moves if volatility expands during upcoming macro events or geopolitical headlines.

For now, Bitcoin remains stuck between heavy resistance near $78,000-$80,000 and fragile support around $74,000-$75,000. Until one side breaks decisively, traders are likely to remain focused on liquidity sweeps, ETF flow data, and macro headlines rather than long-term directional conviction.

Robinhood (HOOD) is giving retail traders a new way to automate investing: letting artificial intelligence make decisions and place trades on their behalf.

Customers can now connect third-party AI agents to Robinhood accounts to manage trading activity and even complete purchases through virtual credit cards, Robinhood announced Wednesday. The rollout includes two products, Agentic Trading and the Agentic Credit Card.

The tools effectively turn AI assistants into automated financial operators that can monitor markets, rebalance portfolios or execute strategies without requiring constant attention from the customer.

A trader who wants exposure to artificial intelligence stocks could instruct an AI agent to build and maintain a portfolio focused on the sector. Another user could ask an agent to automatically buy oversold stocks based on a predefined trading strategy.

Automated AI trading

The company said users will also be able to automate purchases through AI-connected virtual credit cards. Customers can direct agents to monitor prices for products or complete purchases once certain conditions are met.

Robinhood is pitching the tools as a way to reduce the amount of time customers spend researching investments or tracking deals manually.

The new products mark clear examples of AI-driven financial automation moving from hedge funds and institutional trading desks into mainstream retail investing apps.

Until now, automated AI trading systems have largely been confined to Wall Street firms with dedicated risk-management teams and quantitative trading infrastructure. Robinhood’s move opens those capabilities to smaller investors using consumer-grade AI tools.

That shift also raises questions about how much control retail users should hand over to autonomous systems, especially in volatile markets.

Robinhood said it designed the products with several guardrails. AI agents operate through separate trading accounts with access limited to only the funds customers allocate. Users receive notifications whenever trades occur and can disable agents instantly.

The company also added spending controls and optional manual approvals for AI-driven purchases.

Initially, Agentic Trading will support stock trading only while it remains in beta. Robinhood said support for options, crypto and futures trading is planned later.

HOOD shares climbed 1.5% to $75.20 during the U.S. morning on Wednesday’s following the announcement.

Crypto-backed political groups have strengthened their position in Texas after several candidates supported by industry-funded PACs secured victories in key primary runoff races.

According to Texas primary runoff results released Tuesday, Texas Attorney General Ken Paxton defeated four-term Senator John Cornyn in the Republican Senate runoff and will now face Democratic state Representative James Talarico in November’s general election.

In Houston’s 18th Congressional District, Democrat Christian Menefee defeated longtime Representative Al Green after Republican-led redistricting placed both incumbents in the same district. The result removed one of Texas’s senior Democratic lawmakers from the House race.

Federal Election Commission filings showed that Protect Progress, an affiliate of the crypto-backed Fairshake PAC, spent about $5 million supporting Menefee while directing another $2.8 million toward advertisements opposing Green. Fairshake, which receives backing from crypto firms including Ripple and Coinbase, reported holding roughly $193 million in cash ahead of the 2026 election cycle.

At the same time, Fellowship PAC, which receives funding from financial services firm Cantor Fitzgerald and crypto custodian Anchorage Digital, spent nearly $500,000 backing Paxton in the Senate contest.

Crypto PAC spending reshapes Texas congressional races

Prediction markets heavily favored the crypto-supported candidates before election day. Data from Kalshi gave Menefee roughly a 91% probability of victory, while crypto-based platform Polymarket posted similar odds. Betting activity tied to the Paxton-Cornyn race exceeded $16 million, according to market data cited by crypto.news.

Green had become a major target for crypto advocacy groups after opposing several industry-backed bills in Congress. Congressional voting records show he voted against the GENIUS Act stablecoin bill and the Clarity Act, both of which are central to ongoing negotiations over US digital asset regulation.

Crypto advocacy organization ‘Stand With Crypto’ assigned Green an F grade because of his opposition to crypto legislation, while Menefee received a favorable rating from the group for supporting digital asset innovation policies.

During remarks on the House floor, Green accused Menefee of benefiting from crypto industry funding. Green said he remained “unbought” by crypto money and criticized Fairshake’s involvement in the race. His comments came after the Blockchain Leadership Fund, supported by Anchorage Digital and Chainlink Labs, endorsed Menefee’s campaign.

Meanwhile, Fairshake’s Republican affiliate, Defend American Jobs, supported several Republican candidates who also won their runoff races, including Alex Mealer, Jon Bonck, Tom Sell and Carlos De La Cruz.

Congress continues work on crypto legislation

The Texas runoff outcomes arrive as lawmakers in Washington continue debating legislation that would establish rules for digital asset markets and stablecoin issuers.

Crypto.news previously reported that Congress is working through a compressed legislative schedule ahead of the 2026 midterm elections, with lawmakers considering the Clarity Act alongside the GENIUS Act. The publication also reported on proposed Treasury Department anti-money laundering requirements for stablecoin issuers under the GENIUS framework.

Bitcoin policy advocate Dennis Porter commented on Menefee’s victory after the results became clear. Porter described the race as an example of a pro-crypto Democrat defeating a long-serving lawmaker who opposed the industry.

China’s Supreme People’s Court (SPC) has signaled a broader initiative to standardize how digital economy disputes are adjudicated, with new research focused on rulings for virtual currencies and cross-border finance. The move aims to produce clearer judicial guidelines that can handle a rising tide of crypto- and AI-related cases, according to Liu Guixiang, a member of the SPC Judicial Committee. He told Yicai that the court would study adjudication rules for these evolving areas and, as soon as possible, formulate interpretations governing civil compensation in cases such as insider trading and market manipulation.

In addition to crypto and cross-border finance, the SPC outlined plans to examine judicial protections for artificial intelligence cases and data property rights—encompassing disputes over data ownership, data transactions, and AI-generated content. The overarching forecast is to build internal standards that bring greater consistency to a growing slate of digital economy disputes in China, potentially shaping how crypto-related IP and liability are addressed in Chinese courts.

The timing of the comments aligns with a broader enforcement and policy backdrop that has long defined China’s approach to digital assets and related technologies. The same period has seen high-profile cross-border legal activity and a tightening stance on digital assets within and beyond the mainland, underscoring the stakes for investors, developers, and users navigating China’s evolving regulatory terrain.

Key takeaways

• The SPC plans to draft judicial interpretations on civil compensation in insider trading and market manipulation tied to crypto activity, signaling a move toward clearer liability standards for crypto cases in China.
• New research will also cover AI-related disputes and data property rights, potentially shaping how ownership and licensing of data and AI-generated content are treated in court.
• China’s longstanding crypto stance remains restrictive, with a history of bans on crypto transactions, mining, and related activities, even as the country advances its CBDC program.
• Regulatory developments are accompanied by high-profile enforcement activity abroad, including cross-border cases linked to crypto operators and the use of crypto to facilitate illicit schemes.
• Observers should monitor the SPC’s forthcoming judicial interpretations for crypto and AI IP rights, which could influence both legal risk and market behavior in China’s digital economy.

China’s judicial push tallies with a cautious crypto policy backdrop

China’s relationship with cryptocurrency has been cautious and often forbidding. Since 2013, the People’s Bank of China (PBOC) has barred financial institutions from providing Bitcoin-related services and has declined to recognize Bitcoin as a currency. This stance hardened in 2021 when a coordinated set of regulators, including the PBOC and securities authorities, issued a blanket ban on all crypto transactions, as well as Bitcoin mining and ICO activities within the country.

Further tightening followed in February, when the PBOC prohibited the issuance of unauthorized offshore yuan-pegged stablecoins and the unapproved tokenization of real-world assets. The move reflected a broader emphasis on maintaining monetary sovereignty and limiting financial experimentation outside state channels. The country’s trajectory toward a centralized, state-controlled digital fiat system has continued to influence how Chinese policymakers balance innovation with regulation.

Amid these regulatory headwinds, China has steadily advanced its own digital currency framework. The country is actively developing the digital yuan, a central bank digital currency (CBDC) managed by state authorities. This CBDC initiative is frequently cited as the centerpiece of China’s digital money strategy, positioning the digital yuan as a replacement or complement to traditional stablecoins as the regime’s preferred vehicle for digital payments and financial inclusion.

Enforcement signals and the broader policy environment

The SPC’s remarks come on the heels of ongoing cross-border enforcement activity that underscores the global dimension of crypto-related risk. In recent months, U.S. authorities pursued cases involving alleged crypto-linked schemes with ties to illicit operations. Notably, the U.S. Department of Justice seized about $15 billion worth of Bitcoin from a Chinese-linked operator in connection with a major investigation that has continued to unfold in the public record. Separately, a prominent Chinese-born executive associated with a regional business group faced arrest abroad and subsequent extradition to China on charges linked to operating illicit financial schemes. These enforcement actions highlight the intensifying cross-border cooperation and the reputational and financial risks that accompany crypto-related activity for multinational actors.

For investors and builders, the juxtaposition of stricter domestic adjudication standards and aggressive international enforcement signals a need for caution and precision. Clarity from the SPC could reduce ambiguity in civil litigation over crypto disputes, making it easier for market participants to assess risk, allocate liability, and determine remedies. At the same time, the broader push for CBDC development and the continued prohibition of unauthorized crypto activities suggest that China’s regulatory environment will remain bifurcated—supportive of technological advancement within a tightly controlled financial ecosystem, while restricting broader use of decentralized or offshore crypto instruments.

What readers should watch next

The central question in the near term is how the SPC will translate its research into concrete judicial interpretations. The timing of those guidelines could influence transactional risk, enforcement priorities, and the strategic decisions of firms operating in or with China’s digital economy. Observers should also monitor whether the ongoing cadence of cross-border enforcement actions or the CBDC push will shape a more predictable or more restrictive environment for crypto and AI-related activities in China. As the SPC moves from study to interpretable rules, the practical impact on disputes, compensation standards, and IP rights in crypto and AI will emerge more clearly.

Key Highlights

• Firefly Aerospace (FLY) shares surged 18.81% on Tuesday, reaching $58.81
• The company secured a $75 million NASA subcontract for the MoonFall mission
• Mission involves transporting four drones to the lunar south pole via Elytra spacecraft
• Scheduled launch window set for 2028 as part of NASA’s Moon Base program
• Elytra will complete a 45-day journey before releasing drones 50km above the south pole

Shares of Firefly Aerospace (FLY) climbed 18.81% to finish at $58.81 on Tuesday following the announcement of a $75 million NASA subcontract focused on lunar exploration activities.

The agreement assigns Firefly responsibility for transporting four specialized drones to the Moon’s south pole region under NASA’s MoonFall mission framework. The target launch date is set for 2028.

MoonFall represents the initial phase of NASA’s ambitious Moon Base program, which seeks to establish a permanent human footprint and foster both scientific research and commercial operations at the lunar south pole.

Firefly Aerospace Inc., FLY

The drones themselves are being developed by NASA’s Jet Propulsion Laboratory, which will also oversee mission operations. NASA plans to secure the launch vehicle through a separate procurement process.

Following liftoff, Firefly’s Elytra vehicle will transport the four drones during a 45-day journey to lunar space. After achieving orbit around the Moon, the spacecraft will initiate a deorbit sequence and perform a controlled braking burn.

Drone deployment is planned at approximately 50 kilometers altitude above the Moon’s southern polar region. The operation demands precise technical execution, and Firefly believes its Elytra platform is uniquely qualified for this assignment.

CEO Jason Kim referenced the company’s proven capabilities with Blue Ghost, which achieved a successful lunar landing. “Built upon the same proven systems that landed Blue Ghost on the Moon, our Elytra spacecraft are equipped to deploy critical high-mass payloads across cislunar space,” he stated.

Elytra Takes Center Stage in Lunar Operations

Kim characterized the MoonFall award as aligned with Firefly’s core mission objectives. “This subcontract underscores our commitment to executing challenging missions that push the boundaries of lunar exploration,” he remarked in Tuesday’s announcement.

Elytra functions as a cislunar transfer system engineered to transport cargo between Earth orbit and lunar destinations. Its assignment on MoonFall marks its most prominent operational deployment since supporting the Blue Ghost mission.

The mission architecture demands that Elytra execute both deorbit and braking procedures prior to releasing the drones — a more technically challenging sequence than conventional lunar surface delivery missions.

MoonFall Advances NASA’s Broader Lunar Vision

MoonFall isn’t an isolated endeavor. It supports NASA’s comprehensive Moon Base initiative, which targets the development of permanent infrastructure at the lunar south pole.

The southern polar region has emerged as a priority destination for lunar missions due to potential water ice reserves located within permanently shadowed crater formations. Aerial drones offer survey capabilities in terrain that wheeled rovers struggle to access.

Firefly’s earlier Blue Ghost lander mission, which successfully touched down on the Moon earlier this year, validated the company’s lunar delivery capabilities. This proven track record likely influenced NASA’s decision to select Firefly for the MoonFall subcontract.

The $75 million award expands Firefly’s existing portfolio of NASA collaborations. The company has steadily strengthened its position within the commercial lunar services marketplace in recent years.

FLY stock closed Tuesday’s trading session up 18.81% at $58.81.

Crypto-backed political groups supported several winning candidates in Texas primary runoffs Tuesday, highlighting the digital asset industry’s growing role in US elections as Congress debates new rules for crypto markets.

Attorney General Ken Paxton won the Republican US Senate runoff against four-term Senator John Cornyn by a wide margin, according to Texas primary runoff results, and will face Democratic state Representative James Talarico in November.

In Houston’s 18th Congressional District, Democrat Christian Menefee unseated fellow Democrat representative Al Green in a decisive win after Republican-led redistricting forced the two incumbents into the same district, ousting one of the state’s most senior House members.

Democrats and Republicans Alex Mealer and Jon Bonck also secured their party’s nominations in competitive Houston-area House races.

The contests drew heavy spending from crypto-aligned political action committees (PACs) focused on a small number of high-stakes races, and come as Congress debates new rules for digital asset markets, including legislation to define crypto market structure and establish a framework for dollar‑pegged stablecoins.

Stand With Crypto assigned Al Green an “F” rating. Source: Stand With Crypto

Victories by candidates backed by crypto-focused PACs in a politically influential state could give the industry additional allies as those measures advance.

Crypto money reshapes key Texas races

Two races in particular show how that money is being deployed. Protect Progress, an affiliate of the Fairshake super PAC backed by firms including Ripple and Coinbase, reported spending about $5 million to support Menefee and a further $2.8 million on advertising opposing Green in the Houston race.

Another crypto-focused group, Fellowship PAC, funded in part by financial firm Cantor Fitzgerald and crypto custodian Anchorage Digital, reported roughly $500,000 in spending to boost Paxton over Cornyn in the Senate runoff.

Fairshake’s Republican affiliate, Defend American Jobs, also backed four winning Republican candidates, Jon Bonck, Tom Sell, Carlos De La Cruz and Alex Mealer.

Related: Texas Lt. Gov. calls for study of crypto, prediction markets 

Texas runoffs test crypto’s political power

Bitcoin-focused policy advocate Dennis Porter commented on Menefee’s victory, saying, “A pro crypto Democrat just ousted a 20-year incumbent Democrat who was anti crypto. Nature is healing,” a nod to what many in the industry saw as years of Democratic-led “Operation Choke Point 2.0,” campaigns, in which bank regulators and enforcement agencies have been accused of squeezing crypto firms out of the financial system.

While much of crypto PACs’ recent spending in the state has gone to Republican candidates, Menefee’s win gives the groups a high-profile Democratic ally in Texas.

The crypto advocacy group, Stand With Crypto, assigned Green an F grade for his strong opposition to industry-backed legislation, while Menefee is rated as supportive of digital asset innovation.

Prediction markets had strongly favored the crypto-aligned challengers heading into election day. Contracts on regulated and crypto-native platforms implied odds of over 90% that both Paxton and Menefee would prevail, with nearly $15 million reportedly traded on markets tied specifically to the Paxton vs Cornyn runoff.

Magazine: Guide to the top and emerging global crypto hubs — Mid-2026