TL;DR

The PI token began trading on Bitget, MEXC, and OKX. Its price spiked to nearly $2 before collapsing to the current $0.63. Ripple (XRP) jumped to almost $2.75 following the approval of the first spot XRP ETF in Brazil, now trading around $2.66. Analysts, including Ali Martinez, predict a potential rebound. Bitcoin (BTC) climbed back above $98,000, improving market sentiment as the Fear and Greed Index re-entered the Greed zone. Fed official Raphael Bostic hints at possible 2025 rate cuts that could fuel a further price surge.

The Long-Awaited Milestone

Earlier this week, Pi Network finally launched its Open Network. The development saw the light of day nearly six years after the projects birth and made the PI token publicly accessible by allowing exchanges to list it. 

Some of those that hopped on the bandwagon were Bitget, MEXC, and OKX. The assets price experienced huge volatility during its first day of trading, briefly climbing to almost $2 before crashing to the current $0.63 (per CoinGeckos data).

PI Price, Source: CoinGecko It is worth mentioning that Pi Network has been the subject of controversy numerous times, and some industry participants remain skeptical about it. Bybits CEO Ben Zhou, for instance, called it a scam and assured that his company will not embrace the token. 

If the project is legitimate and straight up, then you should come forth and address these reports so everyone can understand, but instead you choose to make up shit and do these childish attacks with no ground, he stated.

XRP Predictions

Ripples XRP was among the top-performing cryptocurrencies yesterday (February 20), with its price jumping to almost $2.75. The rally occurred shortly after Brazils securities regulator – the Comissão de Valores Mobiliários – approved the worlds first spot XRP exchange-traded fund (ETF). In the past several hours, though, the asset lost some steam and is currently trading at approximately $2.66.

XRP Price, Source: CoinGecko However, many market observers remain optimistic that another pump could be on the horizon. The popular X user Ali Martinez assumed that XRP looks ready for a rebound as the TD Sequential indicator flashes a buy signal on the hourly chart.

Prior to that, though, the analyst observed the same technical indicator to warn about a potential pullback for Ripples native token.

BTC Crawls Into Green Territory

Lastly, we will touch upon the primary cryptocurrency, which has witnessed an evident price increase in the past few days. Recall that Bitcoin (BTC) slipped below $94,000 on February 18, but it is currently well above $98,000.

BTC Price, Source: CoinGecko Its resurgence has seemingly affected investor sentiment, with the Fear and Greed Index entering the Greed zone again. 

Meanwhile, Atlanta Fed President Raphael Bostic said his baseline expectation is for two additional rate cuts later this year, but the uncertainty around that is pretty significant.

Lowering the benchmark in the following months might give the crypto market a serious boost. After all, such a decision will make money-borrowing easier and could increase the interest in riskier assets such as BTC.