XRP Price Collapses as SEC Appeals Ripple Case, Here’s When ‘Uptober’ Really Starts for Bitcoin, Shiba Inu Sees 2,944% Bullish Whale Activity Spike: Crypto News Digest by U.Today

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen more than my fair share of market fluctuations and trends. Today, I find myself reflecting on the ever-evolving landscape of the crypto sphere, where the unexpected is often the norm.

U.Today presents the top three crypto news stories over the past day.

XRP price collapses as SEC appeals Ripple case

In a last-minute surprise, the U.S. Securities and Exchange Commission (SEC) announced their intention to appeal the verdict in the Ripple case, which was decided last year by Judge Analisa Torres. In her ruling, she determined that secondary sales of XRP were not securities, a decision that greatly benefited Ripple, a company based in San Francisco. Previously, Stuart Alderoty, Ripple’s chief legal officer, had predicted that the SEC might appeal and expressed his belief that it would not alter the legal status of the XRP token. After the announcement, the value of XRP plummeted; at the time of writing, it is trading at $0.52, representing a 10.85% decrease over the past 24 hours, according to CoinMarketCap.

When does “Uptober” really start? Bitcoin price history reveals all

Initially, October has shown some turbulence in the cryptocurrency market, with Bitcoin experiencing a 3.98% decrease and the total value of altcoins dropping by $41.67 billion. However, Bitcoin analyst Timothy Peterson suggests that we might not see positive trends for Bitcoin this month yet. In a recent post on X, Peterson stated that the traditional “Uptober” phenomenon may not commence until after October 19th. Typically, Bitcoin has shown strong performance in October, with an average gain of over 14% and a median return of approximately 13%. It’s essential to acknowledge that every month ending with gains has previously seen those positive trends from the beginning. Therefore, despite October’s rocky start and falling short of the usual “Uptober” predictions, historical data indicates that it may be prudent to hold off on making final judgments for at least two more weeks, as better days could potentially lie ahead based on Bitcoin’s 11-year history of public trading.

Shiba Inu (SHIB) explodes 2,944% in massive bullish whale activity spike

Based on information from IntoTheBlock, Shiba Inu experienced a significant increase in large holders adding to their token holdings yesterday, with the netflow metric surging by more than 2,944% over a 24-hour period. This equates to approximately 322.7 billion SHIB tokens moving into whale wallets, a stark contrast from the previous day’s negative flow of -10.96 billion SHIB. This trend indicates that large investors are becoming bullish on the token and accumulating it. Furthermore, during the reviewed period, the inflow metric reached 2.67 trillion SHIB, exceeding outflows of 2.35 trillion SHIB. The rise in netflow is attributed to the price of SHIB or increased interest in it. This newfound interest in SHIB follows a 40% price surge after the token broke free from a six-month slump. However, there was a minor correction with a 19% drop followed by a 6% rebound. This adjustment is viewed as healthy and may pave the way for further price growth, particularly since many late investors have sold off their tokens.

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2024-10-03 19:42