Crypto Highlights Of The Week: Ripple Vs. SEC, Shiba Inu, US Elections Steal Spotlight

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As a seasoned researcher with years of experience navigating the volatile and ever-evolving cryptocurrency landscape, I must admit that this past week has been nothing short of intriguing. The ongoing Ripple vs. SEC lawsuit has kept me on my toes, with the deadline for the U.S. SEC’s opening brief pushing the date to January 15, 2025 – a reminder that patience is indeed a virtue in this game.

This past week, the world of cryptocurrencies has witnessed noteworthy progress across the board. The legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) made further strides, while Shiba Inu garnered a lot of interest due to its ecosystem improvements. As the U.S. elections approach, there seems to be a palpable excitement in the market. Let’s delve into some of the latest cryptocurrency market updates as reported by CoinGape Media over the past seven days.

Ripple vs. SEC Lawsuit Advances

This week, the Second Circuit Court of Appeals established a due date for the U.S. Securities and Exchange Commission to submit their opening arguments in the XRP lawsuit appeal case. The court has given them until January 15, 2025, to complete this task.

This week, Brad Garlinghouse and Chris Larsen, key executives at Ripple, enlisted well-known lawyers to challenge the allegations in the ongoing XRP lawsuit, inciting market debates. Simultaneously, a U.S. court instructed Ripple Labs to explore an alternative resolution prior to finalizing the lawsuit. Consequently, these legal moves have ignited excitement within the XRP market, as on-chain activities fuel investor speculations. Additionally, Ripple was observed releasing approximately 900 million XRP from escrow this week, further stoking interest in potential price fluctuations.

Additionally, the ongoing excitement about a potential XRP Exchange Traded Fund (ETF) has fueled investor interest in cryptocurrency. Ripple’s CEO, Brad Garlinghouse, is hopeful regarding an ETF, as Bitwise Invest, Canary Capital, and 21Shares are moving forward with S-1 forms. Consequently, market observers are closely monitoring the coin for any price movement changes due to recent advancements.

Shiba Inu Sparks Optimism Across Crypto Market

Additionally, it’s noteworthy that Shiba Inu has been the center of attention in the cryptocurrency world this week. The lead developer of Shiba Inu, Shytoshi Kusama, recently expressed interest in meeting with Ethereum co-founder Vitalik Buterin to increase enthusiasm for the meme token. At the same time, the lead developer also shared that SHIB surpassed BTC, further fueling investor optimism about the meme coin.

Additionally, the rate at which SHIB tokens are being destroyed experienced a tremendous jump this week, reaching an astounding 253,000% increase and igniting enthusiasm among investors about the currency. Furthermore, crypto expert Javon Marks predicted that Shiba Inu’s price could reach a new all-time high due to recent positive trends. Overall, the coin generated a wave of optimism this week with its significant progress.

U.S. Elections Loom Sparking Speculation

The upcoming U.S. elections have intensified market turmoil, as analysts anticipate a significant change in investor attitudes regardless of the winner. According to Polymarket statistics, Donald Trump’s chances of victory were estimated at 55.2%, while Kamala Harris’ stood at 44.8%. This difference might be due to Donald Trump’s supportive stance on cryptocurrency.

In summary, a CoinGape Media report suggests that following the 2024 elections, there could be an increase in lawmakers who are favorable towards cryptocurrencies in both houses of Congress. Meanwhile, Elon Musk, an American billionaire with a role in D.O.G.E., sought advice from U.S. Fed critic Ron Paul, leading to widespread conversations across the country about this topic.

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2024-11-03 08:49