XRP Forms Bizarre Candle, PEPE Inching Closer to Flipping Shiba Inu, BlackRock Discloses New Position in IBIT: Crypto News Digest by U.Today

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As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the latest developments in the market. The XRP price candle, though bizarre, is a fascinating reminder of the market’s unpredictability – it’s like watching a rollercoaster ride without the safety harness!

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

Bizarre XRP price candle: What’s happening?

Looking at the XRP/USDT chart, it appears that an indecisive spinning top candlestick has been formed recently. This pattern usually signals market uncertainty and could potentially lead to a pause or even reversal in the trend that followed the recent price spike. Despite XRP reaching notable milestones by breaking through resistance levels and approaching $0.72, the spinning top suggests a possible correction might take place. To maintain its upward trajectory, XRP must remain above crucial support levels, especially the significant $0.60 threshold. If the asset falls below $0.60, it may experience a more substantial pullback toward the $0.55 support level, which coincides with the 50-day moving average. For XRP to continue its bullish trend, it must convincingly surpass its recent high of $0.72. Should it manage this feat, it could then challenge resistance levels ranging from $0.75 to $0.78 while also taking into account the broader market conditions. At present, XRP is up by 21.08% over the last 24 hours, trading at $0.86, according to CoinMarketCap.

Pepe inching closer to flipping Shiba Inu

As an analyst, I’m thrilled to share that yesterday, the PEPE meme coin reached a significant achievement, surpassing a market capitalization of $10 billion. Earlier in the day, this frog-themed asset set another record, with its price spiking to $0.00002457. Although it later stabilized at $0.00002346, this 86% surge over the previous 24 hours is nothing short of impressive. This remarkable price increase can be attributed to Coinbase’s announcement about listing PEPE on their platform and its availability to Robinhood users in the U.S. starting Wednesday. Interestingly, PEPE is now nearly on par with Shiba Inu in terms of market capitalization; the two meme coins are currently valued at $14.2 billion and $9.1 billion, respectively. Until recently, SHIB was the only meme coin to surpass Dogecoin, but it seems to have lost momentum, currently down nearly 70% from its all-time high in October 2024. In contrast, Dogecoin is demonstrating a strong performance, with its market cap reaching $54.6 billion at the time of writing.

BlackRock discloses new position in IBIT

In a recent submission to the SEC, BlackRock – the world’s leading asset manager – announced the purchase of 2,535,357 shares in the iShares Bitcoin Trust ETF (IBIT), worth approximately $91.6 million. According to SoSoValue, IBIT experienced inflows totaling $230 million on Wednesday, demonstrating its increasing popularity. Eric Balchunas, a senior analyst at Bloomberg specializing in ETFs, mentioned that the ETF achieved a record-breaking $5 billion in daily trading volume, with only three other ETFs experiencing more trading activity that day. After this latest update, BlackRock’s IBIT is edging towards $30 billion in total inflows, currently holding net assets of $42.56 billion. It has recently surpassed the $40 billion mark in just 211 days, breaking yet another record. Furthermore, BlackRock has also shown interest in its Ethereum ETF, the iShares Ethereum Trust ETF (ETHA), which attracted inflows of $35.63 million; however, these figures are significantly lower compared to those for IBIT.

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2024-11-15 18:43