XRP Spikes 82% in Week, Biggest Breakout Ahead; SHIB Finally Exits Downtrend, MicroStrategy Announces Insanely Big Bitcoin Purchase: Crypto News Digest by U.Today

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As a seasoned researcher with a decade of experience in the ever-evolving world of cryptocurrencies, I find myself constantly intrigued by the dynamic nature of this industry. The recent surge in XRP, the rise of Shiba Inu from its prolonged downtrend, and MicroStrategy’s massive Bitcoin acquisition are all stories that pique my interest.

Take a look at what’s happening in the world of crypto with U.Today’s top three news stories.

XRP rockets 82% in week, but mega golden cross signals biggest breakout ahead

Over the past few days, XRP has been generating a lot of buzz within the cryptocurrency community due to its impressive price jump exceeding 80%, peaking at $1.265 per token – a level not seen since 2018. The sudden surge in momentum can be traced back to a growing fascination with XRP and favorable regulatory changes in the U.S. market. This unexpected price spike has caused XRP to breach its long-standing accumulation triangle pattern from 2018, hinting at the potential for an unprecedented price explosion that could mark a significant milestone in XRP’s history. Furthermore, a golden cross is emerging on XRP’s weekly price chart, suggesting the possibility of a bullish trend or even a future rally. However, it’s essential to keep in mind that while a golden cross may signal an upward trajectory, it can also herald the conclusion of the token’s rally, as was the case in April 2021.

Shiba Inu (SHIB) finally breaks out of downtrend

According to recent price movements and on-chain analysis, Shiba Inu appears to be breaking free from its prolonged downward trend. After a period of consolidation, SHIB is nearing a crucial resistance level at $0.000025, potentially leading to substantial price increases. The token has managed to surpass both its 50-day and 200-day exponential moving averages, which are typically viewed as positive signs. Moreover, there’s been an uptick in trading volume, indicating heightened investor interest. Recent on-chain data shows that large holders have been active with transactions amounting to $2.69 billion over $100,000. Currently, 61% of SHIB holders are profitable, which could encourage further accumulation. While the concentration of large holders suggests solid support, it also introduces the possibility of volatility if these investors decide to cash out. Therefore, traders should exercise caution.

MicroStrategy announces insanely large Bitcoin purchase

In the latest development, as reported by Michael Saylor on X, business intelligence company MicroStrategy has invested a massive $4.6 billion in Bitcoin over a week’s time. This purchase of 51,780 BTC translates to an average price of around $88,627 per Bitcoin. With this addition, the company now holds approximately 331,200 BTC, giving it a total value of around $29.7 billion. Notably, this single acquisition surpasses the weekly global inflow into Bitcoin exchange-traded products (ETPs), which stood at only 25,993 BTC. Furthermore, MicroStrategy now controls approximately 1.6% of the entire circulating supply of Bitcoin, with an average purchase price hovering around $50,000 ($49,874 currently). Despite a slight increase of 0.17% in premarket trading, MicroStrategy’s shares have soared nearly 400% since the beginning of this year.

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2024-11-19 18:29