Shiba Inu on Verge of Price Tripling This Month, XRP Scores Highest Weekly Close of 2024, Key Reason Why Bitcoin Might Have Massive Q4: Crypto News Digest by U.Today

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As a seasoned crypto investor who has navigated through the bull and bear markets of Bitcoin and beyond, I find myself intrigued by the potential opportunities presented by these three coins – Shiba Inu (SHIB), XRP, and Bitcoin.

Here are the top three news stories by U.Today from the past day.

Shiba Inu (SHIB) on verge of price tripling this month

October has arrived, a month that’s often referred to as “Uptober” within crypto circles due to its history of potential price increases in the cryptocurrency market. The excitement surrounding Uptober hasn’t gone unnoticed by SHIB supporters, as data from CryptoRank indicates that the dog-themed meme token could potentially triple in price this month. Historically, SHIB has averaged a return of 283.4% during October, with a median return exceeding 10%. In fact, back in October 2021, its price surged by an impressive 833%. While predictions in the crypto world can be volatile, recent Octobers have been favorable for SHIB, leading to speculation that this trend might continue in 2024. If the anticipated surge happens, SHIB could potentially reach a high of $0.000075, a level not seen since its early days.

XRP scores highest weekly close of 2024, Will SEC spoil this rally?

According to Blockchain Backer X account, Ripple (XRP) reached its highest weekly closing price of the year last Sunday, trading above $0.64 on Binance. At present, CoinMarketCap data shows that XRP is being traded at $0.601, giving it a market cap of $33.9 billion and placing it seventh among top cryptocurrencies. This milestone is considered a major win for bulls, as XRP had been unable to surpass the $0.60 resistance level following an August court ruling in the Ripple case. However, the community is anxious about the October 6th deadline, as the SEC might decide to appeal the July 2023 summary judgment. If an appeal occurs, it could potentially lower XRP’s price; however, any changes in the ruling may not be seen until 2026.

Key reason why Bitcoin might have massive Q4

Following a strong rebound in September, there’s a possibility that Bitcoin could see substantial increases in the last three months of 2024. As per analyst Eric Crown’s observations, when Bitcoin finishes September with growth, it typically enjoys a profitable fourth quarter. According to Crown’s analysis, the average increase for such quarters is approximately 170%. Despite hitting $66,508 on Friday and then dipping to around $64,000 at the start of this week, Bitcoin is still up by more than 8% for the month. James Check, an analyst from Glassnode, has pointed out that Bitcoin’s market dynamics are currently neutral across various timeframes, displaying a close relationship with gold and stocks, both of which are performing well at present.

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2024-10-01 18:56