XRP Surges With $1 Million Fund Flows, Legendary ‘Cup and Handle’ Pattern Appears on Bitcoin Chart, Shibarium Spikes 962% in Key Metric: Crypto News Digest by U.Today

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As a researcher with a background in cryptocurrencies and blockchain technology, I find U.Today’s top three news stories over the past day quite intriguing. Let me share my insights based on my experience and analysis of these developments.

Stay informed about the latest crypto news by checking out the top three stories from U.Today that have emerged within the past 24 hours.

XRP skyrockets with $1 million fund flows as Ripple v. SEC ruling anticipated

As a crypto investor, I’m always keeping an eye on the latest developments in the digital asset market, and according to my observation based on CoinShares’ recent weekly report, XRP has experienced significant inflows of approximately $1.1 million over the past week. This is quite impressive given that the broader digital asset investment products faced outflows totaling $600 million during this period. Moreover, these inflows mark the second consecutive week, which could be an indication that investors on traditional markets are positioning themselves for potential major price movements in XRP. The reason behind this investor behavior might be linked to the ongoing legal case between Ripple and the SEC over unregistered sales of XRP to institutional investors. Currently, Ripple is proposing a penalty payment of $10 million, while the SEC insists on almost $2 billion as compensation. The outcome of this legal battle could have significant implications for the price and adoption of XRP, making it an intriguing asset to watch in the coming weeks.

Legendary “cup and handle” pattern appears on Bitcoin (BTC)

As a crypto investor, I’ve been closely monitoring Bitcoin’s on-chart developments, and the latest data has piqued my interest. The emergence of a “cup and handle” pattern in Bitcoin’s price action is a bullish sign that could potentially improve sentiment and set the stage for significant price increases. I recall this pattern from back in 2016 when it led to a major breakout and an extended bull run. Given the striking similarities between then and now, I can’t help but feel optimistic about the possibility of another positive scenario unfolding. Should this occur, we could be looking at a substantial upswing in Bitcoin prices soon, despite the market’s current volatility. Bitcoin has shown remarkable resilience amidst these fluctuations, with its price oscillating between critical resistance and support levels. At present, BTC is trading at $64,594 on CoinMarketCap, representing a 1.16% decrease over the last 24 hours.

Shiba Inu‘s Shibarium skyrockets 962% in key metric

As a researcher studying Shiba Inu’s layer-2 solution Shibarium, I’ve noticed an intriguing development over the past 24 hours. The number of new user accounts on Shibarium surged significantly, increasing from 16 on June 15 to 154 on June 16 – a staggering 962% increase. This growth was accompanied by a rise in the average transaction amount spent using BONE, Shiba Inu’s native token. According to Shibariumscan, the average transaction value jumped from 0.00222 BONE to 0.00458 BONE. However, despite the influx of new user accounts and higher transaction values, there was a decrease in active accounts and total transactions on the network. This trend can be attributed to the fact that new users might be registering to explore the platform or hold onto their BONE and SHIB tokens without actively engaging in transactions yet.

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2024-06-18 19:32