As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of ups and downs, bull runs, and bear markets. The crypto market, being no exception, has its own unique dynamics that make it both exciting and challenging to navigate.
TL;DR
- Ripple won a major cross-border payments award and made progress on its RLUSD stablecoin.
SHIB saw high volatility, briefly surged, but then declined; analysts remain cautiously optimistic.
Bitcoin dropped in early October, but some see potential for recovery.
What’s New Around Ripple (XRP)?
The company made the headlines lately, securing yet another accolade. As CryptoPotato reported, Juniper Research (an entity that specializes in delivering in-depth market research and strategic insights for the digital technology sector) awarded Ripple the Platinum prize for best cross-border payments platform in 2024.
Earlier, Ripple secured the victory at the PAY360 Awards in the UK, and Fortune Magazine ranked it as one of the top 50 tech workplaces for the year 2023.
In recent weeks, RLUSD – Ripple’s forthcoming stablecoin – has seen advancements. During the private beta testing stage, Ripple created and destroyed numerous tokens.
Most recently, the X user Vet claimed the XRP Ledger amendment to allow (clawback) tokens like RLUSD to be employed in the AMM (Automated market makers) “went through the code review.” They argued that the next step involves “some cosmetics and merge into a new rippled release for validators to vote on.”
In spite of recent advancements, XRP has been falling short in its performance. It dropped significantly by over 10% to approximately $0.51 at the beginning of October when the SEC filed an appeal against the 2023 verdict involving Ripple. At present, the token is valued around $0.52 (as per CoinGecko’s data), reflecting a 9.5% drop over a two-week period.
SHIB’s Ups and Downs
Yesterday (October 9), Shiba Inu coin was one of the top-performing cryptocurrencies. This surge in value occurred at the same time as a significant drop in SHIB exchange reserves and a dramatic increase in burn rate by more than 400%. Unfortunately, bears took over, causing the asset’s price to be deeply in the red today (October 10).
Despite increased market instability, several analysts foresee bright days in the near future. Recently, user Yoddha suggested that the price pattern has taken on a distinct triangular form, which could potentially lead to a 130% surge if it breaks upward. However, Altcoin Daily cautions investors that targets as optimistic as $0.01 are practically unattainable.
“I overheard someone saying they bought Shiba Inu (SHIB) because if it rises just 1 cent next year, they would become a millionaire. However, such a scenario is unlikely given SHIB’s current market cap. It might be beneficial to understand the difference between market capitalization and price when evaluating cryptocurrencies.
No ‘Uptober’ for BTC… Yet
Many participants within the cryptocurrency realm anticipated a significant increase in Bitcoin’s (BTC) value during October, as this month tends to bring prosperity for the crypto industry as a whole based on historical trends.
To begin with, the leading digital currency experienced a setback at the start of October, plummeting from approximately $65,000 at the end of September to around $60,000 a few days later. However, it managed to recoup some losses, reaching nearly $64,000 on October 7 before experiencing another downturn. At present, Bitcoin is trading at roughly $61,000, representing a 5% decline over the past fortnight.
Based on the views of certain market analysts, it’s suggested that the asset could start to recover and move back upwards. User Ash Crypto hypothesized that Bitcoin (BTC) has managed to break free from a falling wedge pattern in its weekly chart and has possibly exited a six-month downward channel. Consequently, they foresee a potential “rebound” at the current point.
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2024-10-10 10:47