Binance – Ripple (XRP) Updates, Bitcoin (BTC) Speculation, Whales Accumulating SHIB: Bits Recap Oct 13
TL;DR
- Ripple won two major legal battles against the US SEC; trial set for April 23, 2024. Despite CFO’s departure, experts predict a likely win for Ripple against the SEC.
- Major finance firms aim to launch BTC ETFs in the US, awaiting SEC’s decision. If the SEC approves, Bitcoin’s price could surge.
- Large investors acquired massive amounts of Shiba Inu despite its price drop. Potential price rally anticipated with the development of its scaling solution, Shibarium.
What’s New Around Ripple?
The buzz surrounding Ripple and its native token – XRP – seems to have pervaded the cryptocurrency space since the company secured two landmark victories in its legal battle against the US Securities and Exchange Commission (SEC).
The first happened in mid-July when a federal judge determined that the entity’s XRP sales from years ago did not constitute an offer of investment contracts. Earlier this month, the SEC took another punch after the relevant magistrates dismissed its wish to appeal the initial ruling.
Judge Analisa Torres set April 23, 2024, as a trial date between the two organizations. The outcome of the dispute could be of huge importance since a decisive win for Ripple could lead to a bull run for XRP, overall excitement in the cryptocurrency sector, and the establishment of an appropriate regulatory framework in the States.
It is worth noting that the blockchain enterprise saw its CFO – Kristina Campbell – departing earlier this week to take a similar position in a healthcare company.
Despite that, many analysts and experts believe Ripple will emerge victorious in the lawsuit since the SEC is pressed to the wall and left without any winning options. Such examples include Jeremy Hogan – a top US attorney and partner at Hogan & Hogan – and Yassin Mobarak – founder of the private equity firm focused on startups in the tech sector Dizer Capital.
The latter even assumed that the SEC might withdraw all charges against Ripple and its CEO – Brad Garlinghouse – as it’s not in their best interest to have a trial where “their corruption can be exposed.”
BTC’s Possible Explosion
The primary cryptocurrency also remains a top trending topic in the space. While it has recently consolidated below the $27K level, bulls expect better days due to the multiple pending developments surrounding the asset.
Recall that BlackRock, Invesco, Fidelity, and numerous other finance giants displayed their ambition to launch a spot BTC ETF in the USA and are currently waiting for the SEC’s approval or rejection.
The popular crypto trader using the X (Twitter) handle Crypto Rover believes the suspense behind the decision might be near its end, suggesting the regulator could say “yes” today (October 13). They reminded that the date marks the deadline for the watchdog to appeal the Grayscale Bitcoin Spot ETF decision:
“If they don’t appeal the court’s decision, they will have no further options to decline any other Spot Bitcoin ETFs, and thus, they will be forced to approve them all. So if the SEC doesn’t appeal by the end of Friday, we are essentially guaranteed to see all the Spot ETFs approved,” the trader assumed.
The launch of such a product in America could significantly boost BTC’s price and the entire cryptocurrency market. Such a development was observed in October 2021 when the SEC approved the first Bitcoin Strategy futures-backed ETF, ticked BITO. Shortly after, the leading digital asset tapped an all-time high of almost $70,000.
SHIB Whales are on the Move
Last but not least, we will touch upon the self-proclaimed Dogecoin-killer – Shiba Inu. Even though its price has been on a downfall lately, the asset has attracted the attention of several whales who stacked up over 4.6 trillion SHIB (equaling more than $31 million) in the past few days.
Those large investors could generate substantial profits should the memecoin’s valuation start rallying in the near future. Some analysts have predicted that such an uptrend might be on the cards, assuming that Shiba Inu’s layer-2 scaling solution – Shibarium – keeps progressing. The network recently tapped key milestones and those who want to learn more about it can watch our video:
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