Ripple (XRP) Price Turbulence, Bitcoin (BTC) Developments, Shiba Inu (SHIB) Burn Rate: Bits Recap Nov 8
TL;DR
- XRP’s price increased to $0.73, its highest in three months, potentially due to Ripple’s new partnerships and positive progress in its SEC lawsuit, with speculation of a bull run if Ripple wins the case.
- Bitcoin reached a price of $36,000, the highest in 18 months, with the BTC Fear and Greed Index indicating “Greed” for 16 consecutive days, suggesting high investor interest and optimism.
- Shiba Inu burned over 173 million tokens, resulting in a 20,000% increase in the burn rate, potentially increasing its value, with developments in the Shibarium layer-2 solution aiming to enhance its position in the memecoin market.
XRP Price Rally
One of the trendiest crypto assets in the entire market – XRP – has been on a tear lately, with its valuation spiking to significant heights. Earlier this week, the coin surpassed $0.73 (per CoinGecko) for the first time in over three months. It later slightly descended and is currently worth around $0.68.
The impressive price performance could be attributed to the numerous deals Ripple (the blockchain enterprise behind XRP) has inked recently. Recall that it teamed up with Kuwait Finance House for cross-border payments and was selected by the National Bank of Georgia for a digital currency project.
Another factor playing a role in XRP’s rally could be Ripple’s steady march toward a decisive win against its big enemy – the US Securities and Exchange Commission (SEC). The firm has so far secured three vital partial wins, whereas a grand trial next spring is expected to determine the outcome of the lengthy legal battle.
Some analysts believe XRP could enter a real bull run, assuming Ripple emerges victorious. Those curious to see how the asset might perform in the short term could take a look at our video below:
‘Greed’ Among BTC Investors
Bitcoin (BTC) has also been among the best-performing cryptocurrencies in the past several weeks. Its price soared to $36,000 last week, a figure last seen 18 months ago.
As such, it is no wonder that the popular BTC Fear and Greed Index entered into “Greed” territory. In fact, the metric has stayed in that zone for the last 16 consecutive days, which was last observed in November 2021, when the asset reached an all-time high of almost $70,000.
Those willing to find out what might have caused BTC’s most recent price rally could do so by watching our dedicated video:
The Massive Shiba Inu Burn
Last but not least, we will touch upon the popular memecoin – Shiba Inu. Yesterday (November 7), the project witnessed over 173 million assets removed from circulation, representing an almost 20,000% burn rate increase compared to the day before.
The burning program aims to reduce the overall supply of SHIB and potentially make the coin more scarce and valuable. Another element that could trigger a price increase is the further development of the layer-2 blockchain solution – Shibarium. The network aims to elevate Shiba Inu as a leader in the memecoin realm by improving speed and lowering transaction costs. Those curious to learn more on the matter could click on the clip below:
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