Peter Brandt Issues Mind-Boggling $500 Billion XRP Prediction, 8,184,600,000,000 SHIB Exit Top Singapore Exchange, Coinbase Secures Massive Legal Win Against SEC: Crypto News Digest by U.Today

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

This $500 billion XRP prediction by Peter Brandt is mind-boggling

Yesterday, Jan. 7, veteran trader Peter Brandt took to X platform to share his analysis of the XRP price chart. In his post, Brandt highlighted the formation of the flag pattern, which is typically a continuation indicator suggesting a temporary pause in an asset's price movement before the previous trend resumes. The veteran trader believes that XRP has a six-week window to complete in a bullish way — otherwise it can be invalidated. If the flag pattern successfully completes and leads to a breakout, XRP's market capitalization could soar to $500 billion, representing a significant increase from its current valuation of $139.72 billion. While the possibility of such a rise remains uncertain, XRP is once again gaining attention on the cryptocurrency market. At writing time, XRP is changing hands at $2.32, down 4.43% over the past 24 hours, per CoinMarketCap.

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8,184,600,000,000 Shiba Inu exit top Singapore exchange, what's happening?

According to data provided by Whale Alert, yesterday, 818,460,000,000 SHIB tokens were moved from the Singapore exchange Crypto.com to anonymous wallets. The tokens were transferred in five transactions, with one of them carrying 1,636,940,000,000 SHIB worth $39,038,563. The other four transactions show similar transaction sizes, though there was a gradual decrease in the amounts transferred. When tokens are withdrawn from an exchange like this, it typically indicates accumulation, a trend that often suggests a potential price increase in the future. However, SHIB's recent price movement is drawing a sad picture; currently, the dog-themed meme token is trading at $0.00002165, down almost 10% over the past 24 hours, per CoinMarketCap.

Coinbase secures massive legal win against SEC

As became known from an X post by Coinbase CLO Paul Grewal, the U.S.-based crypto exchange has achieved a significant legal victory in its ongoing dispute with the SEC. According to Grewal, Coinbase was allowed to pursue an interlocutory appeal while pausing district court litigation. In his post, the CLO expressed gratitude for the court's decision and indicated the company's readiness to advance to the Second Circuit. U.S. District Judge Katharine Polk Failla approved the interlocutory appeal, stating that it "presents a controlling question of law" when it comes to the reach and application of the Howey test to cryptocurrencies. The judge also stated that an immediate interlocutory appeal could help quickly resolve the case because many of the SEC's claims against Coinbase might end up being dismissed. Jeremy Hogan, a partner at Hogan & Hogan, pointed out that it is uncommon for such an appeal to be granted.