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SHIB Shows Unseen Price Performance, Jim Roberts Says Crypto Will Become “Government Money,” XRP on Cusp of Breakout: Crypto News Digest by U.Today

Fri, 08/05/2022 - 16:30
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Valeria Blokhina
Stay updated on all of the industry’s top events with U.Today’s crypto news digest!
SHIB Shows Unseen Price Performance, Jim Roberts Says Crypto Will Become “Government Money,” XRP on Cusp of Breakout: Crypto News Digest by U.Today
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Here are the top four news stories over the past day presented to you by U.Today.

Shiba Inu (SHIB) shows unseen price performance

The Shiba Inu community has been quite surprised by SHIB’s price performance for the last seven days. During the aforementioned period, the token has been moving in one straight line on its daily chart, not changing by even 1%. The asset demonstrated the lowest level of average daily volatility in its entire trading history, which is an unseen price performance for such a historically volatile asset like Shiba Inu. Such changes in SHIB’s behavior could be tied to the relatively low volume of token burnings, but the exact reason behind the anemic price movement remains unclear.

However, things have changed today: as reported by U.Today, the token successfully broke the stalemate we saw previously and is now moving to the upper border of the range formed back in July.

Legendary investor Jim Rogers on crypto: "It's going to be government money"

Despite the increased level of adoption among retail investors, Bloomberg's Senior Asia Economy Reporter Jim Rogers is not rushing to invest in cryptocurrency and digital assets. As he explained in his most recent interview with Michelle Jamrisko, with the greater adoption level, centralized government institutions will go after people's funds and try to control them somehow. This, Rogers believes, will turn cryptocurrencies into the "government's money" at some point. As an example, the investor used CBDCs, which are digital assets but not necessarily cryptocurrencies, released by central banks and backed by the government's official currency.

XRP is on the cusp of potential breakout, says top trader

According to prominent cryptocurrency trader and analyst Crypto Rand, Ripple-affiliated token XRP might be verging on another rally. The analyst posted a chart, showing his followers that the seventh largest crypto continues consolidating and loading a potential breakout on the $0.40 level. At the moment of publication, XRP is trading at $0.372, according to CoinMarketCap, up 1.06% over the past 24 hours. The cryptocurrency is still down almost 90% from its record high that was achieved back in January 2018, with the legal uncertainty remaining the main headwind for the token’s price action.

Ripple v. SEC: attorney Jeremy Hogan accuses SEC of not authenticating its own employees' speeches

As the legal battle between the SEC and Ripple continues, both sides are actively fighting for the truth. The most recent example of this was pro-Ripple lawyer Jeremy Hogan's tweets accusing the regulator of hindering the lawsuit. Ripple filed a request to authenticate the speech recordings of SEC employees, including former commissioner Robert Jackson. However, the commission neither acknowledged nor denied the authenticity of the submitted videos. The lawyer claims that the SEC is “messing around AGAIN” and that authentication is a standard procedure and should not be so hard. Hogan also urged Judge Torres to pay attention to these videos, especially those featuring Robert Jackson.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.