XRP Spikes 82% in Week, Biggest Breakout Ahead; SHIB Finally Exits Downtrend, MicroStrategy Announces Insanely Big Bitcoin Purchase: Crypto News Digest by U.Today
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Take a look at what's happening in the world of crypto with U.Today's top three news stories.
XRP rockets 82% in week, but mega golden cross signals biggest breakout ahead
XRP has recently been the talk of the crypto town thanks to its remarkable price surge of more than 80%, reaching a three-year high of $1.265 per token. This unexpected momentum can be attributed to both a growing interest in XRP and notable regulatory developments on the U.S. market. As a result, the asset's price has broken out of the triangle accumulation that has lasted since 2018, suggesting the potential for what could be the most significant price breakout in XRP's history. In addition, a golden cross is forming on XRP's weekly price chart, indicating the possibility of a future rally. However, while the formation of a golden cross can signal upward trends, it can also mark the end of the token's rally, as it was, for example, in April 2021.
Shiba Inu (SHIB) finally breaks out of downtrend
Based on current price movement and on-chain metrics, Shiba Inu seems to be breaking out from its long downtrend. After months of consolidation, SHIB is approaching a critical resistance level at $0.000025, which could lead to significant price gains. The token has successfully surpassed the 50-day and 200-day exponential moving averages, often seen as bullish indicators. Additionally, the meme token saw a noticeable increase in trading volume, which signals growing investor interest. According to recent on-chain data, large holders have demonstrated substantial activity lately, with $2.69 billion in transactions over $100,000. Sixty-one percent (61%) of SHIB holders are currently in profit, which may promote additional accumulation. While large holder concentration suggests strong support, it also introduces the risk of volatility if these investors decide to take profits. Thus, it is essential for traders to remain cautious.
Godfrey BenjaminMicroStrategy announces insanely large Bitcoin purchase
As recently shared by Michael Saylor on X, business intelligence firm MicroStrategy purchased $4.6 billion worth of Bitcoin within a single week. The company acquired 51,780 BTC at an average price of $88,627 per Bitcoin. Following the purchase, MicroStrategy's total Bitcoin holdings increased to 331,200 BTC, valued at approximately $29.7 billion. According to Vetle Lunde from K33 Research, the amount of Bitcoin added by MicroStrategy in this time frame alone has exceeded the global inflow to Bitcoin exchange-traded products (ETPs), which totaled 25,993 BTC. Also, per CryptoQuant, MicroStrategy now controls 1.6% of Bitcoin's total circulating supply, with its average purchase price nearing $50,000, currently at $49,874. While MicroStrategy's shares have seen a modest increase of 0.17% in premarket trading, they are up nearly 400% year-to-date.
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