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XRP Surges With $1 Million Fund Flows, Legendary 'Cup and Handle' Pattern Appears on Bitcoin Chart, Shibarium Spikes 962% in Key Metric: Crypto News Digest by U.Today

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Tue, 18/06/2024 - 16:17
XRP Surges With $1 Million Fund Flows, Legendary 'Cup and Handle' Pattern Appears on Bitcoin Chart, Shibarium Spikes 962% in Key Metric: Crypto News Digest by U.Today
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Don't miss anything happening in the world of crypto with U.Today's top three news stories over the past day.

XRP skyrockets with $1 million fund flows as Ripple v. SEC ruling anticipated

According to CoinShares' latest weekly report, over the past seven days, XRP inflows reached $1.1 million. This is an outstanding result for the asset, considering that the rest of the market went through a tough week, with digital asset investment products experiencing outflows of $600 million. Another notable fact is that such inflows continue for the second week in a row, which is seemingly hinting at investors on traditional markets getting ready for some big movement on XRP. The possible explanation behind this investor behavior lies in them plotting a quick resolution of the SEC's case against Ripple. Currently, the parties are arguing over remedies that Ripple must pay as a penalty for unregistered sales of XRP to institutional investors; the company wants to pay $10 million, while the SEC is demanding almost $2 billion.

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Legendary "cup and handle" pattern appears on Bitcoin (BTC)

Per the latest on-chain data, Bitcoin was spotted forming one of the most bullish patterns on its chart, called "the cup and handle." This pattern may improve sentiment, as it has historically been a sign of significant price increases. The last time Bitcoin formed a cup and handle pattern was in 2016; back then, it resulted in a major breakout and an extended bull run. With a noticeable similarity between 2016 and this year's chart, BTC enthusiasts may hope for such a positive scenario to repeat itself. If this indeed happens, there may be a substantial upswing in Bitcoin prices soon. Despite the overall market volatility, Bitcoin has demonstrated resilience. Bitcoin's price has been oscillating between important resistance and support levels recently. Currently, BTC is trading at $64,594, down 1.16% over the past 24 hours, per CoinMarketCap.

Shiba Inu's Shibarium skyrockets 962% in key metric

Over the previous 24 hours, Shiba Inu's layer-2 solution Shibarium witnessed a large surge in new user accounts; this metric increased from 16 on June 15 to 154 on June 16, demonstrating a 962% jump. It is interesting to note that this spike in new users coincided with a rise in the average amount spent per transaction in BONE, the native token of Shiba Inu. According to Shibariumscan, the average transaction amount increased from 0.00222 BONE to 0.00458 BONE. However, even with the influx of new accounts and higher transaction amounts, the network saw a decline in active accounts and total transactions. This can be explained by the fact that new users may be registering to explore the platform or to hold BONE and SHIB tokens, and not for conducting transactions.

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