XRP Whales Responsible for This 23% Price Increase, BTC Target Remains $36,500-$37,000, SHIB Member Teases New Updates Coming: Crypto News Digest by U.Today

Here are the top three news stories over the past day presented to you by U.Today.

XRP whales are responsible for this 23% price increase, but there's more

Within a week, XRP's value against Bitcoin has increased by an astounding 23%. Besides, whales have accumulated the largest proportion of the digital asset this year, making up 45.8% of the total supply. The recent uptick was caused by several factors. First, the social dominance metric has increased significantly, reaching its highest point since mid-July. Second, XRP's price climbed above both the 50-day and 200-day EMAs, suggesting a bullish trend. Additionally, the recent news about the SEC's decision to withdraw its charges against Ripple's executives contributed to the sudden price increase. Last, but not least is XRP's regulatory approval in Dubai, which serves as a sign of institutional acceptance.

Related

Sun, 11/05/2023 - 18:30

Ripple Likely to Trim $770 Million SEC Fine, Expert Says

Alex Dovbnya

Bitcoin (BTC) target remains $36,500-$37,000, trend is upward, analyst says

Michael van de Poppe, prominent trader and market analyst, has recently taken to X platform to opine on where Bitcoin's price will potentially move in the future. Poppe shared a Bitcoin chart, which demonstrates clear upward movement. "The classic grind upwards is taking place for Bitcoin," the analyst wrote. Poppe then suggested that the flagship crypto would continue moving "towards new highs," with the $36,500-$37,000 levels remaining as BTC's target. "Classic liquidity drops take place, but the trend is clearly upwards," ended his X post Poppe. Meanwhile, the Bitcoin Fear and Greed Index is still in the greed zone (showing 73 at the moment of writing), which indicates that investors will probably start selling some of their BTC soon.

SHIB member teases new updates coming

In a recent X post, Lucie, one of the best-known members of the Shiba Inu team, revealed "The Big Plan from the Shiba State for 2024/2025," referring to the "Shib Paper," the project's main document authored by lead Shytoshi Kusama. The post contains seven main goals the Shiba Inu team will try to achieve. The first one says "More power to everyone," which implies moving the decision-making process into the hands of Shibzens via Shibarium. The second goal is "Community empowerment," which will be achieved by giving all tokens "a say" and, thus, ensuring democratic decision-making. Third, "Preventing control by few" will be reached by involving all tokens in voting, which will help avoid the risk of a few dominating decisions. Other goals include "Encouraging active participation," "Fair and transparent governance," "Building trust through transparency" and "Sustainable growth together."