The dynamic world of cryptocurrencies has concluded another week, with the entire industry experiencing notable developments. In the United States, the blockchain payment company Ripple (XRP) has gained legal support, leading to a continuous rise in the price of XRP, approaching $2. At the same time, the bullish momentum of Shiba Inu (SHIB) has fueled the market's optimistic sentiment towards tokens. On the other hand, Bitcoin (BTC) has continued to consolidate near its all-time high, sparking market discussions.
Amid Legal Developments, Ripple (XRP) Cryptocurrency Continues to Rise
XRP had an impressive performance last week, with its price increasing by 30% and stabilizing around $1.90. This strong upward trend has fueled market optimism, closely linked to Ripple's recent positive developments on the legal and market fronts.
According to CoinGape Media, the lawsuit against Ripple by the U.S. Securities and Exchange Commission (SEC) may be settled under the new leadership. This optimism stems from the announcement of SEC Chairman Gary Gensler's resignation, as well as the victory of Donald Trump, who is supportive of cryptocurrencies, in the U.S. presidential election. Additionally, lawyers supporting XRP, such as Bill Morgan, Fred Rispoli, and Jeremy Hogan, have stated that the appeal is likely to be dismissed, suggesting that the SEC's lawsuit against Ripple may soon come to an end.
Driven by these developments, XRP's market capitalization has successfully surpassed that of , reflecting the strong bullish sentiment towards this asset. Furthermore, XRP's futures open interest (OI) has exceeded $2.5 billion this week, further indicating investors' heightened attention.
Another positive development is the potential approval by the New York Department of Financial Services (NYDFS) of Ripple's RLUSD stablecoin issuance plan. If this materializes, Ripple-backed assets will undoubtedly occupy a more prominent position in the market, further strengthening its upward trend. The market generally expects that with these significant advancements, the future price performance of XRP will continue to be positively driven.
Shiba Inu (SHIB) Steals the Spotlight
Meanwhile, Shiba Inu (SHIB) has attracted widespread attention last week, with a significant increase in its burn rate and positive developments in its ecosystem. According to CoinGape Media, the SHIB burn rate has surged significantly in the past seven days, boosting market optimism about the token's future price performance. Additionally, the Shibarium, SHIB's Layer 2 network, has undergone a functionality-enhancing maintenance upgrade, laying a stronger foundation for the ecosystem's development.
These positive news not only bolstered SHIB's price but also fueled the overall market sentiment. Data also shows that the holdings of Shiba Inu whales continue to increase, further indicating growing market interest in this asset, especially in the overall bullish market environment of the fourth quarter.
In summary, these positive data and events have made SHIB the focus of the current cryptocurrency market, with investors eagerly anticipating its future upside potential.
BTC Consolidates Near ATH
Concurrently, the flagship cryptocurrency Bitcoin (BTC) has experienced some market volatility as it approached its all-time high, with its price remaining above $95,000 as of last week's close. Notably, bestselling author Robert Kiyosaki issued a warning during this period, stating that Bitcoin could soon break through $100,000 and pointing out that this could further limit investment opportunities for the middle class. He urged early investors not to miss out on the opportunity due to market fear (FOMO). This statement has further fueled the market's optimism towards cryptocurrencies, while other positive events have also contributed to the overall market performance.
For instance, Vancouver Mayor Ken Sim proposed this week to include Bitcoin in the city government's reserve assets, further highlighting Bitcoin's potential as a financial instrument. Additionally, numerous bullish on-chain indicators suggest that market interest in Bitcoin's future trajectory is on the rise. According to the latest analysis by CoinGape, Bitcoin's historical price trends and market sentiment indicate that the token is likely to continue its upward momentum.
Overall, these cryptocurrency market highlights have significantly boosted the confidence of global investors, further solidifying Bitcoin's position as the core asset of the market.
