The dynamic world of cryptocurrencies has wrapped up another week, mainly with remarkable developments occurring throughout the industry. With legal support gained by U.S. blockchain payment companies, Ripple's XRP price continues to rise, approaching $2. At the same time, bullish dynamics for Shiba Inu (SHIB) fueled market optimism towards meme tokens. On the other hand, Bitcoin (BTC) continued to consolidate near its historical highs this week, sparking market discussions.
Ripple cryptocurrency continues to rise amid legal developments.
Ripple (XRP) performed well last week, with the price increasing by 30% and stabilizing around $1.90. Such a strong upward trend has sparked optimism in the market, closely related to Ripple's recent positive developments in legal and market aspects.
According to reports from CoinGape Media, a settlement may be reached regarding the lawsuit against the U.S. Securities and Exchange Commission (SEC) under new leadership. This optimism stems from SEC Chairman Gary Gensler's announcement of resignation and the election victory of Donald Trump, who supports cryptocurrencies, in the U.S. presidential election. Additionally, XRP-supporting lawyers Bill Morgan, Fred Rispoli, and Jeremy Hogan indicated that the appeal is likely to be dismissed, meaning that the SEC's lawsuit against Ripple may soon come to an end.
Driven by this news, Ripple's market capitalization successfully surpassed BNB, marking strong bullish sentiment towards this asset. Meanwhile, XRP's futures open interest (OI) broke $2.5 billion this week, further reflecting high investor attention.
Another noteworthy positive is that the New York Department of Financial Services (NYDFS) may approve Ripple's RLUSD stablecoin issuance plan. If this move materializes, assets supported by Ripple will undoubtedly play a more significant role in the market, further solidifying its upward trend. The market widely expects that these significant developments will continue to positively drive XRP's future price performance.
Shiba Inu (SHIB) steals the spotlight.
At the same time, Shiba Inu (SHIB) attracted widespread attention last week, with its burn rate significantly increasing alongside positive developments in its ecosystem. According to CoinGape Media, the burn rate of SHIB surged dramatically in the past seven days, driving optimistic expectations for the token's future price performance. Additionally, its second-layer network Shibarium completed a functional enhancement maintenance upgrade, laying a more solid foundation for the ecosystem's development.
These positive news not only boosted SHIB's price but also heightened market sentiment. Meanwhile, data 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 full of expectations for its future upward potential.
BTC is consolidating near ATH
Meanwhile, Bitcoin, the flagship cryptocurrency, experienced some market turbulence as it approached historical highs, closing last week at over $95,000. Notably, bestselling author Robert Kiyosaki warned during this volatility that Bitcoin could soon break $100,000, pointing out that this could limit investment opportunities for the middle class. He urged early investors not to miss out on opportunities due to market panic (FOMO). This statement further fueled market optimism towards cryptocurrencies, while other positive events also boosted overall market performance.
For instance, Vancouver Mayor Ken Sim proposed this week to include Bitcoin in the city's reserve assets, further emphasizing Bitcoin's potential as a financial tool. Moreover, a significant number of bullish on-chain indicators also suggest rising market interest in Bitcoin's future trends. According to CoinGape's latest analysis, historical trends and market heat for Bitcoin prices indicate that this token is likely to maintain its upward momentum.
Overall, these hot news from the cryptocurrency market have greatly boosted the confidence of global investors, further solidifying Bitcoin's position as a core asset in the market.
