According to U.Today, XRP has seen inflows of $1.1 million over the past week, according to CoinShares' latest weekly report. This is a significant achievement for the asset, especially considering the rest of the market experienced outflows of $600 million in digital asset investment products. This marks the second consecutive week of inflows, suggesting that traditional market investors are preparing for a significant movement in XRP. This investor behavior could be attributed to the anticipation of a swift resolution to the SEC's case against Ripple. The parties are currently debating the penalties Ripple should pay for unregistered sales of XRP to institutional investors. Ripple proposes a $10 million penalty, while the SEC demands nearly $2 billion.
In other news, Bitcoin has been observed forming a 'cup and handle' pattern, one of the most bullish patterns on its chart. This pattern has historically indicated significant price increases. The last time Bitcoin formed this pattern was in 2016, which resulted in a major breakout and an extended bull run. Despite market volatility, Bitcoin has shown resilience, with its price currently trading at $64,594, a 1.16% decrease over the past 24 hours.
Meanwhile, Shiba Inu's layer-2 solution, Shibarium, has seen a significant increase in new user accounts. Over the past 24 hours, this metric has risen from 16 on June 15 to 154 on June 16, a 962% increase. This surge in new users coincided with an increase in the average amount spent per transaction in BONE, Shiba Inu's native token. Despite the increase in new accounts and transaction amounts, the network experienced a decline in active accounts and total transactions. This could be due to new users registering to explore the platform or to hold BONE and SHIB tokens, rather than conducting transactions.