The U.S. Securities and Exchange Commission has decided to appeal the Ripple case. 

As reported by U.Today, the agency was widely rumored to challenge the court ruling. However, it kept the community in a state of limbo until almost the very last day. The deadline for the SEC's appeal was set for Oct. 7.  

Last year, Analisa Torres, a judge for the United States District Court for the Southern District of New York, recognized secondary XRP sales as non-securities. This has been framed as a substantial win for Ripple, but the distinction between programmatic and institutional sales has proven to be quite controversial. 

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Analysts have spent the last few weeks speculating about whether the agency would eventually make such a move. 

Stuart Alderoty, Ripple's top lawyer, previously stated that he would not find the SEC's appeal surprising. However, he is confident that the legal status of the XRP token will not be affected by this action.    

The SEC's notice of appeal is, of course, a significant blow to those XRP holders who hoped that the Ripple case would no longer be hanging over them like a sword of Damocles. In August, Judge Torres issued her final judgment in the case. 

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The price of XRP is down nearly 6%, according to CoinGecko data. This makes it one of the worst-performing cryptocurrencies in the top 100. It is currently changing hands at $0.56.   

It should be noted that the existing ruling is highly unlikely to be altered until 2026.  

The SEC's appeal coincided with Bitwise, a major crypto asset manager, filing to launch an XRP-based exchange-traded fund.  

Gurbir Grewal, the Director of the Division of Enforcement for the Securities and Exchange, is parting ways with the agency, according to a Wednesday announcement. 

Grewal, a former New Jersey attorney general, will depart the SEC on Oct. 11. 

As reported by U.Today, he joined the agency as the top cop back in June 2021 after Alex Oh, the previous director of enforcement, abruptly left the SEC. 

Sanjay Wadhwa, who joined the SEC all the way back in the early 00s, has been named as the SEC's acting director of enforcement. 

It is worth noting that Grewal is particularly known for his aggressively anti-crypto stance. He has brought lawsuits against many firms within the industry during his tenure. These firms include such big names as Coinbase and Kraken. 

Earlier this year, Grewal attracted criticism from Stuart Alderoty, Ripple's top lawyer, after the former accused the cryptocurrency industry of refusing to follow the rules that apply to other industries. Back then, Grewal stated that the cryptocurrency industry was not going to get its own rules. He has also criticized the cryptocurrency industry for trying to undermine the authority of the SEC. 

While commenting on his departure, Grewal thanked SEC Chair Gary Genser for his "unwavering commitment to investor protection."

Grewal's upcoming departure has been met positively within the industry given that he has presided over the SEC's widening crackdown against the industry. "Don’t let the door hit you on the way out," Alexander Grieve, vice president of government affairs at cryptocurrency investment firm Paradigm said in response to the news.  

Bankless founder Ryan Sean Adams recently sounded the alarm over North Korean IT workers infiltrating cryptocurrency projects. 

Adams has warned that the days of anonymous developers in cryptocurrency might be coming to an end. 

He believes that even such major players as the Ethereum Foundation are not immune to such threats. 

The warning comes following the investigation by the Coindesk media outlet, which revealed that plenty of cryptocurrency projects unknowingly hired workers from North Korea. 

The extensive list of affected projects includes Cosmos, SushiSwap, and Yearn Finance. 

The North Korean workers came up with seemingly legitimate IDs and even active GitHub profiles in order to secure jobs at crypto firms.

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On one occasion, a North Korean IT worker, who claimed to be from Japan, was exposed due to his accent.

Earlier this year, the United Nations Security Council revealed that thousands of North Korean workers managed to infiltrate Western tech companies. 

The council also estimated that the Hermit Kingdom had stolen more than $3 billion worth of crypto.

Lazarus Group, the hacker group that is allegedly run by the North Korean government, was famously behind the $625 million Ronin bridge exploit. 

The stolen crypto is used for financing the country's nuclear and ballistic missile program. 

North Korea has faced various international sanctions that are concerned with the development of nuclear weapons. 

Crypto has now emerged as North Korea's main lifetime. It also relies on counterfeiting consumer goods, arms trafficking, and other illegal activities in order to finance its nuclear program. 

The on-chain activity around popular meme-inspired cryptocurrency Shiba Inu (SHIB) is hinting at something interesting in the coming days, as it has been revealed, thanks to data from IntoTheBlock, that the number of large holders' netflow has skyrocketed by over 2,944% in the last 24 hours.

To put it in numbers, the total net flow of Shiba Inu tokens into the whale's wallet was 322.7 billion SHIB. This compares to -10.96 billion SHIB the day before. 

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So, not only has the amount of token movement skyrocketed, but it has also turned positive, meaning that the whales have become bullish and have started to accumulate. This is also reflected in the special inflow metric, which reached a staggering 2.67 trillion SHIB during the period under review, while outflows lagged slightly with a figure of 2.35 trillion SHIB.

Source: IntoTheBlockWhales in, paper hands out

What's behind the surge is definitely the price of the popular meme coin. Or, interest in it is rising. After breaking out of a six-month-long downtrend, the price of Shiba Inu went on a rally of over 40%, which brought its quotes as high as $0.0000217. 

Since then, SHIB has undergone a complete correction, peaking yesterday with a loss of 19%, but buyers quickly bought this price imbalance and pushed it 6% higher. 

Source: TradingView

This is probably what you see in the on-chain stats as this price action collides with whales' moves. 

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Now the correction in SHIB is seen as healthy as only a third of the September pump has been lost. This opens a path higher for the Shiba Inu token as all the unnecessary passengers and latecomers are gone with the dump.

U.Today presents to you the top three stories over the past day; don't miss this piece!

$213 million Bitcoin (BTC) dump stuns largest U.S. crypto exchange

Bitcoin may have trouble sustaining its bullish trend due to increased selling pressure from some whales. This comes as the crypto community is eagerly anticipating more gains for Bitcoin during the month of October, often referred to as "Uptober." According to recent data by Whale Alert, a BTC whale moved 3,333 BTC (worth approximately $213 million) from his private wallet to Coinbase. The transfer indicates that the whale is planning to sell the coins in order to book profits, as Bitcoin is still on highs compared to previous levels seen in the last couple of months. While selling for profit is common among investors, such large transactions can create short-term market pressure. Despite this, it is not necessarily negative for the overall market outlook.

Shiba Inu (SHIB) sees 360% whale activity surge: Details

In a recent development, Shiba Inu witnessed an impressive 360% surge in whale activity, which makes it one of the most traded cryptos among large investors. This could indicate a potential price recovery, as whales often influence trading patterns on smaller digital assets like SHIB. The increase in whale activity may signal that the meme coin is preparing for another major move, potentially toward $0.00002. However, investors should always stay cautious, as the presence of whales does not guarantee sustained growth, and the Shiba Inu price remains volatile. At the moment of writing, SHIB is changing hands at $0.00001665, down 1.09% over the past 24 hours, per CoinMarketCap.

Ripple Labs taps major license in Dubai

According to Ripple's press release from Oct. 1, the company is expanding its global reach after obtaining a significant operating license in Dubai. As stated in the press release, Ripple received in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC). The license will allow the company to enhance its payments network in the Middle East and provide services to clients in the region. In addition to advancing its cross-border payment solutions, the license helps Ripple demonstrate its compliance with regulatory standards in different jurisdictions. As a reminder, the fintech giant battled with the U.S. SEC for over three years on compliance-related charges.

The prices of the top 10 coins remain in the red zone, according to CoinStats.

BTC chart by CoinStatsBTC/USD

The rate of Bitcoin (BTC) has declined by 1.93% over the past 24 hours.

Image by TradingView

On the hourly chart, the price of BTC is rising after a false breakout of the local support level of $60,703. If the daily candle closes near resistance, the upward move is likely to continue to the $62,400 range.

Image by TradingView

On the bigger time frame, it is too early to think about a fast reversal. Meanwhile, one should pay attention to the crucial zone of $60,000. 

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If it breaks out, the accumulated energy might be enough for a test of the $59,000 mark soon.

Image by TradingView

From the midterm point of view, the rate of the main crypto is far from key levels. In this case, there are low chances to expect any sharp moves soon. Such a statement is also confirmed by the falling volume.

Bitcoin is trading at $61,222 at press time.

Cathie Wood, a renowned investor and chief executive at Ark Invest, has taken to her account on the X social media platform (formerly popular as Twitter) to praise AI and also share the recent “white paper.”

This document was written by Ark’s Chief Futurist Brett Winton, and it addresses current AI development, its quite fast expansion and the potential of this technology, as well as what it can achieve in the future.

Cathie Wood has referred to AI as “the most transformative technology in history and the biggest catalyst to other innovation platforms.” These platforms in the future, she believes, are likely to work in spheres like “autonomous mobility and multiomics sequencing in the quest to cure diseases.”

In ARK’s view, AI is the most transformative technology in history, and the biggest catalyst to other innovation platforms like autonomous mobility and multiomics sequencing in the quest to cure diseases. Great paper from @wintonARK, ARK’s Chief Futurist! https://t.co/IPV7eouQAT

— Cathie Wood (@CathieDWood) October 2, 2024

AI bots have been quickly expanding recently, rolling out numerous updates. The most famous ones so far are ChatGPT, created by OpenAI; Midjourney and Grok – ChatGPT’s rival – developed by Elon Musk’s xAI start-up. Microsoft has also launched its AI called Copilot, and Apple is working on AI products as well.

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Cathie Wood: Bitcoin to $1.5 million

Aside from her interest in AI, Cathie Wood is a prominent Bitcoin supporter, who made an ultra-bullish BTC price prediction at the end of 2023 and in January of this year. In November, Wood said she expected a moderate price for Bitcoin to reach $600,000 by 2030. However, if a bullish scenario plays out by then, the world’s largest cryptocurrency would reach $1.5 million per coin by that time.

This price outlook coincides with one made by investor and the author of the popular book on finance management, “Rich Dad Poor Dad,” Robert Kiyosaki. In a recent tweet, speaking about the book called “GPT Money” authored by Jim Richard, which is about to be published, Kiyosaki said that AI was going to disrupt the finance industry greatly.

As he stated in his tweets many times before, Kiyosaki expects a big financial crisis to take place as artificial intelligence-based bots enter the sphere of finance. In light of these expected changes, Kiyosaki cited the aforementioned book to say that by 2025, Bitcoin is likely to reach $500,000, and by 2030, it may soar as high as $1 million.

At the time of this writing, Bitcoin is changing hands at $61,360.

Prominent hedge fund manager Kyle Bass recently ruffled the feathers of the Bitcoin community by suggesting that Satoshi Nakamoto, the mysterious creator of the flagship cryptocurrency, is a Chinese intelligence operation. 

The founder of Texas-based hedge fund Hayman Capital Management argues that Bitcoin helps China, one of the main geopolitical adversaries of the USA, to undermine the US dollar. 

"…think what functionality helps the communist elite with their closed capital account whilst concurrently undermining the supremacy of the USD? It’s genius…but it wasn’t designed by a Japanese individual," Bass said after being confronted by a Bitcoin proponent.   

Bass's sensational statement did not sit well with many members of the Bitcoin community. "Extraordinary claims require extraordinary evidence," Tuur Demester of Adamant Research said in his social media post.  

Of course, the actual identity of the Bitcoin creator remains an enduring mystery. 

Hal Finney, the late computer scientist who received the very first Bitcoin transaction, is among the top Satoshi candidates. However, there is also some compelling evidence, which suggests that he did not create Bitcoin. 

There are also some conspiracy theories about Bitcoin being created by the Central Intelligence Agency (CIA). 

The theory about the Chinese government creating Bitcoin to challenge the dollar hegemony has also been floated by some members of the community. 

It is worth noting that China has a history of crypto bans that date back all the way to December 2013. In 2021, the Chinese government banned cryptocurrency mining and trading. 

While many crypto market participants had high hopes for the upcoming month of October, its arrival brought unprecedented disappointment, with Bitcoin (BTC) losing 3.98% right from the start and the total market capitalization of altcoins shrinking by $41.67 billion. 

In hindsight, this can be explained by renewed geopolitical tensions and the fact that, as always, when a crowd anticipates something, its expectations are overturned in the most dramatic way. 

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However, Bitcoin and the rest of the crypto market, may still see green candles in October, as a new revelation from Bitcoin analyst Timothy Peterson suggests that most of the so-called "Uptober" will not start until after the 19th.

#Bitcoin in OctoberMost of "Uptober" doesn't start until after the 19th. Be patient. pic.twitter.com/Gblrr5b1xH

— Timothy Peterson (@nsquaredvalue) October 2, 2024

Historical data continues to support the current bullish outlook for Bitcoin in October as well. Since 2018, the cryptocurrency has consistently shown positive performance in this month, with an average gain of over 14% and a median return of around 13%. Undoubtedly, every month that has ended in the green has previously delivered gains from the start.

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Thus, maybe there is room for disappointment since October 2024 did not live up to "Uptober" expectations out of the gate, but if the median over its 11-year history of public trading is any creditable indication, give it at least two more weeks before giving up entirely. 

BTC to USD by CoinMarketCap

However, one thing is for sure - with so many new players coming into the market, especially institutions, old patterns will not work so easily, so the basic investor will have to become more sophisticated in order to maintain and profit here.

The market continues setting new local lows, according to CoinMarketCap.

Top coins by CoinMarketCapETH/USD

The rate of Ethereum (ETH) has fallen by 6.74% over the last day.

Image by TradingView

On the hourly chart, the price of ETH is near the support of $2,442. If the daily bar closes near that mark, the decline may lead to the test of the $2,400 zone tomorrow.

Image by TradingView

On the bigger time frame, one should pay attention to the nearest level of $2,437. 

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If it breaks out, the correction is likely to continue to the $2,350-$2,400 range within the next few days.

Image by TradingView

On the weekly chart, the rate of ETH is far from the main levels. However, if the bar closes near its low, there is a chance to see a more profound drop to the $2,200-$2,300 area until the end of the month.

Ethereum is trading at $2,450 at press time.

Former Goldman Sachs top manager and renowned cryptocurrency advocate Raoul Pal has brought an epic new Bitcoin (BTC) price prediction into the spotlight, expressing his agreement with the arguments presented. The analysis that caught Pal's attention uses the Wyckoff Accumulation Method, a trading strategy developed by Richard D. Wyckoff that identifies market cycles and institutional behavior. 

It focuses on the accumulation phase, in which institutions buy assets at lower prices in anticipation of potential upward price movements. Key elements include increased volume, bullish price action with higher lows and highs, and tests that confirm minimal selling pressure.

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According to this prediction, the price of Bitcoin is currently in Phase D, where demand consistently exceeds supply. The latest episode was Bitcoin reaching the last points of supply (LPS) yesterday, where the price was pulled back after dropping almost 4% over the course of the day. 

This feels right to me

— Raoul Pal (@RaoulGMI) October 2, 2024

Now, the price is expected to reach at least the top of the trading range during this phase, but according to the price forecast, this top will be broken and the next for Bitcoin is Phase E. 

This is when the major cryptocurrency may finally break its all-time high and go into price discovery to $85,000 per BTC and beyond, as can be seen on the attached chart. The expected date for Phase E is early November, when U.S. elections kick off. 

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For Raoul Pal, this is what "feels right." Whether this will happen is hard to say, as nothing is set in stone in this market.

The sudden drop in Bitcoin's price may have scared several Bitcoin ETF investors, but BlackRock's iShares Bitcoin Trust (IBIT) held the floor. A Farside Investors report shows that only the asset manager purchased $40.8 million worth of BTC among all of its nine counterparts on Oct. 1.

BTC price dips in traditional bullish month 

Noteworthy, October is largely recognized as a traditionally bullish month, earning it the name “Uptober.” 

This year is different from others, as the crypto industry was hit by liquidation as October began. In the last 24 hours, more than $500 million have been liquidated from several traders. Unfortunately, the flagship crypto asset is leading the liquidation, with about $141 million already removed.

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This activity has triggered a price plunge for the cryptocurrency, further threatening investors' confidence. According to CoinMarketCap data, Bitcoin is currently trading at $61,091.47, with a 4.19% drop in the last 24 hours. 

On Monday, BTC still traded at around $65,000. The drop in the coin's market value may have forced investors from other asset management firms to sell their holdings.

While BlackRock registered inflows, WisdomTree's BTCW, CoinShare Valkyrie's BRR, Franklin Templeton's EZBC and Invesco's BTCO did not conduct any transactions. On the other hand, VanEck's HODL, Ark's ARKB, Bitwise’s BITB and Fidelity’s FBTC all sold $15.8 million, $84.3 million, $32.7 million and $144.7 million worth of BTC, respectively.

BlackRock in constant BTC acquisition mode

This outlook reflects BlackRock’s confidence in the future potential of the underlying cryptocurrency. A few days ago, Arkham Intelligence reported that the asset manager purchased more Bitcoin than any ETF issuer has sold in the past few weeks. So far, the hedge fund's total cryptocurrency holdings have grown to more than 362,193 BTC.

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Based on the coin's current price, the holding is equivalent to approximately $22 billion.

The XRP price has faced yet another meltdown owing to recent global geopolitical issues. The Ripple-associated coin saw notable gains last week, and it is expected that a more sustained price rally is in the cards. While the show seems to be over for XRP, some key indicators are flashing bullish signals.

Crypto traders are showing complete confidence in the coin even though the broader financial markets are under immense pressure. It appears that investors are still expecting gains from the XRP price as many have started to jump on the XRP bandwagon. This positive sentiment can be witnessed in the latest data.

As per CoinGlass analytics, the trading volume of XRP has jumped a whopping 178.2% in the last 24 hours. Notably, the volume has reached the remarkable figure of $4.99 billion, at the time of this publication. The rising trading activity is a clear reflection of strong bullish sentiment among crypto traders.

XRP is seeing an influx of investment on all major crypto trading platforms. With $1.55 billion in volume, crypto exchange Binance is leading the way by attracting the most investors. It is followed by Bitget at $1.37 billion, Bybit at $1 billion, OKX at $518 million and BingX at $197.89 million, followed by other prominent platforms.

XRP price movements

Despite the huge surge in its trading volume, the price of XRP is still under immense pressure. As of writing this news story, it is trading at $0.5858 after a notable decrease of 6.74% in the last 24 hours. The XRP price hit a high of $0.65 Sunday as more gains were expected at that time. However, geopolitical tensions brought a massive market meltdown.

XRP also suffered during this time, and the price has plummeted since then. While Bitcoin (BTC) has slightly recovered, altcoins like XRP are still struggling. However, this potential XRP price recovery may start soon, as investors are getting bullish on it. The coming days are crucial for XRP, and only time will tell how it trades during this time of uncertainty.

Monero (XMR), the largest and most popular privacy-centric cryptocurrency, faces delisting from Kraken crypto exchange. Users from Europe have only 30 days left to trade XMR pairs, but the Monero (XMR) founder treats this step as a quality mark for his project.

Crypto exchange Kraken delists Monero (XMR) in Europe

Yesterday, Oct. 1, 2024, veteran cryptocurrency exchange Kraken announced it would delist Monero (XMR) for all European users by the end of this month. Trading in XMR/USD, XMR/EUR, XMR/BTC and XMR/USDT pairs will be halted on Oct. 31 for all customers registered in EEA, the statement says.

Image by Kraken

The team of Kraken stressed that this decision was made due to an increased regulatory crackdown on centralized exchanges, and privacy coins in particular:

After thorough consideration, and exploration of all viable alternatives, we concluded we have no choice but to delist Monero (XMR) in the European Economic Area (EEA) due to regulatory changes.

As such, on Oct. 31, trading in XMR pairs and Monero deposits will both be halted. Then, until Dec. 31, 2024, traders will be able to withdraw their XMR holdings.

On Dec. 31, all remaining XMR will be automatically converted into Bitcoin (BTC), the largest cryptocurrency, at the going market rates.

Converted XMR will be redistributed among affected holders on Jan. 6, 2025, the team says.

On the announcement, the Monero (XMR) price dropped by 7.2%. The asset is changing hands at $142.17, the lowest since early August.

Monero (XMR) founder Spagni: They can't squeeze enough information from XMR privacy

As per CoinGecko's data, together with Gate.io and KuCoin, Kraken was among the last remaining tier-1 exchanges to support XMR trading.

Commenting on the delisting, the Monero (XMR) founder and long-running lead contributor Riccardo Spagni, attributed it to the fact that the asset remains untraceable for law enforcers and investigators.

Kraken delisting Monero in Europe just goes to prove what we already know: Chainalysis et. al. simply can't squeeze enough information out of Monero's privacy to be meaningful, otherwise regulators would want Monero to stay listed as a honeypot.https://t.co/qUpV9oLl8Z

— Riccardo Spagni (@fluffypony) October 1, 2024

As for crypto users, he recommended buying Monero (XMR) with Bitcoin (BTC) on noncustodial services and compared the challenges of using privacy coins with messaging with PGP.

Investment asset management firm Bitwise has become the first firm to file an initial registration statement for a spot XRP exchange-traded funds (ETF) with the United States Securities and Exchange Commission (SEC). The pursuit of an XRP ETF reflects the increasing demand among institutional investors for safe crypto products.

Epic Bitwise XRP ETF push 

Like other crypto ETFs, the potential Bitwise XRP ETF will provide exposure to the value of the underlying cryptocurrency held by the trust. 

Bitwise CEO Hunter Horsley stated that the asset manager is optimistic about the results that the XRP ETF implementation will bring. “We believe blockchains will usher in new, apolitical monetary assets and permissionless applications for the 21st century,” Hosley wrote in the filing. 

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He further noted that this is why, for the past seven years, Bitwise has helped investors access the opportunities in the space, and the Bitwise XRP ETP is not an exception. On Sept. 30, Bitwise registered an XRP ETF trust entity in Delaware. The trust listed CSC Delaware Trust Company as its registered agent in Wilmington, Delaware.

Bitwise’s latest move may encourage other asset managers to file a similar application with the U.S. regulator. The latest Form S-1 registration with the SEC follows Bitwise’s earlier entry into the crypto ETF ecosystem. 

Bitwise in crypto ETF game 

Almost a year ago, Bitwise resubmitted its amended proposal for Bitcoin ETFs after the regulator provided feedback and queries to an initial filing for the BITB. In a matter of three months, the SEC approved the offering for trading, together with applications from BlackRock, Fidelity and Grayscale.

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Similarly, the asset management firm filed an S-1 form with the U.S. SEC to launch a spot-based Ethereum ETF in Q1, 2024. Before the offering was eventually approved for trading by the commission about four months later, Bitwise kept the public abreast with information regarding the fund.

Ripple’s development arm, RippleX, has published a tweet, spreading the word about an event for the community of XRP holders, dubbed “XRP Community Night.”

The event is to take place on Oct. 17 at the Miami Beach Edition Hotel, according to the announcement published earlier today. The tweet promises that attendees will get a chance to connect with the XRP community (builders and users) and experts from the blockchain and crypto industries. The focus will be on projects that are building on XRPL and utilize XRPL and XRP.

Aside from that, they will be treated to complimentary food and drinks, will be able to get some exclusive merch, go bowling and “experience (surprise) musical performances.”

Join us in Miami on October 17 for XRP Community Night at The Miami Beach Edition Hotel! Connect with the #XRPCommunity and industry experts, enjoy complimentary food & drinks, grab exclusive merch, bowl a few rounds, and catch surprise performances! 🎳📷 RSVP:… pic.twitter.com/iJ3hYObrUF

— RippleX (@RippleXDev) October 1, 2024

Earlier this week, RippleX also spread the word about XRPL Grants distributed via a new AI Fund created by RippleX. The goal is to find promising projects working with artificial intelligence and support them financially. Details will be revealed in a Zoom session on Oct. 2.

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Ripple mints 2.95 million RLUSD in two days

Meanwhile, Ripple blockchain behemoth continues to mint RLUSD stablecoins in the Ripple Treasury. According to data provided by the “Ripple Stablecoin Tracker” account on the X platform, over the last two days, it has released 2.95 million RLUSD.

Starting on Oct. 1, Ripple began to issue batches bigger than 100,000 coins. The smallest batch comprised 100,000 RLUSD, followed by several 200,000 RLUSD lumps. The biggest one minted was 1,350,000. Between them there were 500,000 stablecoins. RLUSD is pegged 1:1 to the U.S. dollar and, according to statements made by Ripple executives, will be backed by U.S. dollar deposits, short-term U.S. government treasuries and other cash equivalents.

💵💵💵💵💵💵 1,350,000 #RLUSD minted at RLUSD Treasury.https://t.co/P5ZttpBffy

— Ripple Stablecoin Tracker (@RL_Tracker) October 1, 2024

This week, Ripple warned the XRP community that RLUSD remains in private beta, and despite on-chain activity going, this stablecoin is not yet available for users. “Keep an eye out for the latest updates, and stay vigilant against scams!” Ripple warned its community in a tweet.

As reported by U.Today earlier, this week word spread about Ripple planning to release its much-awaited stablecoin on the Ethereum chain. XRPL might be added too, however, RLUSD on it will lack the initial functionality in the automated market maker (AMM).

The XRP community was indignant at this news.

Data from IntoTheBlock indicates that whale activity has significantly increased recently for Shiba Inu. The analytics company claims that SHIB has witnessed a sharp rise in the quantity of significant transactions on the network, indicating a rise in the presence of whales. There were 383 significant transactions on the blockchain in the last 24 hours alone, which is a seven-day high. 

Further evidence of the whales' significant increase in activity came from the astounding 8.27 trillion SHIB tokens they moved. This increase is significant because whale activity frequently indicates significant market movements to come. Whales, or large investors, usually build up their positions before a big move on the market, or they sell off a sizable position when they anticipate a decline. 

Source: IntoTheBlock

The increased whale activity for SHIB could portend an impending price recovery or additional market consolidation. Despite the retracement from its recent rally, SHIB is still being closely monitored as its current price level remains above key support levels. The increased whale interest may be an early indicator of possible bullish momentum. 

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As of press time, SHIB is trading at approximately $0.00001684. But since price corrections following abrupt movements are frequent, it is crucial to avoid unnecessary risks. Whale activity indicates the continued involvement of large investors, but it does not ensure a quick increase in price.

As of the writing of this article, whale activity is increasing, which suggests that traders should closely monitor market developments and price charts for Shiba Inu, which is showing much higher volatility than usual. Unfortunately, the asset is currently being pressured, slowly losing its value and going down.

The broader market’s "Uptober" reality is changing to "Rektober" as market liquidation tops $540 million. PEPE is in the spotlight in the meme coin world despite its price falling by more than 12% in 24 hours to $0.000009588. While this metric points to a major drawdown, investors have found solace in the Open Interest (OI) figures, per CoinGlass data.

Lower the PEPE price, the better

PEPE investors are hyped about the coin, as the price drawdown appears to be fueling new accumulation trends. As of the time of writing, the PEPE 24-hour OI is up by 14%, with a total of 12.2 trillion tokens wagered.

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Though this indicator is highly volatile, it underscores how investors consider the price slump a major discount for buying PEPE. The token has a historically high chance of growth as it has outperformed some of its peers over the past few months.

Despite the recent price drawdown, the token has maintained 13.71% growth over the past seven days. This growth rate compares with the 9% uptick that its closest rival, Shiba Inu, has recorded within the same period. The attractiveness of PEPE in the long term is a major selling point, one that investors are leveraging, as displayed by the Open Interest uptick.

Other PEPE metrics to watch

Most performance metrics are mixed at a time of intense volatility on the market. However, for PEPE, IntoTheBlock data shows that the total number of Daily Active Addresses has jumped by 9.51% to 3,380 overnight.

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This metric is valid for judging the overall sentiment in the ecosystem. Given the time required to make the best-performing meme coin practical again, these metrics are essential to retaining investors' interest.

Crypto expert Ali Martinez is predicting a potentially huge rally for Dogecoin (DOGE), with historical patterns suggesting that the popular meme coin could be on the verge of doubling in price. 

Specifically, Martinez bases his prediction on the MACD indicator, pointing out that the last two times DOGE experienced a bullish cross on the weekly chart, the price jumped 90% and 180%.

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For those unfamiliar with the term, MACD, or Moving Average Convergence Divergence, is a popular technical indicator used to measure price momentum, and when a bullish crossover occurs - where the MACD line moves above the signal line - it can signal the beginning of a significant upward trend. 

The last two times #Dogecoin $DOGE had a MACD bullish crossover on the weekly chart, it rallied 90% and 180%, respectively. A new MACD bullish crossover could be forming soon! pic.twitter.com/1YfefMe36i

— Ali (@ali_charts) October 2, 2024

These last two times mentioned are the price surges of Dogecoin in Oct. 16, when the price of the major meme coin soared by 84.54%, reaching a high of around $0.10 in the next eight weeks since the crossover happened. The next spike amid a bullish MACD crossover happened for DOGE in late February this year, when the price of Dogecoin reached a high of $0.2288 after a 178% spike in six weeks. 

Can DOGE go higher?

Interestingly, the starting point of the price for the upcoming bullish MACD crossover, if it is to happen, is higher than in previous cases. 

For example, in 2023, it was around $0.061, while in February 2024, the price was around $0.085. Currently, the price of Dogecoin is $0.10. This may mean that the expected result of the MACD bullish crossover may be higher than the two previous times. 

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What is important is that Martinez reports that Dogecoin just saw its largest spike in active DOGE addresses in the past six months, reaching 84,306 active DOGE addresses. Some may not know that network bursts often precede big moves on price charts.

In light of the current spike in gold prices, there is a debate as to whether Bitcoin is a dependable store of value. The chart illustrates how Bitcoin's price has decreased, while gold has seen a huge pump recently. 

Many investors doubt Bitcoin's capacity to serve as a hedge against economic unrest, much as gold has been perceived for decades in light of the correlation between gold's strength and Bitcoin's weakness.  

It is crucial to remember that both institutional and retail traders see Bitcoin as a risk-on asset in its current state. This means that high-risk assets like Bitcoin typically see sell-offs when market uncertainty arises, whether it be from geopolitical, financial or macroeconomic sources. 

BTC/USDT Chart by TradingView

On the other hand, as investors look for refuge from the volatility demand for gold, the classic safe-haven asset is rising. Nevertheless, it might be too soon to write off Bitcoin completely as a potential store of value. The underlying characteristics of Bitcoin, such as its decentralized structure and scarcity, make it comparable to gold as a possible hedge.

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Yet its market perception is still evolving, and for now it remains closely tied to the risk-on environment. Large participants appear to be building up their holdings in Bitcoin, perhaps in anticipation of a time when it will be viewed as a more stable asset based on ETF flows and institutional activity surrounding the cryptocurrency. Right now, the perception of their respective markets determines how gold and Bitcoin behave.

Although Bitcoin is still in its infancy as an asset class, gold has long been recognized as a store of value. Bitcoin is probably going to act like other risky assets until it reaches a more developed market status.

However, Bitcoin still has the potential to turn into digital gold, especially as more institutional investors become interested in it. The current drop is more reflective of short-term market sentiment rather than a fundamental flaw in Bitcoin's long-term prospects.