Massive Ripple (XRP) Price Increase, Another Warning for Shiba Inu (SHIB) Users and More: Bit Summary November 22

TL;DR

Ripple (XRP) hit $1.40, boosted by news of the upcoming resignation of SEC Chairman Gensler, raising hopes for a more crypto-friendly regulator. The Shiba Inu team warns against scammers targeting their community with fake listings and services. Bitcoin (BTC) climbs towards $100,000, boosted by Trump’s pro-crypto stance, with analysts looking higher.

XRP leads the Altcoin parade

The past 24 hours have been pretty hectic for the cryptocurrency market, with Bitcoin (BTC) surging to a new all-time high of nearly $100,000 after a 2% daily price increase. Some of the altcoins have performed even better. Cardano (ADA), Solana (SOL) and more made double-digit gains, but it was XRP that stole the show.

Ripple’s native token exploded to a three-year high of more than $1.40, while its market cap briefly topped $80 billion. The big resurgence followed the news that Gary Gensler will step down as chairman of the US SEC on January 20, 2025.

XRP Price, Source: CoinGecko

During its tenure, the Commission brought countless lawsuits against crypto companies. Among the most popular is the long legal battle against Ripple.

Gensler’s departure was expected as now-US President-elect Donald Trump vowed to fire him on Day 1 after taking office. The community hopes that the next chairman of the securities regulator will be more open to innovation and less likely to hinder the progress of the crypto sector with constant demands. Indications are that the successor could be very kind to the industry.

However, nothing official has been announced yet, and it will be interesting to see how XRP performs once the next SEC chairman is appointed.

The recent notice to SHIB users

Shiba Inu made headlines after another warning from the team. Earlier this week, Shibarium Trustwatch (an X account dedicated to exposing scams in the ecosystem and protecting users) warned that scammers are using the name of Shytoshi Kusama (the lead developer of the meme coin project) to promote fraudulent listings in fake groups.

Before that, the team warned users to stay away from dubious people offering services with the SHI and TREAT meme coins, reminding them that they are not live yet.

Shiba Inu has one of the largest and most dedicated communities, which explains why bad actors often target members.

How is BTC?

As mentioned earlier, the major cryptocurrency is approaching the psychological level of $100,000. It is up nearly 50% on a monthly basis, with its massive resurgence fueled by the election of Donald Trump as the 47th president of the United States.

During his campaign, he promised to let the cryptocurrency industry thrive and even hinted at the establishment of a national strategic reserve of BTC. We have yet to see if he will deliver on his promises and if the leading digital asset will continue to fly high during his rule.

Meanwhile, many analysts believe that the price has no intention of stopping at $100,000. User X Mags predicted a cycle peak around $300,000, while Yoddha predicted a milder increase to $170,000. The latter, however, assumed that BTC might first go through a consolidation phase before returning to the sky.

Those curious to check out additional bullish price predictions, feel free to check out our dedicated video below:

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