Ripple (XRP) Recent Updates, Shiba Inu (SHIB) Price Volatility and More: Bit Summary October 10

TL;DR

Ripple won a major cross-border payments award and advanced its RLUSD stablecoin. SHIB saw high volatility, briefly spiked, but then declined; analysts remain cautiously optimistic. Bitcoin tumbled in early October, but some see potential for recovery. What’s new around Ripple (XRP)?

The company made headlines recently, securing yet another recognition. As reported by CryptoPotato, Juniper Research (an entity specializing in providing in-depth market research and strategic insights for the digital technology sector) awarded Ripple the Platinum Award for Best Cross-Border Payment Platform in 2024.

Ripple previously won the UK payment award, the PAY360 awards, while Fortune magazine named it one of the 50 best places to work in tech in 2023.

RLUSD, the company’s next stablecoin, has also witnessed some progress. Ripple minted and burned thousands of tokens as part of its private beta testing phase over the past few weeks.

More recently, user X Vet claimed that the XRP Ledger amendment to allow (recovery) tokens like RLUSD to be used in AMM (automated market makers) “went through code review”. They argued that the next step involves “some cosmetics and merging into a new wavy release for validators to vote on.”

Despite these developments, XRP continues to underperform. It fell by double digits to around $0.51 in early October when the SEC appealed a 2023 verdict in the case against Ripple. The token is currently worth around $0.52 (according to CoinGecko data), representing a 9.5% decline on a two-week scale.

XRP Price, Source: CoinGecko SHIB Highs and Lows

At one point yesterday (October 9), the popular meme coin was among the best-performing cryptocurrencies. Its solid (if brief) rise coincided with a drop in SHIB’s foreign exchange reserves and an explosion in the burn rate above 400%. However, the bears intervened and the price of the asset today (October 10) is very much in the red.

SHIB Price, Source: CoinGecko

Despite the increased volatility, several analysts predict good days ahead. Not long ago, X user Yoddha claimed that the price pattern had formed a specific triangle shape, which could be followed by a 130% increase if broken on the upside. Conversely, Altcoin Daily warned investors that ultra-optimistic targets like $0.01 are basically impossible:

“I heard someone say that they bought SHIB because if it just goes to 1c next year, they’ll be a millionaire. That’s literally not possible at SHIB’s current market cap. Learn how to value coins at the market cap of market based on price”.

No ‘Uptober’ for BTC… Yet

Many members of the crypto community expected the price of bitcoin (BTC) to rise substantially during October, as the month has historically been very successful for the industry in general.

The major cryptocurrency, however, started the month off on the wrong foot, falling from over $65,000 at the end of September to $60,000 a few days later. It clawed back some losses, reaching nearly $64,000 on October 7 before taking another turn south. BTC is currently trading around $61,000, or a 5% decline in the past two weeks.

BTC Price, Source: CoinGecko

According to some market watchers, the asset could soon return to the green track. User X Ash Crypto speculated that BTC has broken out of the falling wedge pattern of the weekly pattern and escaped the 6-month descending channel. As such, they predicted a possible “bounce from here.”

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!