The dynamic world of cryptocurrencies concludes with another week of high-profile developments unfolding primarily across a broader range of sectors. Ripple’s XRP continues to rise in price, approaching $2, on the back of legal maneuvers favorable to the American blockchain payments company. At the same time, Shiba Inu (SHIB) has seen bullish activity fueling market optimism surrounding the meme coin. Meanwhile, Bitcoin (BTC) continued to consolidate near its ATH this week, sparking market debate.
Here is a quick report on the hottest crypto market updates reported by CoinGape Media over the past week.
Ripple’s virtual currency continues to rise despite legal reforms
Notably, the Ripple-backed cryptocurrency had a very bullish week, extending its weekly gain to 30% and hovering around $1.90. This upward trajectory has sparked notable optimism, which coincides with recent legal developments regarding blockchain payment companies.
First, Coingape Media reported that lawsuits against the US SEC may end under the “new SEC.” The optimistic expectations come as SEC Chairman Gary Gensler announced his departure and crypto advocate Donald Trump secured victory in the US election. In addition, pro-XRP lawyers Bill Morgan, Fred Rispoli, and Jeremy Hogan also revealed that the appeal is likely to be dismissed, and that the lawsuit against the US SEC could soon be dismissed. suggested. Overall, market sentiment surrounding Ripple collateral assets has become very bullish as the long-awaited lawsuit concludes.
Interestingly, amidst these optimistic events, the coin recorded a monumental leap forward, overtaking BNB in market capitalization. At the same time, the asset's futures OI exceeded $2.5 billion this week, reflecting investor optimism.
Additionally, market sentiment is changing as Ripple refrains from launching its RLUSD stablecoin following indications that New York's top financial regulator, the Department of Financial Services (NYDFS), is poised to approve the product. We remain bullish on future trends.
Shiba Inu (SHIB) attracts attention
At the same time, the Shiba Inu has received a lot of attention this week, with notable burns and ecological development. CoinGape Media reported that the SHIB burn rate has increased significantly over the past seven days, sparking optimism about the coin’s future price movements. At the same time, the coin's Layer 2 network, Shibarium, also received maintenance upgrades and enhancements.
While these events have pushed prices up significantly, it is also worth noting that Shiba Inu whale holdings are reportedly increasing. The statistics highlighted the market's growing interest in the asset amid a bull market in the fourth quarter. Meanwhile, cryptocurrency market enthusiasts are widely eyeing this token for further profits given the optimistic statistics mentioned above.
BTC consolidates near ATH
Meanwhile, the flagship cryptocurrency is facing market turmoil near its ATH, trading above the $95,000 level by the end of the week. Notably, in the midst of this wild move, Robert Kiyosaki warned that Bitcoin could soon surpass $100,000, making investing difficult for the middle class, prompting FOMO among early investors. That's what I'm doing. This statement sparked notable optimism for cryptocurrencies, while other bullish events also played out across the broader market.
Vancouver Mayor Ken Sim proposed Bitcoin as a reserve asset this week, highlighting the asset's market potential. Moreover, the presence of a large number of bullish on-chain indicators also further increases interest in the future movement of the asset. A recent Bitcoin price analysis by CoinGape Media showed that Bitcoin is heading for further gains, reflecting historical trends and growing market interest.
Overall, the crypto market headlines listed above are having a major impact on investor sentiment around the world.
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CoinGape is comprised of an experienced team of native content writers and editors who work around the clock to cover news from around the world and present it as fact, not opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
