U.Today – Don't miss anything happening in the world of cryptocurrencies with U.Today's top three stories from the past day.
XRP Soars With $1 Million Fund Flows As Anticipated Against SEC Ruling
According to the latest weekly report from CoinShares, in the last seven days, XRP inflows reached $1.1 million. This is an outstanding result for the asset, considering that the rest of the market went through a difficult week, with digital asset investment products experiencing outflows of $600 million. Another notable fact is that such inflows continue for the second week in a row, seemingly hinting that investors in traditional markets are preparing for some big move in XRP. The possible explanation behind this investor behavior lies in the fact that they are planning a quick resolution of the SEC case against Ripple. Currently, the parties are arguing over remedies for Ripple to pay as a fine for unregistered sales of XRP to institutional investors; The company wants to pay $10 million, while the SEC is demanding almost $2 billion.
Legendary “cup and handle” pattern appears in (BTC)
According to the latest on-chain data, Bitcoin was seen forming one of the most bullish patterns on its chart, called the “cup and handle.” This pattern may improve sentiment as it has historically been a sign of significant price increases. The last time Bitcoin formed a cup and handle pattern was in 2016; back then, it resulted in a major breakout and a prolonged bull run. With a notable similarity between the 2016 chart and this year, BTC enthusiasts can expect such a positive scenario to repeat itself. If this really happens, there may soon be a substantial rise in Bitcoin prices. Despite overall market volatility, Bitcoin has shown resilience. Bitcoin price has recently been oscillating between important resistance and support levels. Currently, BTC is trading at $64,594, down 1.16% in the last 24 hours, according to CoinMarketCap.
Shibarium Soars 962% in Key Metric
Over the previous 24 hours, Shibarium, Shiba Inu's layer 2 solution, witnessed a huge increase in new user accounts; this metric increased from 16 on June 15 to 154 on June 16, demonstrating a 962% jump. It is interesting to note that this increase in new users coincided with an increase in the average amount spent per transaction in BONE, Shiba Inu's native token. According to Shibariumscan, the average transaction amount increased from 0.00222 BONE to 0.00458 BONE. However, even with the influx of new accounts and higher transaction amounts, the network saw a decline in active accounts and total transactions. This can be explained by the fact that new users can register to explore the platform or to hold BONE and SHIB tokens, and not to make transactions.
This article was originally published on U.Today.
