Ripple and its cryptocurrency XRP have experienced a week filled with significant developments, driving much discussion and activity across the market. The total amount of XRP released from escrow reached an impressive $6.08 billion, with a notable $830 million being unlocked in a recent wave of transactions. Specifically, on-chain movements included 500 million XRP valued at approximately $1.38 billion, 300 million XRP at $830 million, and 200 million XRP worth $553 million. After these transfers, a total of 700 million tokens were returned to escrow, resulting in a net release of 300 million XRP.
Amid these developments, speculation surrounding an XRP Exchange-Traded Fund (ETF) approval has gained significant momentum, with approval odds soaring to 94%. Currently, there are seven filings awaiting consideration from the SEC, all with deadlines approaching in October. According to Nate Geraci, a seasoned ETF expert, institutional interest in XRP is rising, as evidenced by the recent launching of futures contracts that reached a record-breaking $1 billion in open interest just last month.
Despite the positive sentiment, some market players remain skeptical, noting that significant financial institutions like BlackRock and Fidelity have largely steered clear of XRP in favor of investing in Bitcoin, Ethereum, and even Solana. Nevertheless, XRP’s market activity has been robust, witnessing a 44% surge in daily trading volume, peaking at $6.57 billion, even as its price fluctuated and hovered around $2.84—down from a season-high of $3.65.
In parallel to XRP’s activity, Bitcoin has encountered turbulence, characterized by predictions of a potential price drop of $100,000, as noted by Bloomberg analyst Mike McGlone. This forecast follows a failed attempt for Bitcoin to surpass the $113,000 price point, leading to a decline that has raised investor concerns about whether this marks a cycle top for the digital currency. The situation was exacerbated by significant outflows from Bitcoin ETFs, which saw $400 million exiting in just two days, reflecting possible waning institutional demand.
Despite the bearish clouds, some experts argue that this correction shouldn’t necessarily spell doom for Bitcoin, as historical patterns reveal that sharp corrections are often precursors to longer-term bullish trends. They point out that even with the recent declines, Bitcoin remains well above its July lows, and long-term metrics continue to indicate a healthy market environment.
Meanwhile, the meme-based cryptocurrency Shiba Inu has also been caught in a supportive place, trading around $0.0000123, with critical support at $0.00001159 and resistance just below $0.000013. As the market observes a classic triangle formation, time is running out for SHIB to break out. The community is heavily promoting “Sparktember,” generating excitement for a potential price rebound. However, a failure to maintain support risks a downward slip to the $0.000010 mark, which could threaten the sentiment surrounding SHIB.
With only days left for potential breakout movements, both bullish and bearish scenarios loom large for XRP, Bitcoin, and Shiba Inu. The immediate future will determine whether these cryptocurrencies can maintain their momentum or succumb to prevailing market pressures.
