Ripple (XRP) Updates, Bitcoin (BTC) Speculation, Whales Accumulate SHIB: Bits Recap October 13th

TL;DR

• Ripple won two major legal battles against the US Securities and Exchange Commission; The trial is scheduled for April 23, 2024. Despite the CFO’s departure, experts predict a likely victory for Ripple against the SEC.
• Major financial firms are planning to launch BTC ETFs in the US, awaiting the SEC’s decision. If the SEC agrees, the price of Bitcoin could rise.
• Large investors purchased huge amounts of Shiba Inu despite the price drop. A potential price increase is expected as its scaling solution Shibarium develops.

What’s new about Ripple?

The hype surrounding Ripple and its native token – XRP – seems to have permeated the cryptocurrency space since the company won two landmark victories in its legal battle against the US Securities and Exchange Commission (SEC).

The first happened In mid-July, a federal judge ruled that the company’s XRP sales years ago did not constitute an offer of investment contracts. Earlier this month, the SEC took another hit after the judges in charge dismissed his wish to appeal the original verdict.

Judge Analisa Torres set April 23, 2024 as the trial date between the two organizations. The outcome of the dispute could be hugely significant as a decisive victory for Ripple could lead to a bull market for XRP, general excitement in the cryptocurrency sector and the creation of an appropriate regulatory framework in the US.

It is worth noting that the blockchain company has seen its CFO – Kristina Campbell. departure Earlier this week I was looking to take on a similar position at a healthcare company.

Nevertheless, many analysts and experts believe that Ripple will emerge victorious from the lawsuit as the SEC is pushed to the wall and has no chance of winning. These examples include: Jeremy Hogan – Top US lawyer and partner at Hogan & Hogan – and Yassin Mubarak – Founder of private equity firm Dizer Capital, which focuses on startups in the technology sector.

The latter even assumed that the SEC might withdraw all charges against Ripple and its CEO – Brad Garlinghouse – because it was not in their interest to conduct a trial where “their corruption can be exposed.”

Possible explosion of BTC

The primary cryptocurrency also remains a top trending topic in this space. Although it recently consolidated below the $27,000 level, bulls are expecting better days ahead given the numerous upcoming developments surrounding the asset.

Remember it BlackRockInvesco, Fidelity and numerous other financial giants revealed their ambitions to launch a spot BTC ETF in the US and are currently awaiting approval or rejection from the SEC.

The popular crypto trader with the X (Twitter) handle Crypto Rover believes The suspense behind the decision may soon be over, suggesting the regulator could say yes today (October 13). They recalled that this date marks the deadline for the regulator to appeal the decision of the Grayscale Bitcoin Spot ETF:

“If they do not appeal the court’s decision, they will have no further opportunity to reject other spot Bitcoin ETFs and will therefore be forced to approve all of them. “So if the SEC doesn’t file an appeal by the end of Friday, approval of all spot ETFs is essentially guaranteed,” the trader surmised.

The launch of such a product in America could significantly increase the price of BTC and the entire cryptocurrency market. Such a development was observed in October 2021 when the SEC approved Bitcoin Strategy’s first futures-backed ETF with the BITO tick. Shortly after, the leading digital asset hit an all-time high of almost $70,000.

SHIB whales are on the move

Last but not least, we will discuss the self-proclaimed Dogecoin killer, Shiba Inu. Even though the price has fallen recently, the asset has attracted the attention of several whales stacked over 4.6 trillion SHIB (equivalent to more than $31 million) in the last few days.

These large investors could make significant profits if the memecoin’s valuation increases in the near future. Some analysts have predicted that such an uptrend could be on the horizon, assuming Shiba Inu’s Layer 2 scaling solution – Shibarium – makes further progress. The network recently tapped Important milestones and if you want to find out more about them, you can watch our video:

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