Ripple CTO Reveals Painful Truth About XRP $3.84 'ATH,' Litecoin ETF Likely Next to Be Approved, Expert Says; Shiba Inu Awaits 64 Trillion Level: Crypto News Digest by U.Today
2025-01-17
Category: None

Here are the top three news stories over the past day presented to you by U.Today.
Ripple CTO reveals painful truth about XRP $3.84 "ATH"
Ripple CTO David Schwartz has recently taken to X platform to engage in a discussion regarding the $3.84 price point that XRP reached in January 2018, and whether it was indeed an all-time high for the asset. User @Onlyhoodvibes88 tagged Schwartz, stating that the aforementioned price level was not an ATH for XRP; he argued that the $3.84 figure was misleading and attributed it to inflated prices from Korean exchange rates. In his reply, the CTO confirmed that this ATH was misrepresented in media reports and that one could not sell or buy XRP for $3.84 back then. Schwartz explained that this high price contained "inflated amounts due to the use of 'official' currency exchange rates for Korean exchange rates." Meanwhile, XRP continues to trade above the $3 mark; at the moment of writing, it is valued at $3.26, per CoinMarketCap.
Top expert: Litecoin ETF next in line
As stated by ETF analyst Eric Balchunas, Litecoin is likely to be the next cryptocurrency to receive spot ETF approval in the U.S. The recent amendment to the S-1 filing by Canary Capital Group suggests that the SEC may be moving toward approving such a product. However, despite the optimism surrounding this development, the outcome remains uncertain. "We had heard chatter that the Litecoin S-1 had gotten comments back from SEC. This looks to confirm that which bodes well for our prediction that Litecoin is most likely to be the next coin approved," Balchunas said. Currently, per Polymarkets bettors, there is a 54% chance of a Litecoin ETF being approved by 2025, with a 39% likelihood of approval before July 31. There are pending ETF applications for altcoins like Solana and XRP. However, Balchunas has previously stated that these products are less likely to be approved before Litecoin due to regulatory issues.
Shiba Inu SHIBUSD awaits 64 trillion level: Massive accumulation
Shiba Inu is currently showing mixed signals on the market. While its price remains relatively unchanged, on-chain data reveals significant accumulation at a key support level between $0.000021 and $0.000022, where over 64 trillion tokens are held by approximately 30,800 addresses. This support level is critical for determining SHIB's future direction. Currently, 35% and 62% of SHIB addresses are profitable, having purchased the asset at lower prices. However, 63% of addresses remain unprofitable, reflecting trader hesitancy. If SHIB can maintain accumulation at this level, a recovery scenario toward $0.000024 or higher becomes conceivable. On the other hand, a decline below $0.000021 could trigger a bearish trend, highlighting the importance of this support level for SHIB's price trajectory.