XRP Price Collapses as SEC Appeals Ripple Case, Here's When 'Uptober' Really Starts for Bitcoin, Shiba Inu Sees 2,944% Bullish Whale Activity Spike: Crypto News Digest by U.Today
2024-10-03

U.Today presents the top three crypto news stories over the past day.
XRP price collapses as SEC appeals Ripple case
After keeping the XRP community in suspense almost until the very last moment before the Oct. 7 deadline, the U.S. SEC has officially decided to appeal the ruling in the Ripple case. As a reminder, last year, Judge Analisa Torres ruled that secondary XRP sales are considered nonsecurities, which was considered a major victory for the San Francisco-based company. Stuart Alderoty, Ripple's chief legal officer, previously stated that he would not be surprised if the SEC appeals, adding that he believes it will not impact the legal status of the XRP token. Following the announcement, the price of XRP suffered a significant drop; at the moment of writing, XRP is trading at $0.52, down 10.85% over the past 24 hours, per CoinMarketCap.
When does "Uptober" really start? Bitcoin price history reveals all
October was off to a rough start, with Bitcoin dropping 3.98% and the total market capitalization of altcoins shrinking by $41.67 billion. However, according to Bitcoin analyst Timothy Peterson, Bitcoin may still be yet to see green candles this month. In a recent X post, Peterson wrote that the so-called "Uptober" may not begin until after Oct. 19. Historical data indicates that Bitcoin has typically performed well in October, with an average gain of over 14% and a median return of around 13%, but it should be noted that every month that has ended in the green has previously delivered gains from the start. Thus, October may have started off disappointing and failed to meet the usual "Uptober" expectations, but historical data suggests that it is worth holding off on any final judgments for at least two more weeks, as the median of its 11-year history of public trading indicates that better days might still be on the horizon.
Shiba Inu SHIBUSD explodes 2,944% in massive bullish whale activity spike
According to recent data provided by IntoTheBlock, yesterday, Shiba Inu witnessed a major spike in large holders' netflow; over the course of 24 hours, this metric skyrocketed by over 2,944%. If put in numbers, the total net flow of Shiba Inu tokens into the whale's wallet was 322.7 billion SHIB, which is a drastic shift from a negative flow of -10.96 billion SHIB the previous day. This suggests that whales have turned bullish and are accumulating the token. Additionally, during the period under review, the special inflow metric reached 2.67 trillion SHIB, outpacing outflows of 2.35 trillion SHIB. The driving force behind the netflow's surge is the price of SHIB, or rising interest in it. The renewed interest in SHIB follows a 40% price rally after the token broke free from a six-month downtrend. However, there was a slight setback with a 19% drop before a 6% rebound. This correction is seen as healthy and could set the stage for further price growth, especially since many late investors have exited.