U.Today – Don’t miss anything happening in the crypto world with the top three U.Today news stories from the last day.
XRP surges with $1 million in fund flows, as predicted against SEC ruling
According to CoinShares’ latest weekly report, XRP inflows have reached $1.1 million over the past seven days. This is an excellent result for the asset, given that the rest of the market has had a tough week, with digital asset investment products recording $600 million in outflows. Another noteworthy fact is that such inflows continue for the second week in a row, which apparently indicates that investors in conventional markets are preparing for massive moves in XRP. The likely explanation for this behavior by investors is that they plan to quickly resolve the SEC case against Ripple. The parties are currently arguing over the remedies that Ripple must pay as a penalty for the unregistered sale of XRP to institutional investors; the company wants to pay $10 million, and the SEC is demanding almost $2 billion.
Legendary ‘cup and handle’ pattern appears on (BTC)
According to the latest on-chain data, Bitcoin has been spotted 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; then it led to a major breakout and an extended bull run. With a noticeable similarity between 2016 and this year’s chart, BTC enthusiasts can hope for such a positive scenario to repeat itself. If this indeed happens, there could soon be a significant escalate in Bitcoin prices. Despite the overall market volatility, Bitcoin has shown resilience. Bitcoin price has been oscillating between vital resistance and support levels lately. BTC is currently trading at $64,594, down 1.16% over the last 24 hours, according to CoinMarketCap.
Shibarium grows rapidly by 962% in key metrics
Over the past 24 hours, Shiba Inu Shibarium’s Tier 2 solution has seen a gigantic escalate in up-to-date user accounts; this rate increased from 16 on June 15 to 154 on June 16, an escalate of 962%. It is worth noting that this escalate in up-to-date users coincided with an escalate in the average amount spent per transaction on BONE, the native Shiba Inu token. According to Shibariumscan, the average transaction amount increased from 0.00222 BONE to 0.00458 BONE. However, even with the influx of up-to-date accounts and higher transaction amounts, the network has seen a decline in the number of energetic accounts and the total number of transactions. This can be explained by the fact that up-to-date users may be registering to explore the platform or hold BONE and SHIB tokens, rather than to transact.
