XRP Identified as an Unregistered Security in a Fresh Lawsuit; Solana and XRP in the Forefront of ETF Applications; Shiba Inu Targets Crucial Resistance Level Breakthrough: Recap of Crypto News by U.Today
Unfiltered Crypto Buzz: Your Daily Dose of Digital Currency Chatter
BY: THE U.TODAY TEAM
FYI: Our writers' opinions don't reflect U.Today's official stance, and the financial and market info provided is for educational purposes only. U.Today isn't responsible for any financial losses incurred while trading cryptocurrencies. So, wise up, connect with financial pros before making crypto decisions. We've got the lowdown on today's top crypto stories you shouldn't miss!
XRP: The Unwelcome Security Tag in a Court documents
Justin Slaughter, Paradigm's VP of regulatory affairs, jumped onto the X platform to announce XRP, the Ripple-connected token, has been tagged as an unregistered security in a lawsuit against Coinbase by Oregon Attorney General Dan Rayfield. Other tokens slapped with this label include popular players like ADA, AVAX, AAVE, UNI, FLOW, LINK, and MKR. Coinbase publicly labeled the lawsuit as "spurious" and accused Rayfield of trying to regulate by enforcement. Given the previous clarification of XRP's regulatory status, this classification comes as a shock. Notably, a federal judge ruled that XRP isn't a security when sold to retail investors on public exchanges back in 2023. And the SEC abandoned its appeal on this matter earlier this year following the former Chair Gary Gensler's departure.
Solana vs XRP: ETF Battleground
Bloomberg analyst Eric Balchunas shared that there are currently 72 crypto-related ETF filings. Among them, XRP is a top contender for a U.S. spot-based ETF, with companies like Grayscale, Bitwise, and Wisdomtree competing to create XRP-related products. Solana’s catching up, with a total of 11 filings, including Fidelity. Other likely ETF contenders are Litecoin (LTC) and Cardano (ADA). These filings will be reviewed by the incoming SEC chair, Paul Atkins; his nomination was confirmed by the U.S. Senate earlier this month. Balchunas predicts that 2025 will be a "wild" year for cryptocurrency ETF offerings.
🔍 Insights: The mix of regulatory developments, market dynamics, and analyst predictions imply that XRP is a front-runner for potential inclusion in a U.S. spot ETF in 2025, with resolving Ripple Labs' legal battle against the SEC as a crucial factor and significant liquidity boosting its chances.
Shiba Inu Breaks Through Resistance Ceiling
Over the last seven days, Shiba Inu has seen a 12.37% increase after surpassing the $0.000012 level. As of writing, SHIB is exchanging hands at $0.00001333, up 1.55% in the last 24 hours. To maintain its position, SHIB requires additional momentum powered by increased token burns and trading volume. The latter has surged by 72.19% to $316.35 million, signifying a renewed interest from SHIB holders. Meanwhile, the SHIB community escalated its deflationary efforts, burning 888.4 million SHIB tokens in a single weekend, hiking the burn rate by 3,227%.
🔍 Insights: Considering the recent surge in prices and increased community efforts, the Shiba Inu could continue its upward trend, making it an interesting choice for crypto traders.
Hope you enjoyed today's rundown! Remember, this info is meant to inform and entertain, not make financial decisions for you. So, always consult experts before diving into the crypto market!
- The Ripple-connected token, XRP, has been classified as an unregistered security in a lawsuit against Coinbase, joining other tokens such as ADA, AVAX, AAVE, UNI, FLOW, LINK, and MKR.
- XRP is among the top contenders for a U.S. spot-based ETF, with companies like Grayscale, Bitwise, and Wisdomtree vying to create XRP-related products.
- Over the last seven days, Shiba Inu has seen a significant 12.37% increase after surpassing the $0.000012 level.
- Justin Slaughter, Paradigm's VP of regulatory affairs, recently discussed XRP's labeling as an unregistered security in a lawsuit against Coinbase.
- Analyst Eric Balchunas predicts that 2025 will be a "wild" year for cryptocurrency ETF offerings, with potential inclusions of XRP, Solana, Litecoin, and Cardano.
- The recent surge in the price of Shiba Inu and increased community efforts may indicate a continued upward trend for crypto traders.
- A disclaimer: The information provided is for educational purposes only and should not be used to make financial decisions, always consult financial professionals before investing in cryptocurrencies.
