The cryptocurrency market has once again delivered a week filled with dramatic developments. While the Ripple vs. SEC lawsuit continues to unfold, Shiba Inu has captured the spotlight with its ecosystem advancements. Additionally, the looming U.S. elections have cast a shadow over the market, fueling speculation and uncertainty.
Ripple vs. SEC – A Legal Battle Heats Up
The Second Circuit Court of Appeals has set a January 15, 2025 deadline for the SEC’s opening brief regarding the XRP lawsuit appeal. Meanwhile, Ripple executives Brad Garlinghouse and Chris Larsen have hired prominent attorneys to dismiss the SEC’s claims. The court has also ordered Ripple Labs to consider alternative resolutions before proceeding with the lawsuit. These legal maneuvers have ignited significant interest in the XRP market, with on-chain activity suggesting potential price movements.
The recent buzz surrounding an XRP ETF has further fueled investor enthusiasm. Ripple CEO Brad Garlinghouse remains optimistic about the possibility of an ETF, with Bitwise Invest, Canary Capital, and 21Shares actively pursuing S-1 forms. Market observers are closely monitoring XRP’s price action in light of these developments.
Shiba Inu – A Rising Star in the Crypto World
Shiba Inu has emerged as a major talking point this week. Lead developer Shytoshi Kusama’s recent meeting with Ethereum co-founder Vitalik Buterin has sparked optimism among SHIB holders. Additionally, the developer’s revelation that SHIB outperformed BTC has further boosted investor sentiment.
The SHIB burn rate has surged 253,000% this week, indicating increased demand and potential price appreciation. Crypto analyst Javon Marks has even predicted a new all-time high for SHIB’s price. These positive developments have generated significant buzz around the meme coin.
Also Read: Ripple vs. SEC – 4 Key Legal Arguments That Could Redefine XRP’s Future
U.S. Elections – A Crypto Market Catalyst
The upcoming U.S. elections have injected a sense of uncertainty into the cryptocurrency market. Polymarket data suggests that Donald Trump has a slight edge over Kamala Harris, potentially benefiting the crypto industry due to his pro-crypto stance.
A recent CoinGape Media report indicates that both Republican and Democratic lawmakers are increasingly supportive of digital assets. This bipartisan support could lead to favorable regulations and policies for the crypto industry. Additionally, Elon Musk’s recent engagement with U.S. Fed critic Ron Paul has further fueled discussions about the future of cryptocurrencies in the U.S.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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