Important Ripple Developments, New XRP Price Predictions, SHIB Milestones: Bits Recap Oct 11

TL;DR

• Ripple’s CFO Kristina Campbell departs after two and a half years.
• Analyst EGRAG CRYPTO suggests XRP might rise to $1.12 by early 2024.
• Shibarium blockchain advances; however, Shiba Inu’s value drops by 5% over the past week.

Amendments Inside Ripple’s Executive Team

The most recent updates surrounding Ripple include the constant developments of the lawsuit between the crypto company and the United States Securities and Exchange Commission (SEC) and the departure of one of the firm’s key executives.

The blockchain enterprise secured another landmark victory in the legal battle last week when federal Judge Torres dismissed the regulator’s wish to appeal the July ruling, which determined that the XRP sales from years ago did not constitute an offer of investment contracts. 

She also set April 23, 2024, as a date for the grand trial between the two entities. The final outcome of the case seems of critical importance for the entire cryptocurrency industry as it might lead to the establishment of comprehensive rules. 

Multiple analysts and lawyers have argued that Ripple is poised to emerge victorious, while the SEC appears to have hit a dead end. Yassin Mobarak – founder of the private equity firm focused on startups in the tech sector Dizer Capital – went even further, suggesting the watchdog might wave the white flag since the trial could expose its alleged corruption practices.

Despite having the upper hand in the dispute, Ripple lost its Chief Financial Officer, Kristina Campbell, who departed the firm after two and half years at the helm. Upon resigning, she expressed gratitude to the blockchain enterprise and her former colleagues.

Where is XRP Headed?

Trying to predict the future valuation of Ripple’s native token has been a challenging task for numerous analysts. One such person, using the X (Twitter) handle EGRAG CRYPTO, recently assumed that XRP might experience a so-called “Gods candle” at the beginning of 2024 and rise to as high as $1.12 should it overcome some resistance levels. 

The analyst previously set $1.40 and the astonishing $27 as future price tags for the coin. It is worth mentioning that the second forecast would most probably remain a mirage since it would require XRP’s market capitalization to skyrocket above $1.4 trillion. In comparison, the entire market cap of the crypto sector was approximately $3 trillion during the bull run in 2021.

Shiba Inu Draws Attention, too

The popular memecoin – Shiba Inu – has also been in the spotlight in the past few days thanks to the advancement of the layer-2 blockchain solution Shibarium. The network’s total number of blocks surpassed the one million mark, while overall transactions exceeded three million. 

The asset’s burning program has also been going at relatively good temps. Shiba Inu’s burn rate spiked to nearly 100% on October 11, with 46 million SHIB sent to an address that nobody could access.

The further development of Shibarium and the successful execution of the burning mechanism have been touted as the two main factors that could boost the valuation of the memecoin. However, its price performance has not been impressive lately, currently down over 5% on a weekly basis.