Crypto News Digest by U.Today

Here are the top three news stories from the past day:

SHIB on the Verge of Price Tripling This Month
October has arrived, a month highly anticipated in the crypto community, often referred to as "Uptober" due to its potential for positive price movements. SHIB supporters are particularly excited, as historical data suggests that the dog-themed meme token could see its price triple this month. According to insights from CryptoRank, SHIB has averaged a return of 283.4% in October, with a median return exceeding 10%. In October 2021, the token’s price surged by an astonishing 833%. Although predictions in the crypto sector can be unpredictable, the positive trends seen in previous Octobers have raised speculation for a repeating pattern in 2024. Should this surge materialize, SHIB might reach around $0.000075, a level not seen since its earlier days.

XRP Achieves Highest Weekly Close of 2024: Will SEC Affect This Rally?
Recently, XRP reached its highest weekly close of the year, finishing above the $0.64 level on the Binance exchange. Current data indicates that the token trades at approximately $0.601, with a market cap of $33.9 billion, placing it seventh among major cryptocurrencies. This achievement is considered a win for bullish investors, especially after struggling to overcome the $0.60 resistance level following an August court ruling. However, there’s apprehension in the community regarding the upcoming deadline on October 6, when the SEC may decide to appeal the July 2023 summary judgment. If an appeal is filed, it could negatively impact XRP’s price, although any changes to rulings are likely to take time, possibly not being resolved until 2026.

Reasons Why Bitcoin Might Experience a Massive Fourth Quarter
Following a strong recovery in September, Bitcoin appears poised for significant gains in the fourth quarter of 2024. Analyst Eric Crown has noted that when Bitcoin finishes September in positive territory, it typically enjoys a fruitful fourth quarter. Currently, the average return for such scenarios stands at 170%. Bitcoin reached a peak of $66,508 on Friday but saw a slight dip as the week began, trading around the $64,000 mark, while remaining up over 8% for the month. On-chain analyst James Check from Glassnode observed that Bitcoin’s market momentum is neutral across various time frames, correlating strongly with the performance of gold and equities, which are also doing well.