Crypto News Digest by U.Today

Top Three Crypto News Stories from Yesterday

XRP Price Drops Following SEC Appeal in Ripple Case
In a recent development, the U.S. Securities and Exchange Commission (SEC) has officially announced that it will appeal the ruling in the Ripple case, just before the October 7 deadline. Last year, Judge Analisa Torres ruled that secondary sales of XRP are not classified as securities, marking a significant victory for Ripple. Stuart Alderoty, Ripple’s chief legal officer, had previously warned that an appeal could occur but expressed confidence that it would not affect XRP’s legal status. Following this announcement, XRP’s price experienced a notable decline, trading at $0.52, which is a decrease of 10.85% over the last 24 hours.

Understanding "Uptober" and Bitcoin’s Performance
October began on a shaky note for Bitcoin, with a drop of 3.98%, resulting in a total market capitalization loss of $41.67 billion among altcoins. Despite this rough start, Bitcoin analyst Timothy Peterson suggests that the anticipated "Uptober" may not commence until after October 19. Historical performance data reveals that Bitcoin has generally prospered in October, averaging gains of over 14% with a median return of around 13%. Although the month has started off disappointing, historical trends indicate that traders should hold off on making final assessments for at least two more weeks, as there could still be positive developments ahead.

Shiba Inu Experiences Major Whale Activity Surge
Recent data has shown a dramatic increase in activity among Shiba Inu’s large holders, with a netflow spike of over 2,944% in just 24 hours. The number of tokens moving into whale wallets totaled 322.7 billion SHIB, a significant turnaround from a previous net outflow of -10.96 billion SHIB. This shift suggests that large investors are becoming bullish on the token. During this timeframe, the total inflow reached 2.67 trillion SHIB, outpacing outflows of 2.35 trillion SHIB. This renewed interest comes after Shiba Inu experienced a 40% rally, breaking free from a six-month downtrend, although a minor correction resulted in a 19% drop before a 6% rebound. This correction may be seen as a healthy adjustment, potentially paving the way for future price increases as many late investors have pulled out.