Latest Developments in the Cryptocurrency Sector
Explore U.Today’s latest news highlights to stay informed about the cryptocurrency industry updates from the weekend.
Major Institutional Adoption for XRP in Asia
According to a recent post shared on X on April 18, HashKey Capital, a key player in cryptocurrency infrastructure, announced the launch of Asia’s inaugural tracker fund focused on the XRP token. Ripple is on board as an early investor in this venture.
This fund aims to cater to professional investors, paving the way for increased institutional adoption of XRP. This initiative marks HashKey’s third tracker fund, with previous funds developed for Bitcoin and Ethereum. The choice of XRP stems from its established utilization among institutions globally.
HashKey Capital stated, “XRP is at the forefront of cross-border payments, facilitating faster, cost-effective, and more efficient transactions compared to traditional systems such as SWIFT.”
Moreover, pending additional regulatory approvals, the XRP-centric tracker fund has the potential to transition into an ETF within one to two years.
Massive Support Emerges for 21 Trillion Shiba Inu (SHIB)
Shiba Inu has demonstrated the formation of a significant support level around $0.000012, supported by on-chain analytics revealing that more than 26,000 wallet addresses are holding a collective 21 trillion SHIB at this price point. Nevertheless, the token continues to experience technical hurdles, struggling to overcome the resistance posed by the 26 and 50 EMA moving averages.
The Relative Strength Index (RSI) indicates a neutral state, with approximately 45% of SHIB holders currently in profit while 54% are at a loss. This information reflects mixed market sentiment. The established “buy wall” at this price could provide robust support; however, a lack of momentum and existing overhead resistance may curtail any significant upward movement until there is a shift in broader market sentiment.
Dogecoin (DOGE) Rises to the Top Eight of the Crypto Market
Dogecoin, the popular meme-based cryptocurrency, has made a comeback by re-entering the top eight cryptocurrencies based on market capitalization, overtaking Tron. As of the latest update, Dogecoin’s market cap is recorded at $24.06 billion, in comparison to Tron’s $23.07 billion.
This rebound highlights a growing sense of investor confidence in DOGE, contrasted with the struggles faced by many altcoins. At present, DOGE is trading at $0.161, indicating a 5.03% increase within the past 24 hours. A successful breakout above $0.17 could potentially lead to a rally towards $0.20 and further, despite the prevailing bearish market sentiment.
Final Thoughts
This news digest encapsulates pivotal updates from the cryptocurrency landscape over the weekend. Always remember to perform thorough research before making any financial decisions.
