XRP Forms Bizarre Candle, PEPE Inching Closer to Flipping Shiba Inu, BlackRock Discloses New Position in IBIT: Crypto News Digest by U.Today

U.Today - U.Today presents the top three crypto news stories over the past day.

Bizarre XRP price candle: What's happening?

As can be seen on the XRP/USDT chart, the asset has recently formed a spinning top candle. This candlestick pattern often indicates market indecision and suggests a potential trend pause or reversal following the recent price surge. Technically, XRP has achieved significant milestones by breaking through resistance levels and reaching highs near $0.72; however, given the appearance of the spinning top, a pullback might be possible. To preserve its upward momentum, XRP must stay above key support levels, particularly the critical $0.60 mark. If the asset plunges below $0.60, it could face a larger retracement toward the $0.55 support level, which aligns with the 50-day moving average. For XRP to continue its upward trend, it will need to clearly surpass the recent high of $0.72. If it succeeds in doing so, it may then test resistance levels between $0.75 and $0.78, while also considering the overall conditions of the broader market. Currently, XRP is trading up 21.08% over the past 24 hours, valued at $0.86, per CoinMarketCap.

Pepe inching closer to flipping Shiba Inu

Yesterday, PEPE meme coin achieved a major milestone, with its market capitalization surpassing the $10 billion mark. Earlier that day, the frog-themed asset boasted another record, as its price surged to $0.00002457; the price then settled at $0.00002346, but it still reflects an impressive 86% rise over the previous 24 hours. This price increase emerged following Coinbase (NASDAQ:COIN)'s announcement about listing PEPE on its platform and the token becoming available to Robinhood users in the U.S. on Wednesday. Pepe is now close to rivaling Shiba Inu in terms of market capitalization; the two meme coins are valued at $14.2 billion and $9.1 billion, respectively. Previously, SHIB has been the only meme coin to surpass Dogecoin, but now it has seemingly lost steam, being down currently nearly 70% from its all-time high in October 2024. In contrast, Dogecoin shows a robust performance, which has seen its market cap reach $54.6 billion at the moment of writing.

BlackRock discloses new position in IBIT

In a recent filing with the SEC, BlackRock, the world's largest asset manager, reported the acquisition of 2,535,357 shares of the iShares Bitcoin Trust ETF (IBIT), valued at $91.6 million. Per data from SoSoValue, IBIT attracted inflows totaling $230 million on Wednesday, showcasing its growing popularity. Eric Balchunas, senior ETF analyst at Bloomberg, noted that the ETF set a record with $5 billion in daily trading volume, with only three other ETFs experiencing higher trading activity that day. Following the most recent update, BlackRock's IBIT is now approaching $30 billion in cumulative inflows, boasting total net assets of $42.56 billion. It recently managed to surpass the $40 billion mark in just 211 days, setting yet another record. Additionally, BlackRock has also shown interest in its Ethereum ETF, the iShares Ethereum Trust ETF (ETHA), which saw $35.63 million in inflows, although these figures remain significantly lower than those for IBIT.

This content was originally published on U.Today