Ripple’s Awards, SHIB Volatility, and Bitcoin Trends: Oct Recap

Summary

• Ripple secured a significant award for cross-border payments and advanced its RLUSD stablecoin.
• SHIB experienced notable fluctuations, rising briefly before falling; analysts hold a cautiously hopeful outlook.
• Bitcoin fell in early October, but some perceive potential for a rebound.

Latest Updates on Ripple (XRP)

The company has been in the spotlight recently, winning another prestigious award. As CryptoPotato reported, Juniper Research, a firm that specializes in providing in-depth market research and strategic insights for the digital technology sector, recognized Ripple with the Platinum award for best cross-border payments platform for 2024. 

Earlier, Ripple also received the payment award in the UK – the PAY360 Awards – and Fortune Magazine featured it among the top 50 workplaces in technology for 2023.

Ripple’s impending stablecoin, RLUSD, has also shown positive progress. The company minted and burned thousands of tokens as part of the private beta testing phase in recent weeks.

In addition, an X user known as Vet mentioned that the proposed amendment to the XRP Ledger allowing tokens like RLUSD to be integrated into AMM (Automated Market Makers) has “passed through the code review.” They stated that the next steps include “some cosmetic changes and merging into a new rippled release for validators to approve.”

However, despite these advancements, XRP continues to lag behind. The token dropped sharply to around $0.51 at the beginning of October following the SEC’s appeal of a 2023 ruling against Ripple. Currently, it is priced at approximately $0.52 (as per CoinGecko), marking a 9.5% decline over the past two weeks.

Volatility in SHIB

On October 9, the highly-traded meme coin briefly became one of the strongest performers. Its substantial (though short-lived) rise coincided with declining SHIB exchange reserves and a more than 400% spike in the burn rate. However, bearish pressure emerged, and as of today (October 10), the asset’s price is noticeably down.

In light of the increased volatility, several analysts foresee better days ahead. Recently, X user Yoddha noted that the price chart has taken a specific triangular shape, which could lead to a 130% surge if it breaks upward. On the other hand, Altcoin Daily cautioned investors that overly optimistic forecasts like $0.01 are essentiallyimplausible:

“I heard someone mention they purchased SHIB, banking on it reaching 1 cent next year. This would make them a millionaire. Such a scenario is virtually impossible considering SHIB’s present market cap. It’s crucial to understand how to evaluate coins in terms of market cap versus price.”

BTC’s “Uptober” Delayed

Many within the crypto community anticipated bitcoin’s (BTC) price to see significant gains throughout October, as this month has generally been fruitful for the industry in the past.

However, the leading cryptocurrency started the month poorly, falling from over $65K at the end of September to about $60K within days. It made some recovery, peaking at nearly $64,000 on October 7 before taking another downturn. Currently, BTC is trading at approximately $61,000, reflecting a 5% dip over the past two weeks.

Some market analysts believe that the asset may soon bounce back. X user Ash Crypto speculated that BTC has broken free from a descending wedge pattern on the weekly chart, surmounting a 6-month downtrend. Consequently, they predict a potential “bounce from this point.”