Coinbase Responds to SEC, Trillions of SHIB Reach Breakeven Point, XRP Recovery Coming: Crypto News Digest by U.Today

U.Today - To keep you informed, U.Today has prepared the top three news stories from the past weekend.

Coinbase (NASDAQ:COIN) fires back at SEC: details

In a recent Twitter thread, , chief legal officer at Coinbase, shared the company's response to the SEC. Grewal wrote that it seems unusual for the government to defy a direct question from a federal court, adding that the SEC's evasive response goes further and, thus, Coinbase sets out its response. He continued by saying that the court should grant mandamus as the agency has decided not to grant Coinbase's rulemaking petition and is actively harming the industry. Concluding the thread, Grewal stated that if the court is inclined to defer action as the commission proposes, then it requires a progress report within no more than 60 days.

Trillions of SHIB tokens reach breakeven point as Shiba Inu price explodes

, the price of the Shiba Inu token broke through a crucial resistance level at $0.000007, spiking by 4.6% in just 30 minutes. This mini rally took place as part of a larger rebound of the SHIB's price, following a previous drop of $0.0000054 a week ago. As a result of the breakthrough, more than one trillion SHIB tokens reached their breakeven point, per IntoTheBlock's data. The price of SHIB has increased by an astonishing 34% since last week's drop, bringing 18.58 trillion SHIB tokens into profitable territory. It is worth noting that this surge accounts for a substantial 40.9% of all "profitable" Shiba Inu tokens in circulation.

XRP hits new price level, recovery coming

Following the release of the "Hinman docs" last week, the price of demonstrated signs of recovery. However, the upward movement did not last long and later turned into a downturn. Despite the setback, XRP's resilience is notable. According to key technical indicators, in the previous four days, XRP has dipped below the $0.5 mark four times, yet it has bounced back each time, indicating a floor at this level. Additionally, the crypto is closely clinging to the 200-day EMA support level, which it has not crossed in almost three months. These factors contribute to a sense of robustness in XRP's performance, even in the face of broader market challenges.

This article was originally published on U.Today