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 (NASDAQ:HOOD) 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 (NYSE:BLK) 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 article was originally published on U.Today