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1.75 Trillion SHIB Mysteriously Grabbed on Robinhood, Ripple’s 800 Million XRP Escrow Lockup Failed to Reboot Price, Peter Schiff Named New Bearish Target for BTC: Crypto News Digest by U.Today

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Fri, 3/05/2024 – 16:48

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U.Today has prepared the top three news stories over the past day.

1.75 trillion SHIB mysteriously grabbed on Robinhood with price on verge of breakout

Per data provided by Whale Alert tracker, yesterday, 1.75 trillion SHIB tokens were purchased on Robinhood. The purchase was made by anonymous whale -4D935, who withdrew this large amount of SHIB meme coins in two transactions, each carrying 875,000,000,000 SHIB. The total worth of the acquired tokens is evaluated at $39.2 billion. Meanwhile, Ali Martinez, popular crypto trader and analyst, shared on his X handle on Wednesday that he spotted SHIB forming a bull flag on its daily chart. According to Martinez, SHIB is aiming to make a major bullish breakout to the $0.000072323 level; thus, he decided to place a few buy orders around the $0.000018343 price mark. At the time of writing, SHIB is changing hands at $0.00002405, up 7.15% over the past 24 hours, per CoinMarketCap.

Ripple’s 800 million XRP escrow lockup failed to reboot price, here’s reason

According to recent on-chain data, Ripple Labs shifted 800 million XRP into an escrow wallet in an effort to rebalance the circulating supply of the digital currency. Per Whale Alert, the lockup was done in three tranches: the first one carried 500,000,000 XRP, the second one featured 100 million XRP and the third one 200 million XRP.  In response to the escrow activity, the price of XRP has slightly increased, by 4.61% to $0.5126 in 24 hours. However, this enormous XRP lockup has not yet recovered all the losses from the previous week. As market sentiment declined over the past month, XRP experienced a sharp drop in valuation. Even with the most recent surge, XRP is still down over the previous week by 2.04% and over the previous month by more than 14%. Currently, XRP is trading at $0.524, up less than 1% over the past 24 hours.

Peter Schiff names new bearish target for Bitcoin price

In a recent X post, Peter Schiff, renowned gold advocate, named the next downside objective for Bitcoin. In his opinion, the objective is going to be the $54,000 level. Schiff also stated that Bitcoin has formed a bearish head and shoulders pattern, with the “neckline” of the pattern just below $57,000. Earlier this week, the expert stated that Bitcoin is currently facing its do-or-die momentum, and if BTC breaks down below the $60,000 level, the asset will be in big trouble. However, recent statements made by Federal Reserve Chairman Jerome Powell briefly made the Bitcoin price rise above the $59,000 level. At the moment, Bitcoin is trading at $61,715, up 5.84% over the past 24 hours.

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