Summary:
Ripple CTO David Schwartz highlights the key differences between XRP and Bitcoin supply dynamics.
Shiba Inu shows signs of stabilizing at a critical support level, but bearish momentum persists.
Brazil paves the way for the world's first XRP ETF, offering new investment opportunities.
U.Today presents the top three news stories over the past day.
Ripple CTO Explains Main Difference Between XRP and Bitcoin
Ripple CTO David Schwartz recently engaged in an X exchange regarding XRP with members of the crypto community. In one of his replies, Schwartz pointed out the main difference between XRP and Bitcoin's supply dynamics, stating that, measured in common units, "there is a lot more bitcoin than XRP." The CTO then wrote that the "only reason you get a smaller number of BTC is because BTC is a larger unit of value than XRP." In his opinion, comparing the two assets based only on supply might be misleading; XRP has a maximum supply of 100 billion, while Bitcoin's pegged supply stands at 21 million coins. Additionally, according to CoinMarketCap, Bitcoin's total supply is 19.82 million BTC, as that of XRP stands at 99.87 billion XRP. Now, BTC is trading at $97,946, and XRP at $2.73. At current prices, the supply of Bitcoin remains higher than XRP in dollar terms. Schwartz added: "Measuring in dollars, the supply of Bitcoin is greater than XRP. There is no meaningful sense in which Bitcoin is scarcer than XRP."
Shiba Inu (SHIB): Reset Point Reached
Shiba Inu has reached a potential support level that could become a foundation for a price reversal after a prolonged decline. The formation of a double bottom pattern near the $0.00001485 mark suggests that the meme token may be stabilizing, although overall market conditions remain a concern. Recently, a death cross appeared on SHIB's chart, indicating bearish momentum, which has historically led to further price drops but can also precede reversals. For a bullish reversal to be confirmed, SHIB needs to break above key resistance levels, starting with the 50-day moving average around $0.00001700. However, the lack of strong buying interest raises doubts about its ability to recover, and if selling pressure persists, SHIB could drop to $0.00001300 or lower.
Brazil Approves First XRP ETF: Details
Brazil is on the verge of launching the world's first XRP-based ETF. According to the ComissĆ£o de Valores MobiliĆ”rios (CVM), Hashdex, a well-known asset management firm, has received approval to launch the world's first XRP spot ETF in Brazil. However, the exact date of the product's listing on the Brazilian Stock Exchange (B3) remains unknown. With over 200 million people, Brazil offers a massive market for crypto investment products; the introduction of an XRP ETF will give both institutional and retail investors a great opportunity to invest in the asset without having to deal with the technicalities of private wallets and direct ownership. While other countries like the U.S. are still figuring out their approach to a XRP ETF, Brazil is taking a major step forward, with the prestige of the world's first XRP ETF coming to the country.
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