Here are the top three news stories over the past weekend presented to you by U.Today.
XRP to get major institutional adoption boost in Asia
In a recent X thread from April 18, HashKey Capital, the investment arm of cryptocurrency infrastructure developer HashKey Group, revealed that it is launching Asia’s first tracker fund for the XRP token. As stated in the thread, Ripple supports the fund as an early investor. The fund is designed for professional investors and is expected to boost XRP’s institutional adoption. It marks HashKey’s third tracker fund, following those for Bitcoin and Ethereum; HashKey says that it chose XRP due to the existing use of XRP by institutions worldwide. “XRP is at the forefront of cross-border payments, enabling faster, cheaper, and more efficient transactions than traditional systems like SWIFT…” it wrote on social media. Additionally, HashKey stated that with additional regulatory approval, the XRP-based tracker fund could evolve into an ETF within one or two years.
21,000,000,000,000 Shiba Inu (SHIB) support is born: What’s happening?
Shiba Inu has shown signs of establishing a critical support level at $0.000012, backed by on-chain data indicating that over 26,000 wallet addresses hold 21 trillion SHIB at this price. However, SHIB still faces technical challenges, struggling to break through the dynamic resistance posed by the 26 and 50 EMA moving averages. The Relative Strength Index (RSI) was neutral, with about 45% of SHIB holders in profit and 54% at a loss, per IntoTheBlock data, pointing at mixed market sentiment. One could refer to the 21 trillion SHIB tokens that are grouped at the $0.000012 price level as a buy wall, which could prevent the price from further drops unless influenced by broader market trends. However, the lack of momentum and persistent overhead resistance suggest that any upward movement may be limited without a major shift in the general crypto sentiment.
Dogecoin (DOGE) breaks into top eight of crypto market, overtaking Tron (TRX)
Dogecoin, a popular digital asset that is not often taken seriously due to its memetic nature, recently managed to reenter the top eight cryptocurrencies by market capitalization, surpassing Tron. At press time, Dogecoin’s market cap stands at $24.06 billion, while Tron’s is $23.07 billion. This resurgence indicates growing investor confidence in DOGE, while the broader crypto market remains stagnant, and many altcoins struggle to gain traction. Currently, DOGE is changing hands at $0.161, up 5.03% over the past 24 hours, per CoinMarketCap. A significant breakthrough above $0.17 could trigger an aggressive rally toward $0.20 and possibly $0.23. However, it will not be that easy due to prevailing bearish sentiment on the market influenced by global economic factors.