XRP to Get Major Institutional Adoption Boost in Asia, 21,000,000,000,000 Shiba Inu Support Is Born, Dogecoin Breaks into Top 8 of Crypto Ma...

Cover image via U.Today

Here are three top cryptocurrency news stories from the past weekend, presented by U.Today.

XRP Gains Momentum with Institutional Adoption in Asia

HashKey Capital, the investment arm of HashKey Group, announced the launch of Asia's first XRP tracker fund. This initiative, supported by Ripple as an early investor, is designed for professional investors and is expected to significantly boost XRP's institutional adoption. This is HashKey's third tracker fund, following Bitcoin and Ethereum funds. Their choice of XRP is attributed to its widespread institutional use in global cross-border payments, offering faster, cheaper, and more efficient transactions compared to traditional systems like SWIFT. HashKey also indicated that, pending regulatory approval, the fund could potentially evolve into an ETF within one to two years.

21 Trillion Shiba Inu (SHIB) Support Level Emerges: Analysis

On-chain data reveals a significant support level for Shiba Inu (SHIB) at $0.000012, with over 26,000 wallets holding 21 trillion SHIB at this price point. However, SHIB faces technical hurdles, struggling to break through resistance from the 26 and 50 EMA moving averages. Mixed market sentiment is evident, with approximately 45% of SHIB holders in profit and 54% at a loss (IntoTheBlock data). While the concentration of 21 trillion SHIB at $0.000012 acts as a potential buy wall, preventing further price drops, a lack of momentum and persistent resistance suggest limited upward movement without a broader market shift.

Dogecoin (DOGE) Surpasses Tron (TRX) to Re-enter Top Eight Cryptocurrencies

Dogecoin has re-entered the top eight cryptocurrencies by market capitalization, surpassing Tron. At the time of writing, Dogecoin boasts a market cap of $24.06 billion, compared to Tron's $23.07 billion. This resurgence reflects increased investor confidence in DOGE, despite a stagnant broader crypto market. Currently trading at $0.161 (a 5.03% increase in the past 24 hours, per CoinMarketCap), a significant break above $0.17 could potentially trigger a rally towards $0.20 and possibly $0.23. However, prevailing bearish market sentiment, influenced by global economic factors, poses a challenge. Read the original article on U.Today.