Check out the top three news stories over the past day presented to you by U.Today.
XRP hits bullish reversal, bull run confirmed?
XRP is showing signs of a potential bullish reversal after it recently surpassed the 50-day Exponential Moving Average. At press time, the asset is changing hands at $2.43, moving closer to a key resistance level around $2.70. This breakthrough is important as trading above the 50 EMA often indicates growing bullish momentum. Since early March, XRP has continuously marked higher lows, which suggests a gradual increase in buying pressure, and recent trading activity was marginally higher than the 20-day average. Should XRP break through the descending trendline at $2.70, it may confirm a bullish reversal pattern and lead to a bigger rally. However, if XRP fails to hold its position above the 50 EMA, the bullish setup could be jeopardized, and short-term selling pressure could return.
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Bitcoin faces "great reset" risk, Mike McGlone warns
Yesterday, March 24, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, took to X platform to share an important warning regarding Bitcoin. According to the expert, BTC may have peaked versus gold, with a "Great Reset," i.e., a big correction, potentially looming on the horizon. In 2024, the Bitcoin-to-gold ratio peaked at 40x, meaning that one BTC was valued at 40 times the price of one gold ounce; however, McGlone believes that this level is unsustainable. He also mentioned the U.S. stock market-cap-to-GDP ratio has hit 2.2x. "2024's 40x peak in the ratio and 2.2x in US stock market-cap-to-GDP akin to 1929 or 1999," wrote the expert. In those years, the U.S. faced the beginning of the Great Recession and the crash of the dot-com bubble.
Second biggest Shiba Inu (SHIB) wallet sees mysterious transfers
According to recent data by Arkham Intelligence, Upbit, South Korea's largest crypto exchange, has witnessed a spike in activity involving Shiba Inu. A substantial amount of SHIB was transferred from Upbit's deposits to its hot wallet via medium-sized transactions. This led to Shiba Inu becoming one of the top 20 cryptos on Upbit by volume over 24 hours. The reason for such heightened activity remains unknown. As a reminder, Upbit remains one of the largest holders of SHIB, with its wallet "0x02E" holding 47.11 trillion SHIB worth $625.7 million. This represents 4.71% of the SHIB total supply. At press time, SHIB is changing hands at $0.00001368, up 1.74% over the past 24 hours, per CoinMarketCap.
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