Ethereum price steadily ticked higher after marking lows of $2159 on Jan. 24. The past three days have seen ETH extend its recovery to highs above $3000. Wu Blockchain, a Chinese crypto reporter, tweeted that an address marked as Three Arrows Capital (0x4862733B5FdDFd35f35ea8CCf08F5045e57388B3) has accumulated 18,575 ETH in the past three days, worth about $56.67 million.
Three Arrows Capital, a cryptocurrency hedge fund founded in 2012 by Su Zhu and Kyle Davies made headlines in December after reports surfaced of the purchase of over $400 million worth of Ethereum.
Shiba Inu led meme coins higher in the latest market rally, surging to highs of $0.0000354 on Feb. 8. SHIB’s price resumed an upward rise on Feb. 3 after touching lows at $0.00020 and has surged nearly 77% since then. Presently, SHIB trades at $0.00003115 and ranks 13th largest cryptocurrency according to CoinMarketCap data.
XRP price has skyrocketed by 50% since Feb. 3 when it began its upward rise. XRP is set to mark the sixth green day as it surges to highs of $0.91 on Feb. 8. XRP presently trades at $0.84 as seen on Binance Exchange.
Bitcoin price likewise briefly touched highs of $45,519 before declining to lows of $42,204 as investors pulled gains. The majority of altcoins declined alongside bitcoin, with a few trading in the green at press time.
XRP (XRP)
Some analysts believe that recent developments in the Ripple SEC lawsuit might suggest the case is coming to an end, which might cause a further increase in XRP’s price. Market experts believe that supporters often see the ending of a legal battle as a bullish sign.
In a recent ruling from U.S. District Judge Analisa Torres of Manhattan, the description of the advice Ripple received from its outside counsel in those 2012 memos might soon be publicized. As the company explored the launch of a new digital coin in 2012, Ripple sought counsel from an as-yet-unidentified global law firm. The law firm also sent Ripple two documents that examined the legal risks that could develop as a result of the launch. According to Torres, the legal advice included in the two memos must be unsealed and made public by February 17.
Ripple general counsel Stuart Alderoty said in an email statement that when the documents are released, they “will show that in 2012 Ripple received a legal analysis that XRP was not an investment contract or security”
According to Santiment, XRP price is reflecting the latest growth in its network as XRP’s daily active addresses have seen a steady uptick in recent months. DAAs are sometimes used as a leading indicator for price movement—demand for network access may increase demand for the blockchain’s native token.
Shiba Inu (SHIB)
On-chain analytics firm, Santiment notes the strong conviction of SHIB holders, stating that the number of holders between 1-12 months has increased from 533,180 on Nov 1 to 1.05 million as of Feb. 7. Despite the price declines in the said period.
According to a recent Twitter update by Shibburn, more projects burning Shiba Inu tokens are going to be released soon. The burning of tokens is expected to impact SHIB price in the medium term. The public testnet of Shiba Inu’s Layer 2 Solution, Shibarium is also expected to launch “very soon”.
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