Check out U.Today’s news digest and make sure you are up to date with the latest events in the industry!
Here are the top four news stories over the past day presented to you by U.Today.
XRP is up 26% in week, here are two factors that contributed to recent rise
The latest on-chain data shows that the price of the Ripple-affiliated XRP token saw a 26% rise over the past week. The token outperformed such top cryptocurrencies as Bitcoin and Ethereum, which are currently down 5% and 11% in the last seven days, respectively. One of the reasons behind such a spike in value is increased trader optimism, with positive developments in the ongoing Ripple lawsuit and the CFTC commissioner visiting Ripple Labs contributing to it. Another reason is high whale movement in the last few days: according to WhaleAlert, Ripple shifted 30 million XRP on Sept. 21, while another 261 million XRP coins were moved by whales between wallets on various top exchanges in the previous day.
If Ripple wins against SEC, entire crypto industry goes parabolic: David Gokhshtein
Former U.S. congressional candidate David Gokhshtein has recently opined on how Ripple’s possible victory over the SEC might impact the crypto industry. He believes that if the fintech giant wins, it will inspire the whole space to skyrocket. This is not the first time Gokhshtein has expressed this kind of narrative. Earlier this month, he tweeted that in case Ripple scores a win, it will not only be XRP that will take off, but every legitimate crypto platform as well. And a year ago, the Gokhshtein Media founder shared the same thought. In addition to this, Gokhshtein agreed with Ripple head Brad Garlinghouse that the result of a possible Ripple win would also signal the emergence of clarity regarding crypto regulation.
Cardano’s big day arrives, whales grab ADA in last-minute rush
Yesterday, the Cardano community celebrated the successful implementation of the long-awaited Vasil hard fork. Hours before the upgrade, ADA returned to the top 10 cryptos for the top 100 BSC whales thanks to their rush to accumulate as many tokens as possible. ADA is currently trading at $0.4515. The Vasil network upgrade took place at epoch 365, on Sept. 22 at 9:45 p.m. (UTC), and the Plutus V2 Cost Model network upgrade, in turn, will happen at epoch 366, on approximately Sept. 27 at 9:45 p.m. (UTC). Vasil introduces a new version of Plutus, Cardano’s native smart contract language. The IOG team and Cardano Foundation have been preparing for the upgrade for months while working around the clock to deliver the beginning of a new era to the five-year-old platform.
Shiba Inu developer shares new details about burning SHIB with profits from game
Shiba Inu’s lead developer, Shytoshi Kusama, has recently revealed that 5% of profits derived from the new Shiba Eternity game will be burned. He also assured the community that he is not going to pocket the rest of the profits. According to Kusama’s latest tweet, he is being extra careful until he has a perfect explanation of what happens outside the burn. As reported by U.Today, Kusama announced that there would be burns from the game last week. After some complained about the percentage of future profits that will be allocated to burning SHIB being too low, the lead developer responded to criticism by advising the curious to look at the revenue of similar games of the likes of Hearthstone and “do the math.”