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Solana (SOL) is priced at about $165.28, showing a slight 1% drop in the last day. Ripple’s CEO, Brad Garlinghouse, believes Exchange-Traded Funds (ETFs) for XRP, Solana (SOL), and Cardano (ADA) will eventually be approved. This hope comes as regulators pay more attention to cryptocurrencies and people want more ETFs.
At the Global Digital Assets Summit in New York, Garlinghouse confidently said that ETFs for popular altcoins like ADA, SOL, and XRP will soon get the green light. He thinks this will happen as rules change and big investors become more interested in different cryptocurrencies.
Garlinghouse says having clear rules for taking cryptocurrencies seriously is super important. He thinks regulators and cryptocurrency experts must talk a lot to ensure everything’s fair. He also says what politicians say about cryptocurrencies is essential, like when Donald Trump talked about them and took donations in cryptocurrency.
Garlinghouse isn’t happy with how the SEC sometimes treats cryptocurrencies. He says they’re not always clear about whether something is a security, like when they said Ethereum isn’t a security. He wants them to be more apparent.
Because these rules are unclear, Garlinghouse says Ripple, the company he works for, is thinking about working more in other countries where the rules are more precise. They started doing this at the end of 2023 because they want to go where it’s easier to understand what they can and can’t do.
Shiba Inu (SHIB) is priced at around $0.00002491, experiencing a 1.6% decline in the last 24 hours. Despite almost 2 trillion worth of SHIB tokens being moved within this timeframe, it’s noteworthy that more significant whale transactions have barely reached the average of the previous week. This subdued activity aligns with SHIB’s lackluster performance amidst broader market downturns.
SHIB has been facing challenges lately due to various reasons. Firstly, the negative sentiment following Ethereum’s correction has affected the entire crypto market, causing investors to avoid riskier assets like SHIB and opt for more stable options. This change is noticeable in trading behaviours, where despite high transaction volumes, SHIB’s price hasn’t seen much movement.
Moreover, SHIB’s network metrics present a concerning picture, with declining quantities of active and newly created addresses indicating waning investor interest. On the technical front, while the 50-day moving average provides some support, the 200-day moving average offers stronger foundational support, potentially stabilizing prices in the short term.
However, increased trading activity, particularly amid recent price declines, may exert further downward pressure on SHIB’s price. The RSI, currently neutral but trending towards oversold territory at around 49, adds to the uncertainty surrounding SHIB’s near-term prospects.
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