South Korea’s top five crypto exchanges will suspend WEMIX trading on June 2, causing the token to plunge over 60% to $0.2757 before recovering to around $0.36. This is the second time WEMIX has faced a group delisting. The DAXA exchange alliance said the decision was made due to WEMIX’s failure to meet listing standards. The move raises concerns over the token’s long-term credibility in the South Korean market.
Amidst various developments within the Ripple ecosystem, the community is eagerly awaiting the much-anticipated XRP lawsuit settlement. This excitement is further amplified by Ripple co-founder Chris Larsen’s meeting with SEC Chair Paul Atkins. Scheduled for today, the meeting sparks speculation about swift action in the Ripple case.
Let’s unveil how this meeting will reshape the Ripple case and how it will impact the future of the XRP price.
Chris Larsen to Meet Paul Atkins: How It Will Impact XRP Lawsuit?
In the latest update within the Ripple network, co-founder Chris Larsen is meeting SEC Chair Paul Atkins today. Reportedly, experts see this meeting as a significant development for Ripple, XRP, and the prolonged lawsuit. Though the meeting’s agenda remains undisclosed, analysts believe that the XRP lawsuit will be one of the main topics of discussion.
Although both the US SEC and Ripple withdrew their appeals in the case, the SEC’s official confirmation of the lawsuit’s conclusion is still pending. Recently, the US Court of Appeals has granted the joint motion by Ripple and the SEC to suspend their appeal while they finalize the settlement.
Clarifications on XRP’s Legal Status
As per expert anticipations, today’s meeting may play a key role in providing clarity to the legal status of Ripple’s XRP token. Though Judge Analisa Torres ruled XRP a non-security, debate persists about its status, particularly in light of the Oregon AG’s Coinbase lawsuit.
Recently, Oregon Attorney General Dan Rayfield filed a case against Coinbase, a top crypto exchange, alleging that the firm offered unregistered securities like XRP. However, lawyers like John Deaton slammed the suit as “dystopian nonsense,” highlighting Judge Torres’ ruling.
Significantly, gaining legal clarity on the token’s status could lead to a swift resolution in the XRP lawsuit. It could also trigger a major rally in the XRP price.
Potential Approval of XRP ETF
Besides the XRP lawsuit and Ripple’s legal status, another major topic of concern is the exchange-traded fund (ETF). With the SEC’s current positive stance on the crypto industry, all eyes are on the commission’s potential approval of multiple crypto ETFs. As major asset managers have filed for an XRP ETF, the commission is awaiting its launch, alongside the XRP lawsuit settlement.
According to Bloomberg analysts Eric Balchunas and James Seyffart, the odds of an ETF approval for XRP lie at 85%, whereas Solana and Litecoin boast 90%.
The SEC just approved a new ETF application from Grayscale, combining Bitcoin, Ethereum, Solana, XRP, and Cardano into one product. This represents a major breakthrough for regulatory approval.
BTC and ETH, which already have available spot ETFs, make up more than 90% of the product’s composition. Still, this sets a few big precedents for the US ETF market.
According to the SEC filing, Grayscale’s new ETF will heavily weigh towards Bitcoin; 80.20% of its value goes to it. ETH will represent 11.39% of the ETF’s value, XRP 4.82%, Solana 2.78%, and Cardano 0.81%. Technically, this will be the first US spot ETF that’s tied to these major altcoins, but BTC and Ethereum make up more than 90% of the fund. These assets already have spot ETFs.
Still, this is a major signal from the SEC. Several firms are attempting to create bundled products and altcoin ETFs alike, but Grayscale finally won the race. Hopefully, this indicates some similar approvals in the near future.
While the Shiba Inu price has crashed by 65% from its November highs, one crypto analyst believes it is too resilient to fail and that it is much better than other meme coins like Dogecoin and Pepe. As such, if her reasons are correct, the SHIB price will likely bounce back in the long term.
Shiba Inu Price Could Soar as Analyst Makes Her Bullish Case
A crypto analyst has suggested that Shiba Inu is too strong to fail. That is likely a reference to the “too big to fail” phrase that refers to the biggest banks in the United States.
In an X post, an anonymous analyst going by the name ShibaBaby Shib, explained that Shiba Inu had transitioned from being a meme coin into a full-fledged ecosystem with real utility.
She pointed to Shibarium, its layer-2 network that aims to compete with other players like Base and Arbitrum. Additionally, she pointed to other utility tokens in the ecosystem like BONE, LEASH, and TREAT. Each of these token has a clear utility in the crypto industry, with BONE being used to handle payments in Shibarium. She said:
“SHIB isn’t just hype—it’s a movement with infrastructure, vision, and unstoppable community strength.”
Shibarium has become a rapidly growing layer-2 network, handling over 1.05 billion transactions. It has also added over 197 million addresses over time. Its growth will contribute to Shiba Inu’s performance by increasing its burning mechanism.
In addition, unlike other inflationary meme coins, Shiba Inu continues to burn billions of tokens weekly. Burning reduces the number of coins in circulation, boosting the value of the remaining tokens.
SHIB Price Technical Analysis
The daily chart reveals that the Shiba Inu price has formed a few bullish chart patterns that point to 3x in the longer term. It formed a big falling wedge between November last year and March. A strong bullish breakout often follows this pattern, especially if it is a big one.
SHIB price has also formed a triple-bottom pattern at $0.00001080. This pattern is made up of three low swings and a neckline, which, in this case, stands at $0.000033, its highest level in 2024.
Most recently, it has formed a smaller double-bottom with a neckline at $0.00001567.
Therefore, while it is too early to predict, it is likely that the coin will bounce back, and possibly hit the neckline at $0.00003335. This SHIB price forecastis about 300% above today’s level.
Shiba Inu Price
The alternative scenario is dire for the coin. A drop below the triple-bottom point at $0.00001080 will be a sign that bears have won and push the coin much lower over time.
