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Bitcoin Halts at $64,000 Again: Here’s Why It Has Struggled

Elendu Benedict
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Bitcoin Halts at $64,000 Again: Here’s Why It Has Struggled

Bitcoin, the largest crypto asset by market cap, failed to capture the levels above $64,000 again on Monday as unfavorable macroeconomics plunges sustained growth.

Optimism rose among bulls on Monday after Bitcoin surged over 4% in less than an hour to trade above $64,000. However, the bullish push was short-lived as the premier crypto asset dropped from the October 8 high of $64,413 to trade at $62,475 at the time of writing.

Despite bullish sentiments within the crypto community, Bitcoin has failed to sustainably trade at $66,000 since July. Particularly, proponents expecting an explosive run from the asset in “Uptober” have had their hopes dashed, at least for now.

However, report shows that the recent underperformance in the Bitcoin price could be tied to unfavorable macroeconomics. These factors have hindered investor traction to the firstborn crypto asset despite a growing global monetary base.

For context, the amount of money circulating globally appreciated from $104 trillion in June to $108 trillion in October, a factor that has historically driven Bitcoin’s price higher.

Cautious Approach Among Investors Driving Price Redundancy

Meanwhile, Bitcoin’s multiple rejections between $64,000 and $66,000 have stemmed from investors’ cautious approach. These doubts have been tied to uncertainties around sustainable economic growth, geopolitical tensions, and the upcoming US presidential election.

For context, Bitcoin dived towards $60,000 earlier in the month when the Middle East conflict resumed. Investors pivoted to less risky assets amidst the escalating tensions of a war outbreak.

Also, Friday’s September US jobs data release further dampened the chances of a 50 basis point (bps) rate cut from the Federal Reserve.

The employment data came in stronger than expected, with 254,000 jobs added in September against the 150,000 expected. Hence, an impending Fed resolution to keep a higher interest rate reduces investors’ risk appetite, consequently affecting exposure to Bitcoin.

Furthermore, investors are on the lookout for the upcoming November elections, which analysts have teased will have a considerable impact on cryptocurrencies. Market speculators noted that a win for pro-crypto candidate Donald Trump could lighten the mood in the crypto sector, while a converse outcome could spell a short-term downtrend.

Bitcoin Derivative Reinforces Cautious Sentiments

Notably, data from Laevitas further reiterates the cautious disposition of Bitcoin investors. Per the data, the Bitcoin 3-month annualized basis of investors remained neutral, signaling a lack of appetite among investors toward leveraged trading.

Bitcoin 3 Month Derivative Basis
Bitcoin 3 Month Derivative Basis

The data showed that the basis has remained between 7% and 8% across major exchanges. For context, when leveraged buys dominate the market, the basis usually trades as high as 15% to 20%. A neutral bias will see the contracts trade at 7% or 8%, while a bearish disposition could see a further drop in value towards zero or negative

Here Are Top Crypto Assets Gaining Massive Interest from Traders This Week

Albert Brown
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Here Are Top Crypto Assets Gaining Massive Interest from Traders This Week

The start of the week has brought significant activity in the crypto market, with several tokens drawing heightened attention from traders. 

According to recent data from the market intelligence platform Santiment, Bitcoin (BTC), Neiro (NEIRO), and Bitget Token (BGB) have emerged as the top cryptocurrencies experiencing a surge in trader interest. Each of these tokens has exhibited distinct trends in market performance, reflecting a mixture of optimism, volatility, and growing institutional participation.

Image
Image from Santiment

Bitcoin Sees Renewed Optimism

Bitcoin has remained a focal point of discussion as traders and analysts maintain optimism around its potential for a bullish rally in Q4 of 2024. The term “Uptober” has resurfaced in market conversations, as many in the community express positive sentiment about Bitcoin’s upward momentum. Institutional interest in Bitcoin has also been on the rise, with increased anticipation of further spot exchange-traded funds (ETFs) being approved. 

However, market data shows that Bitcoin is experiencing a slight decline. Its price is currently at $62,108.41, marking a 2.26% drop over the past 24 hours and a 2.99% decrease over the last seven days. Despite the recent decline, the overall outlook for Bitcoin remains buoyant, driven by strong institutional support.

Neiro Token Gains Attention

Neiro (NEIRO) has witnessed a notable surge in interest, particularly following reports of large-scale transactions where whales have exchanged PEPE for NEIRO. The token’s significant price increases have also drawn attention from traders. 

The value of NEIRO has soared by over 2,910.4% in the past 30 days, with a 46.22% rise in the last week alone. Today, Neiro’s price stands at $0.00167, reflecting a 16.67% increase within the past 24 hours. 

Recovery Despite Sharp Decline?

In contrast to the upward movement in Bitcoin and Neiro, Bitget Token (BGB) experienced a significant drop in value at the start of the week. On October 7, BGB saw a 50% plunge, sparking concerns among traders about potential market manipulation and liquidity challenges.

Despite the decline, Bitget Exchange has assured traders and holders that compensation efforts are underway. 

As of today, BGB is trading at $1.07, with no change in its 24-hour trading volume. However, it has shown some recovery, with a 4.96% increase over the past week.

Fantom Nears 50% Fibonacci Breakout: Is $1 on the Bullish Radar?

Albert Brown
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Fantom Nears 50% Fibonacci Breakout: Is $1 on the Bullish Radar?

Will Fantom (FTM) surpass this crucial Fibonacci resistance to ignite a flag and rounding bottom breakout, reaching $1?

The Fantom DeFi token is teasing a bullish comeback amid the increasing broader market volatility. Currently, it is trading at $0.6792, with a 24-hour gain of 2.26%.

Nearing the $2 billion market cap, the Fantom price trend targets the psychological mark of $1. Will the bullish trend in Fantom’s price reach this optimistic target amid the delayed October season? Let’s find out.

Fantom’s Flag and Other Bullish Patterns

Fantom price trend in the daily chart reveals a falling channel breakout that is gaining momentum. This also forms a rounding bottom reversal with a neckline near $0.7181. 

Fantom Price Chart
Fantom Price Chart

The FTM price trend recorded a 52-week low of $0.2631 during the falling channel pattern. Since then, the DeFi token’s price has increased by 157.51% over the past two months.

Amid the growing momentum of the recovery rally, Fantom has surpassed the $0.50 psychological mark, leading to increased bullish influence. This fuels a golden crossover between the 50-day and 200-day EMAs.

Furthermore, the 100-day and 200-day EMAs are on the verge of a bullish crossover. The MACD and signal lines, supporting the technical indicators, are also nearing a bullish crossover, increasing the chances of a breakout rally.

Where’s Fantom Headed?

Currently, Fantom is situated between the 38.20% and 50% Fibonacci levels, ranging from $0.61 to $0.71. In the short term, the price trend showcases a bullish flag within the rounding bottom pattern.

The positive cycle within the bullish flag challenges the overhead trend line with three consecutive bullish candles. With multiple variables at play, the entry point for price action traders remains at the breakout of the 50% Fibonacci level.

In the event of a bullish extension, upcoming price targets for Fantom are $0.81 and $0.96, corresponding to the 61.80% and 78.60% Fibonacci levels. Meanwhile, the falling channel breakout suggests a potential target of $1.14 by the end of this month if the broader market recovers.

On the flip side, support levels for Fantom are at $0.61 and $0.49.

Here is Shiba Inu Price if SHIB is Able to Surge as Much as It Did After the 2020 Bitcoin Halving

Abdulkarim Abdulwahab
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Here is Shiba Inu Price if SHIB is Able to Surge as Much as It Did After the 2020 Bitcoin Halving

Shiba Inu staged a spectacular bull run following the third Bitcoin halving cycle that occurred in 2020. 

The price gains were so significant that they made many dollar millionaires from those with meager initial capital of below $10,000.

It’s been six months since the fourth and most recent Bitcoin halving occurred, and market participants are pondering how Shiba Inu could perform this time. While future price actions could be challenging to forecast, The Crypto Basic leveraged mathematical reasoning to project Shiba Inu’s potential.

Specifically, this article explores Shiba Inu’s prospects for this market season using its historic price action following the 2020 Bitcoin halving.

Shiba Inu Monumental Price Pump Post-2020 Halving

It is worth mentioning that Shiba Inu was not even launched at the time of the 2020 halving in May of that year. Shiba Inu came to life three months later, in August, trading with several zeros.

During this launch phase, Shiba Inu experienced limited trading activity even during Bitcoin’s growth in late 2020. Its price fluctuations from August 2020 to the end of the year were relatively minor, ranging in the low thousands of dollars. 

However, this changed by the end of January 2021. By this time, Shiba Inu saw a substantial spike in trading volume, reaching $5.7 million, though its price was still at just $0.00000001.

CoinMarketCap data

Following the significant trading activity in February, SHIB consistently maintained substantial trading volumes in millions of dollars. When Bitcoin peaked at around $64,000 in April 2021, Shiba Inu had exploded and reached $0.00000417, dropping four zeros.

As Bitcoin continued to climb to its cycle peak of $68,789 in November 2021, Shiba Inu had already reached its own cycle top of $0.00008845 a month earlier, dropping one more zero.

Effectively, from the January low price of $0.00000001 to the October price of $0.00008845, Shiba Inu orchestrated a monumental price growth of 884,400% or an 8,844-fold return on investment in less than ten months.

Shiba Inu Price if It Sees Another 884,400% Growth

At press time, Shiba Inu is worth $0.00001728. Factoring in an 884,400% growth from this current price would amount to a price of $0.1528. With this magnitude of growth, even a $100 investment in SHIB today would come close to being worth $1 million.

However, market commentators disagree on the prospects of Shiba Inu engineering such monumental growth in this cycle, especially as it is now a crypto project worth several billion dollars already. 

For context, at the price of $0.1528, Shiba Inu would have a hypothetical market cap of $90 trillion, assuming its circulating supply does not reduce. This raises the question of what the market cap of Bitcoin could be in such a scenario if SHIB alone would be $90 trillion.

Ex-Ripple Director Explains Why XRP is Better Than Bitcoin

Lele Jima
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Ex-Ripple Director Explains Why XRP is Better Than Bitcoin

Former Ripple director Matt Hamilton believes XRP (XRP) is better than Bitcoin (BTC).  

Matt Hamilton, the former director of Developer Relations at RippleX, believes that XRP is a better crypto asset than Bitcoin, the world’s largest cryptocurrency by market. 

In a recent interview on Mr. M Podcast, the ex-Ripple director focused on the scalability and practicality features of both cryptocurrencies. 

XRP Is Suited for Large Scale Use Than Bitcoin 

According to him, XRP is well-suited for large-scale use. However, he could not say the same for Bitcoin, noting that its limited scalability is the premier asset’s major problem. Hamilton contended that the Bitcoin network processes seven to ten transactions per second, making it unsuitable for global use. 

Based on this limitation, Hamilton contended that the global population can only conduct two transactions in their lifetime on Bitcoin. Notably, he argued that Bitcoin requires additional systems like Layer-2s or custodial networks to boost its scalability. 

While these systems might boost Bitcoin’s scalability, Hamilton stated they could undermine its core principles. Unlike the Bitcoin network, the XRP Ledger (XRPL) is designed to handle more transactions per second. Last year, the network received a significant boost as the number of transactions per second (TPS) surged from 1,500 to 3,400. 

XRPL Transactions are Cheaper  

In addition, the former director of Ripple highlighted Bitcoin’s high transaction fee as another issue associated with cryptocurrency. 

According to the former Ripple exec, Bitcoin’s transaction fees are high and will continue to rise in the future as mining subsidies disappear. Consequently, he speculated that Bitcoin might eventually become a cryptocurrency used by only banks and wealthy investors. 

“The everyday person is just not gonna be able to transact on Bitcoin,” he remarked. 

On the contrary, transactions are cheaper on XRPL, as the average transaction fee costs about $0.0002.  

XRP Cannot Be Frozen 

Furthermore, Hamilton dismissed speculation that XRP can be frozen on XRPL. He made the assertion after the host of Mr. M Podcast mentioned an incident when someone’s XRP was frozen because they sold a huge amount. 

Responding, Hamilton noted that the incident involved Ripple’s co-founder Jed McCaleb. According to Hamilton, the funds were seized on an exchange, not within XRPL.  

He emphasized that it could not have been frozen if the funds were not transferred to an exchange. The director suggested that while relevant authorities can freeze assets on other networks, like Bitcoin, such actions cannot occur on the XRPL. 

Ethereum ICO Whale Sends 5,000 ETH to Kraken Amid Active Sales

Albert Brown
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Ethereum ICO Whale Sends 5,000 ETH to Kraken Amid Active Sales

Ethereum ICO whales are selling large amounts of their holdings, with one recently transferring thousands of ETH tokens to crypto exchange Kraken.

An Ethereum whale, who participated in the initial coin offering (ICO), has been making notable moves recently, transferring another 5,000 ETH, valued at $12.22 million, to Kraken just hours ago.

This transaction adds to a string of similar moves by the whale, who has sold 45,000 ETH ($113.2 million) in the past two weeks at an average price of $2,516. Since the ICO, the whale has now sold a total of 60,000 ETH for $149.68 million, making incremental sales over the years.

Consistent Sales from ICO Whale

The whale’s ETH transactions span several years, with the first sale occurring in July 2019, when it dumped 5,000 ETH for $1.09 million at $218 per coin. A more recent transaction in June 2024 saw the whale sell 10,000 ETH for $35.39 million, capitalizing on a price of $3,539 per token. 

September and October 2024 witnessed more aggressive selling, with 45,000 ETH sold at an average price of $2,516. Following the latest sale, the whale now holds 94,540 ETH valued at $230.3 million. Of note, the address has earned an additional 4,540 ETH through staking platforms like Lido and Rocket Pool.

Other ICO Wallets Selling Off

This selling activity is not isolated, as another Ethereum ICO participant deposited 10,000 ETH to Kraken in September, marking the end of a two-year dormancy. Blockchain data revealed the whale had sold this Ethereum for $24.37 million at an average price of $2,437 per ETH. 

After the transaction, the wallet still held 9,298 ETH, valued at $22.63 million. This whale also participated in Ethereum’s ICO nine years ago, originally receiving 50,000 ETH for a mere $15,500 in 2015.

Dormant Whales Resurface

In another instance, a whale who had been inactive for over nine years recently moved their assets. This address, which received 2,000 ETH from Ethereum’s Genesis block, remained untouched for over 3,000 days. 

The whale’s wallet showed movement in August 2024, when the 2,000 ETH—initially valued at just $0.31 per ETH—moved to three separate addresses. These transactions demonstrate ongoing activity from Ethereum’s early investors, often surfacing after long periods of dormancy.

Analyst Says PUMPtober Begins For Shiba Inu: Get Ready for a Wild Ride

Abdulkarim Abdulwahab
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0
Analyst Says PUMPtober Begins For Shiba Inu: Get Ready for a Wild Ride

Shiba Inu holders may anticipate a celebration, as community analyst Oscar Ramos declared that “PUMPtober” has arrived for the meme coin.

According to Ramos, the seasonal trend, where October historically brings renewed energy and growth to the crypto markets, is starting to show signs of life for SHIB. He highlighted that after extended periods of stagnation, Shiba Inu’s market momentum is beginning to shift.

Currently, Shiba Inu is trading at $0.00001722, having lost 6.56% in the last 24 hours. As of yesterday, SHIB had a market value of $0.00001878, marking an 18% increase this month from a low of $0.00001586 on October 1.

Notably, Shiba Inu commenced its notable uptrend in the last week of September. Its value expanded from $0.00001429 on September 23 to $0.00002156 four days later and maintained most of the gains till the month ended.

Ramos highlighted these significant upward movements in his latest analysis, noting that he has achieved a 300% gain in his own leveraged position on Shiba Inu. He encourages others to consider opening leveraged positions, confident in a more substantial upswing as the year progresses.

Why Expect More Uptrend for Shiba Inu

One major catalyst for this optimism is the United Arab Emirates’ recent decision to eliminate taxes on crypto transactions. Interestingly, Shiba Inu’s ecosystem leader, Shytoshi Kusama, recognized the development in a post on X, generating excitement among SHIB holders.

Notably, UAE’s move has positioned the region as a hotspot for crypto activity. Ramos believes it could further boost Shiba Inu’s appeal as global investors seek out tax-friendly environments for their digital assets.

Additionally, Ramos noted that the market cap gap between Shiba Inu and Dogecoin is narrowing. Currently, Shiba Inu sits at $10.16 billion, while Dogecoin is around $15.6 billion. He observed that Dogecoin once held double the market size of Shiba Inu, a disparity that is no longer the case.

Essentially, the narrowing gap highlights SHIB’s resilience in the face of market volatility, which continues to flash optimism for the community.

Continuous Buy Signal for SHIB

Despite ongoing volatility, Ramos urges Shiba Inu holders to stay vigilant. He mentioned that his price indicator has been signaling strong buy opportunities, suggesting further potential for gains as October unfolds. The analyst emphasized that the indicator accurately predicted the late September surge that pushed SHIB to $0.000021.

He advises investors to monitor market movements closely and to remain unfazed by negative sentiment, which he sees as a typical pattern before major rallies.

XRP Army Petitions SEC to Stop Its Appeal Against Ripple

Lele Jima
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XRP Army Petitions SEC to Stop Its Appeal Against Ripple

Members of the XRP community petition the United States Securities and Exchange Commission (SEC), calling for an end to its ‘baseless’ appeal in the Ripple case. 

The petition launched on Change.org in an effort to stop the SEC from continuing its litigation against Ripple, especially the recently filed appeal. 

Petition Details 

Created by XRP Army, the petition expressed frustration over the four-year lawsuit between the SEC and Ripple. Data from the Change.org website shows the petition was created on October 3, 2024, a day after the SEC filed its appeal notice, indicating interest in challenging the Ripple ruling.

Notably, the petitioners characterized the appeal as harmful and unnecessary, adding that the move would further create uncertainty in the digital currency market. 

The petition mentioned that the SEC has diverted from its original goal of protecting investors by maintaining fair and efficient markets and facilitating capital formation. Instead, they claimed that the SEC, through its continued legal tussle with Ripple, contradicts these objectives and harms U.S. investors. 

According to the petitioners, the SEC’s case against Ripple has broader implications for digital currency regulation. 

Petition Garners Interests Among Crypto Enthusiasts 

The petition has garnered interest since its creation on October 3. Notably, the petition is close to hitting its target of 10,000 signatures just a few days after going public. 

It currently boasts a total of 8,335 signatures. According to the Change.org website, 569 signatures were added today. 

Petition to stop SEC appeal
Petition to stop SEC appeal

It might not take long before the petition reaches its target of 10,000 signatures. Top XRP community members have widely shared the petition across various social media platforms, urging crypto enthusiasts to support the campaign to end the SEC’s “frivolous and unnecessary appeal” that has inflicted major pains on investors. 

Retail Investors Air Grievances Against SEC

Meanwhile, retail investors from other crypto communities have continued to voice their displeasure over the SEC’s unending enforcement actions within the crypto industry. 

As reported earlier, a group of Veritaseum (VERI) token holders filed a bar complaint against SEC’s Enforcement Chief for Crypto Assets and Cyber Unit Jorge G. Tenreiro, accusing him of misconduct and overreach. 

For context, Tenreiro has been involved in several SEC-related lawsuits, including DEBT Box and Veritaseum. He recently signed off the SEC’s appeal notice against Ripple. However, VERI holders are pushing for his debarment, alleging misconduct and overreach in the cases he has been involved in.

For instance, in the DEBT Box case, the SEC tendered misleading evidence to obtain a temporary restraining order (TRO) against the company. At the time, the SEC paid a fine of $1.8 million for damages.  

If the allegations raised in the bar complaint prove true, Tenreiro could face debarment, while all the cases he has handled could be reviewed. 

In the meantime, the SEC has yet to file its actual appeal brief in the Ripple case. Speculation suggests that the SEC could file the brief by December. Ripple might also file a cross-appeal in the SEC case. The company made the suggestion in a statement issued last week by its Chief Legal Officer (CLO) Stuart Alderoty. 

This User Just Paid $700,402 as Ethereum Transaction Fees to Send Nothing

Elendu Benedict
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This User Just Paid $700,402 as Ethereum Transaction Fees to Send Nothing

A wallet spent 288 ETH as transaction fees and ended up sending nothing, triggering widespread reactions in the crypto community.

In today’s Ethereum news, another huge transaction fee was paid on the Ethereum network. According to blockchain transaction tracker Whale Alert, a user paid a staggering 288 ETH for a single transaction.

One of the most interesting developments around the transaction, besides its magnanimous transaction fee, was that the user ended up transferring nothing to the receiving address. Per Etherscan, the wallet address sent 0 ETH to the receiving address, while paying 288 ETH as fee.

Notably, the 288 ETH transaction fee was worth $700,402 at the time of writing, with Ether trading at $2,429 per coin. Data from Etherscan shows that the transaction happened today at 4:22 AM UTC.

Fat Finger?

The reasons behind the substantial transaction fee remain unknown at press time. However, the nature of the transaction seemed like a fat finger.

For context, a fat finger refers to an accidental or clumsy input of figures, resulting in excessive numbers being typed. An error such as this could result in network participants inputting the figures meant for the transaction size section in the transaction fee section.

Notably, after the erroneous transaction, the wallet address involved made another transfer. This time, it paid a fee of $0.1 to transfer 96 ETH to MevRefund, a white hat hacker and on-chain researcher. This subsequent transfer further bolstered speculation around the fat finger theory.

However, MevRefund flagged the sending address in the transaction as a compromised wallet. In a tweet, MevRefund insinuated that the hacker intentionally paid the outrageous transaction fees, seeing that the address to which he was sending the stolen funds had been feezed.

Other Huge Transaction Fees Paid

Notably, the recent 288 ETH transaction fee is the latest in a series of similar incidents. The highest transaction fee ever paid for a single transaction in the network remains the 7,676 ETH ($23.5 million), a figure paid by crypto exchange Bitfinex last year.

An earlier report shows that another user paid 34.62 ETH, valued at $92,504. Interestingly, the wallet paid more in fees than it transferred, as data showed it moved a mere 0.87 ETH.

Another user also paid 121.56 ETH ($157,764) to transfer 183 ETH ($237,502). Notably, this transaction fee was 78,882% more than the average $2 fee on the Ethereum network.

Pundit Says Ripple’s True Development Plan Could Push XRP to 5 Digits: Details

Sam Wisdom Raphael
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Pundit Says Ripple’s True Development Plan Could Push XRP to 5 Digits: Details

The XRP community has resurrected discussions around the possible long-term goals for Ripple and how these could impact XRP’s price outlook. 

According to the host of Common Sense Crypto (CSC), Ripple’s real ambitions might go far beyond cross-border payments. Though these ideas remain speculative, they have triggered discussions, especially around Codius, Ripple’s dormant smart contract platform.

Speculation on Ripple’s True Plan

Recently, the host of CSC revived interest in Codius with claims that Ripple’s true intentions have always been focused on more than just cross-border payments. 

According to the market commentator, Ripple is gearing up to manage the entire derivatives market—an industry that handles trillions of dollars in daily transactions. 

This speculation stems from recent developments, most notably Ripple’s inclusion in the International Swaps and Derivatives Association (ISDA) last August. In addition, crypto exchange Bitstamp also recently nudged Ripple to join in its development of a derivatives exchange.

The CSC host cited a controversial figure in the XRP community, Kendra Hill, who had previously suggested that cross-border payments were merely a testing ground for Ripple. 

According to this theory, Ripple has been preparing for a larger use case all along. Hill suggested that Ripple might not have gone public with these plans because the company wasn’t ready. She claims the missing piece was Codius.

The Promise of Codius and Its Dormancy

Codius, conceived by then Ripple employee Stefan Thomas, was announced by the blockchain payment firm as a smart contract platform in 2014. 

Unlike Ethereum’s blockchain-native approach, Codius aimed to support cross-blockchain operability, allowing developers to interact with different blockchain networks and external data sources. 

However, despite its potential, Ripple eventually abandoned the development of Codius. The platform was shelved, as Ripple prioritized other projects, particularly focusing on cross-border payments, which have become Ripple’s core business strategy.

David Schwartz, Ripple’s CTO, has consistently spoken highly of Codius. He even stated in May 2020 that, if he was not working for Ripple, he would likely build a business around the platform.

Smart Contracts on the XRP Ledger

Interestingly, CSC’s host suggested that Codius was sidelined because smart contracts would have made Ripple’s payment solutions more expensive, complicating its competition with SWIFT. 

However, he hinted that Ripple might be revisiting smart contracts as a core part of its strategy, especially with the development of an Ethereum Virtual Machine (EVM) sidechain for the XRP Ledger (XRPL).

The EVM sidechain allows developers to deploy Ethereum-based smart contracts on the XRP Ledger, effectively merging XRP’s fast transactions with Ethereum’s programmable capabilities. Ripple recently revealed plans to explore native smart contracts functionality on the XRPL alongside the EVM sidechain.

While the EVM sidechain is still in development, the possibility of full smart contract capabilities on the XRPL could be important. Some analysts believe that if the XRPL successfully integrates these features, XRP’s value could skyrocket, potentially reaching the “four to five digits” range as speculated by CSC’s host.

However, it is important to note that these ideas remain purely speculative, with no direct evidence to support them as Ripple has not made any public statements indicating such intentions. 

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