TL;DR

• An ETF approval could fuel a triple-digit XRP rally in the mid-term (according to ChatGPT).
• Despite the positive outlook, there is a risk of a “Buy the Rumor, Sell the News” effect, where prices fall after the possible green light.

The Potential Price Targets

Ever since the launch of exchange-traded funds (ETFs) in the US tracking the performance of Bitcoin (in January 2024) and Ethereum (July 2024), industry participants have been wondering what’s coming next.

There have been some indications lately that an XRP ETF may go live in the near future. Bitwise registered such an investment instrument in Delaware at the beginning of October, while Canary Capital followed suit several days later. The former is yet to file the ETF with the US SEC (the agency that decides whether these funds will be approved), while the latter already did so.

The Commission has been at legal war with Ripple for nearly four years, meaning a green light from it could be quite challenging. However, a possible nod is not entirely out of the cards and might significantly boost the price of XRP. We decided to ask ChatGPT to specify exactly how high the valuation could jump if that were the case.

The AI-powered chatbot estimated that the token’s price could soar to $1.50 within months of approval. However, this exponential rise would depend on other elements, including increased institutional investment, broader market adoption, and more. 

ChatGPT went even further, predicting that the potential green light of an XRP ETF combined with a favorable resolution of the Ripple v. SEC lawsuit could pump the asset’s value to over $2.50 in the mid-term. 

The case has recently witnessed some key developments. As CryptoPotato reported, the regulator appealed a 2023 verdict set by Federal Judge Torres, which ruled that secondary sales of Ripple’s XRP token did not constitute securities sales.

Prior to the contend, the magistrate ordered the company to pay a $125 million penalty for violating certain securities laws, an amount representing just a fraction of the $2 billion the SEC initially sought.

Watch Out for Sell the News Effect

Conversely, ChatGPT warned investors that XRP’s value may head south even if the ETF tracking the asset’s performance is approved due to some behavioral factors.

One example is “the Buy the Rumor, Sell the News” phenomenon, in which prices rise in anticipation of a positive event and then plummet after an official announcement. 

“While an ETF approval generally signals a positive outlook for an asset, XRP’s reaction will depend heavily on the timing, market sentiment, and investor behavior. If many traders are already positioned for a bullish outcome, a price drop is possible due to profit-taking and unmet expectations,” the chatbot claimed.

A classic “sell-the-news” event occurred at the start of this year. BTC’s price gradually increased for months in anticipation of the approval of the first spot Bitcoin ETF in America. Shortly after the launch, though, the asset made a U-turn, erasing much of the gains. 

A study titled “ETFs and Beyond,” released on Oct. 10 by investment giant Charles Schwab, revealed that almost half of the respondents said they plan to invest in crypto ETFs.

The survey of 2,200 investors, which was fielded from July 2nd to July 20, revealed that 45% of ETF investors were interested in crypto products. However, US equities remain the top investment choice, with 55% planning to invest in 2025.

Bloomberg’s senior ETF analyst Eric Balchunas said the results were “pretty stunning.”

Almost half of Schwab’s respondents said they plan to invest in crypto ETFs, more than bonds, international, alts. Pretty stunning. pic.twitter.com/VnnoxioGIK

— Eric Balchunas (@EricBalchunas) October 10, 2024

Millennials Big on Crypto

Meanwhile, ETF Store President Nate Geraci focused on another finding: 62% of those who planned to invest in crypto ETFs were millennials (aged 28 to 43). They show a higher tendency for risk and are more likely to invest based on their values and customized portfolios.

Around 44% were gen-X (approximately 44 to 59 years old) while boomers (around 60 to 78 years old) represented just 15% of the total. Geraci added that it was “wild” that Schwab has this data and still hasn’t launched spot crypto ETFs.

In September, Geraci said that crypto ETFs accounted for 13 of the 25 largest ETF launches in 2024 by year-to-date inflows. The increased interest in crypto ETFs coincides with the launch of US spot Bitcoin and Ethereum exchange-traded funds this year.

Schwab also reported that most ETF investors have stayed the course with their investments “despite a variety of market-driving events.”

Spot Crypto ETF Outlook

Despite the bullish survey signals, US Bitcoin ETFs continued to outflow this week. On Oct. 10, the 11 spot BTC ETFs saw an aggregate outflow of $81.1 million, marking the third consecutive day of outflows this week, according to preliminary data from Farside Investors.

Industry-leading BlackRock lost $10.8 million from its IBIT fund in a rare outflow day while Fidelity’s FBTC fund lost $33.8 million. Bitwise and Ark 21Shares also saw outflows while the rest were zero flows.

Conversely, spot Ethereum ETFs saw their largest inflow day for more than a week, with $10.1 million on Thursday. BlackRock’s ETHA fund had the majority with $17.8 million, but Fidelity and Bitwise saw outflows of $3.5 million and $4.2 million, respectively.

Meanwhile, spot crypto markets continue to retreat, having lost almost 3%, or more than $60 billion, since Monday.

Big moves are happening in crypto this week.

Uniswap’s (UNI) latest update has sparked some serious chatter, and the token is seeing a significant price pump.

Meanwhile, traders are also keeping an eye on meme coin DeFi project Crypto All-Stars (STARS).

It’s now raised $2.1 million in presale – with some speculating STARS could be next to rally.

UNI Price Rallies as Open Interest Spikes 21%

Uniswap has had a wild week.

UNI is now trading at $8.03, the highest in nearly three months.

It’s up 15% since Tuesday’s low, though it did give up a bit of ground after peaking earlier today with a 20% surge.

The hype around Uniswap right now is evident in the numbers.

UNI is ranked highly on CoinMarketCap’s trending cryptos list, and the token has also snagged 12th place among the most traded cryptocurrencies.

Open interest has also spiked 21% to $114 million, a level not seen since mid-June.

All of this has occurred while the crypto market is still reeling from the losses earlier in the week.

Clearly, investors are still prepared to gain exposure to UNI, believing its price will continue rising despite the broader conditions.

Top trader InvestingHaven on Twitter even speculated UNI could “pop off.”

With the bullishness showing no signs of slowing, Uniswap might be on track to hit the $10 mark sooner than most had anticipated.

Unichain Launch Drives Uniswap’s Price Growth

So, what’s behind Uniswap’s jump?

The main reason is that the developers just rolled out Unichain, its new Layer-2 solution.

And it could shake up the DeFi space in a big way.

According to reports, Unichain could cut transaction fees by up to 95% compared to Ethereum’s mainnet while speeding things up with block times as low as 250 milliseconds.

To put that in perspective, that’s like upgrading from a dial-up connection to fiber-optic speeds.

But there’s more to Unichain than just speed and lower costs.

Unichain is part of the Optimism Superchain, which aims to connect different blockchains and make DeFi more seamless.

Investors are clearly pumped about this, with Uniswap’s testnet now live and the mainnet on the way.

Unsurprisingly, this has been the main reason for all the UNI token demand.

It’s another example of how tech developments can quickly boost investor enthusiasm in the crypto market.

Crypto All-Stars Also Gains Traction as DeFi Meme Coin Raises $2.1M in Presale

Alongside Uniswap, Crypto All-Stars is also making headlines with its new MemeVault platform.

MemeVault offers something completely new.

Unlike most meme coins, which rely on hype alone, Crypto All-Stars offers real utility, allowing traders to stake their favorite tokens.

The concept is simple: using MemeVault, traders can lock up popular meme coins (like DOGE) to earn rewards.

These rewards are paid out in STARS tokens.

This makes MemeVault a one-stop shop for meme coin traders looking to maximize their earnings.

Instead of the hassle of managing different staking pools, traders can streamline the process, making earning yields much easier.

This approach is catching on fast.

Crypto All-Stars’ presale has already raised $2.1 million, with investors able to buy STARS tokens early for $0.0014947 each.

More than 2,700 people have piled into the project’s Telegram group in response.

With this kind of momentum, Crypto All-Stars might be preparing for a massive DEX launch later this year.

YouTuber ClayBro thinks that is the case.

In a video released yesterday, he highlighted the “huge surge in demand” for STARS ahead of meme coin season.

And given that the demand is only increasing, there’s a chance STARS could follow Uniswap’s lead and rocket once it hits the open market.

Visit Crypto All-Stars Presale

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Bitcoin’s price tumbled once again late last night but the asset has managed to recover most losses and now stands well above $60,000.

Most altcoins are slightly in the green on a daily scale, with XRP climbing by 2%, while BNB has dropped by the same percentage.

BTC Bounces Above $60K

It’s safe to say that Uptober has failed to deliver the expected gains so far. The situation looked different at the start of the current business week as BTC jumped to over $64,400. However, that was short-lived, and the asset started losing value almost immediately.

It had dropped to $62,000 by Wednesday, but the bears kept the pressure mounting, and it further fell to $60,400 on Thursday morning. The landscape worsened in the evening when bitcoin slumped by a few more grand to a multi-week low of $58,800. As reported, this violent retracement caused roughly $250 million in liquidations on a daily scale at the time.

Nevertheless, the bulls finally stepped up at this point and didn’t allow any further corrections. Just the opposite, BTC has recovered almost $2,000 since then and now trades around $60,700.

Still, it’s down by over 1% on a weekly scale, which has pushed its market cap to just under $1.2 trillion. Its dominance over the alts has also taken a hit and is down to 53.9% on CG.

UNI on the Rise

Most altcoins experienced similar volatility yesterday but have calmed on a daily scale. ETH, SOL, XRP, TON, DOGE, ADA, and AVAX have charted some minor gains over the past 24 hours, while BNB, TRX, and SHIB are slightly in the red.

UNI and IMX have popped as today’s top performers from the larger-cap alts, with gains of around 4%. In the case of the former, the price surges have only intensified as it is up by 20% since this time last Friday.

Nevertheless, the total crypto market cap has declined slightly since yesterday and is down to $2.220 trillion.

The Skibidi Toilet (SKBDI) meme coin, inspired by those weird singing bathroom fixtures, just hit an all-time high.

And with Crypto All-Stars (STARS) hitting $2.1 million in presale, many are wondering if this new staking project could follow suit.

Skibidi Toilet Meme Coin – Where Internet Humor Meets Real Gains

What is it about Skibidi Toilet that’s got everyone talking?

Picture this: an army of singing toilets battling camera-headed foes.

That’s the meme behind the madness.

And SKBDI, a meme coin on Solana, is paying homage to it in a big way.

SKBDI’s price just hit $0.649 this morning, which marks a new all-time high for the coin.

It’s cooled off a bit since, trading around $0.515, but that hasn’t stopped it from climbing to 16th place on CoinMarketCap’s trending list.

Trading volumes have also surged 113% since yesterday – and SKBDI’s market cap is now above $36 million.

Unsurprisingly, this coin has zero real-world utility.

It’s simply a joke token.

But in the meme coin space, sometimes that’s all it takes to go viral on social media and produce enormous returns for investors.

As such, SKBDI is yet another example of just what’s possible in this space.

Smaller Cryptos Outperform Despite Broader Crypto Market Slump

While SKBDI’s been rallying, the rest of the market isn’t exactly thriving.

Bitcoin is hovering around $61,200, and Ethereum is stuck at $2,400.

Most coins are just trading sideways after the dip earlier in the week.

And that means the global crypto market cap, which totals the values of all cryptocurrencies, is stagnant at $2.13 trillion.

UNI is the only major token to post any real gains in the last day.

The mood is grim overall – evidenced by the Crypto Fear & Greed Index being at 39.

That’s firmly in “Fear” territory.

But despite the general market blues, SKBDI continues to perform well alongside some smaller-cap coins.

For example, PROS and DEAI are rising.

It’s a strange contrast – while most of the market is feeling cautious, there’s still an appetite for under-the-radar cryptos.

So, what does this tell us?

It suggests that even when the big names are struggling, crypto investors are still willing to take chances on more volatile plays.

It’s a reminder that there’s always action somewhere, regardless of the broader market conditions.

Crypto All-Stars $2.1M Presale Success Positions It as New Meme Coin Contender

Speaking of low-cap plays, let’s talk about Crypto All-Stars.

This project has been going viral, raising over $2.1 million in its presale.

The main reason for all this buzz is its MemeVault feature.

Many retail investors have a bunch of meme coins in their crypto wallets just sitting idle.

But with MemeVault, these investors can stake them all in one place and earn STARS rewards.

So, instead of just HODLing Dogecoin and Shiba Inu, investors can put them to work.

MemeVault is the first staking platform to support multiple meme coins across different blockchains.

This model could be huge for active meme coin traders.

And the project’s early presale success is telling.

It suggests genuine interest in Crypto All-Stars’ goal of bringing some utility to the meme coin space.

Plus, with a DEX listing scheduled for once the presale ends, this might just be the start of STARS’ journey.

But could Crypto All-Stars match SKBDI’s explosive rally?

YouTuber ClayBro thinks so, highlighting the “huge surge in demand” for STARS tokens in the past week.

Fellow YouTuber Fred Crypto even speculated STARS could 50x in price.

Endorsements like these are boosting all the hype around Crypto All-Stars.

With its unique approach to staking, growing presale buzz, and upcoming exchange debut, it’s a project that many are keeping an eye on.

Visit Crypto All-Stars Presale

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Readers are also advised to read CryptoPotato’s full disclaimer.

TL;DR

• It appears that the market uncertainty and negative sentiment are on the rise, especially for Ethereum (ETH), Bitcoin (BTC), and Ripple (XRP).
• However, some analysts remain optimistic about XRP despite the current conditions.

The ‘Top’ 20 List

Despite positive expectations, the cryptocurrency market started October on the wrong foot, registering a substantial correction. Multiple leading assets lost the momentum observed at the end of September, entering red territory.

The crypto analytics platform Santiment revealed the top 20 cryptocurrencies receiving the most negative attention during the latest pullback. 

The first spot went to Chainlink (LINK), whose weighted sentiment fell to -0.57. Ethereum (ETH) and Bitcoin (BTC) followed next with ratios of -0.47 and -0.45, respectively.

“Weighted sentiment is an adjusted measurement we provide that combines the social volume of an asset (across X, Reddit, Telegram, 4Chan, and Bitcointalk) and multiplies by the ratio of positive vs. negative comments toward that asset,” the entity explained its method. 

Other well-known cryptocurrencies making the list include Solana (SOL), Ripple (XRP), Polygon (MATIC), Cardano (ADA), Floki Inu (FLOKI), Pepe (PEPE), Tron (TRX), and more.

XRP, for one, witnessed a severe collapse at the start of October. It plummeted by double digits to as low as $0.51 following the US SEC’s appeal in the case against Ripple. Since then, XRP has tried to recover some ground, currently trading at around $0.52 (per CoinGecko’s data). 

However, it is not all bad news. According to Santiment, “coins with the most bearish crowd narratives historically have the best chance of rising.”

XRP Price Predictions

Despite its pullback, the asset has been the subject of numerous optimistic forecasts as of late. The popular X user Dark Defender claimed the news surrounding the Ripple v. SEC lawsuit have “a minor impact” on XRP, whose valuation is mainly driven by technical indicators:

“When Heikin Ashi Candles (average-price candles, currently at $0.57) are considered, the monthly average price stays above the support level, which is critical for XRP to continue the momentum. This is supported by the MACD indicator, where XRP has the green dot on the monthly time frame. I am super bullish, and I expect XRP to follow his pattern.”

EGRAG CRYPTO was even more bullish, expecting the token’s price to experience an “epic” surge to above $5 in the following months.

Ripple’s price has been consolidating in a very tight range in the last few days, and it has yet to give any indication of its future direction.

By Edris Derakhshi (TradingRage)

The USDT Paired Chart

On the USDT paired chart, the price has recently experienced a massive drop from the $0.65 level, breaking below the 200-day moving average, which is located near the $0.55 mark.

Over the last week, the market has been moving sideways below the 200-day moving average and has failed to break back above it.

As the structure suggests, a further decline toward the key $0.5 support level is likely in the short term. Yet, a rebound could still be expected from that area.

The BTC Paired Chart

The BTC paired chart is in a similar condition.

The market has failed to rise above the 1000 SAT mark and is currently testing the 800 SAT support level and the 200-day moving average, located around the same price.

If these levels are broken to the downside, a drop toward 650 SAT could be expected in the coming weeks.

On the other hand, a rebound from the 800 SAT area could lead to a rally toward the 1,200 SAT, but this scenario is far less probable than the bearish one.

Coinbase has announced a significant update for its users, enabling them to send Bitcoin to Taproot addresses on October 8th.

This integration expands Taproot’s accessibility, enhancing privacy, scalability, and security. With the latest support, Coinbase has joined prominent crypto exchanges such as Binance, OKX, and Kraken.

In its tweet, the crypto exchange stated,

“We’re pleased to announce that Coinbase․com users can now send Bitcoin to Taproot addresses, creating access to more onchain destinations.”

Bitcoin developer Greg Maxwell initially introduced the Taproot proposal in 2018. Later, Bitcoin developer Pieter Wuille codified the upgrade.

Activated in November 2021 with 90% approval from Bitcoin miners, the Taproot upgrade is a soft fork that maintains backward compatibility with older Bitcoin software, avoiding the disruption of a hard fork. This upgrade includes three Bitcoin Improvement Proposals: BIP340 (Schnorr Signatures), BIP341 (Taproot), and BIP342 (Tapscript), designed to boost privacy, efficiency, and smart contract capabilities on the Bitcoin network.

Although its adoption curve has been slow, CryptoQuant CEO Ki Young Ju noted a significant increase in January, with Taproot usage jumping from 1% to 39% within a year.

Along with making transactions more efficient, Taproot’s support for advanced smart contracts has enabled innovations such as BRC-20 and Runes, Bitcoin-native tokens. It also played a crucial role in the emergence of Ordinals, a protocol that allows for unique data inscriptions on Bitcoin, much like NFTs on other blockchains.

Bitcoin transaction costs surpassed Ethereum’s in November 2023, largely due to the influence of Bitcoin Ordinals. Data from BitInfoChart revealed that the average Bitcoin transaction fee was $10.34, flipping Ethereum’s average fee of $8.43 on November 20th.

The upgrade further prompted the rise of Taproot-based startups, such as Taproot Wizards and Tap Protocol, which specialize in developing the Bitcoin Ordinals ecosystem.

[PRESS RELEASE – London, UK, October 8th, 2024]

StakeLayer has announced the launch of its Cross-Chain Restaking Protocol, a solution which offers users the ability to restake their assets across multiple blockchains, including Bitcoin, Ethereum, Solana, TON, and more.

StakeLayer’s native token, $STAKELAYER, is set to debut on Wednesday, October 9th at 2 PM UTC. The team announced on their X page that TGE and the listing of $STAKELAYER will mark a significant milestone for StakeLayer and the broader DeFi community.

StakeLayer introduces a Multichain EigenLayer– a solution that introduces Restaking for Bitcoin, Solana, Ton and other chains users and hopes to advance user interaction onchain.

Similar to the EigenLayer on Ethereum, StakeLayer utilizes a restaking mechanism cross-chain. This enables holders to earn additional rewards on their holdings by participating in Proof-of-Stake activities on various applications.

Pioneering Cross-Chain Restaking Protocol, StakeLayer, Set to Launch $STAKELAYER Token

Potential Impacts of StakeLayer’s Cross-Chain Protocol

• Increased Capital Efficiency Opportunities: StakeLayer allows cross-chain users to earn additional rewards on their holdings, which may provide opportunities for increased capital efficiency.
• Enhanced Security Options: The restaking mechanism has the potential to contribute to the overall security of the ecosystem.
• Potential for Innovation: StakeLayer may opens doors for developers to build new applications that leverage new functionalities.
• Stakelayer is announcing new updates and is set to launch the platform soon, for more details users can visit StakeLayer’s telegram community.

The launch of StakeLayer’s Cross-Chain Restaking Protocol represents a notable development in the DeFi space. By providing increased flexibility, enhanced security, and new possibilities for growth, StakeLayer aims to offer a new approach to how users interact with blockchain technology.

About StakeLayer

StakeLayer presents an approach to unlocking new functionalities for Bitcoin, Solana, Ton, introducing a revolutionary EigenLayer on Bitcoin. By introducing multichain restaking, StakeLayer aims to open doors for increased capital efficiency opportunities, potential security benefits, and a wider range of applications built in crypto.

Although the project is in its early stages, StakeLayer’s features are designed to contribute to the future development of the ecosystem and its integration with the evolving DeFi landscape.