Crypto news and prices: Dogecoin (DOGE), Shiba Inu (SHIB), and Ripple (XRP)

How are Dogecoin (DOGE), Shiba Inu (SHIB), and Ripple (XRP) performing within the crypto market? Let’s take a look at an overview of their prices and the latest news related to them.

Dogecoin on the rise: Coinbase plans to trade futures

Dogecoin (DOGE) has recorded a strong growth after Coinbase’s announcement regarding its plans to launch futures trading for the memecoin.

According to a document presented by Coinbase earlier this month, the leading US cryptocurrency exchange platform has filed a request with the Commodity Futures Trading Commission (CTFC) to offer DOGE derivatives starting from April 1st.

The news has caused the meme asset to reach a peak of 20% going from a minimum of $0.129 on March 20th to a maximum of $0.155. Currently, DOGE is trading at around $0.152, recording an increase of about 15% in the last 24 hours.

However, according to Bloomberg analyst James Seyffart, the Securities and Exchange Commission (SEC) may express concerns about Coinbase’s plan. 

Nevertheless, the jurisdiction is on the securities and not on the raw materials, since it would be difficult to argue that DOGE futures are considered securities.

In the document, Coinbase argues that Dogecoin’s inflationary mechanism makes it ideal to serve as an Internet currency as it promotes spending rather than holding. 

With over 140 billion of Dogecoin in circulation and a reward of 10,000 DOGE per block added to the blockchain every minute, Dogecoin indeed offers a different approach compared to Bitcoin or Litecoin.

This project adopts an inflationary supply model, which differs from the deflationary model adopted by Bitcoin and many other cryptocurrencies.

The goal of Dogecoin’s inflationary nature is to promote spending and usage through tips on social media and online forums, rather than encouraging holding it as a digital investment.

Crypto.com celebrates Shiba Inu as the second best token

Crypto.com has enthusiastically announced that Shiba Inu (SHIB) has reached the second place as the most popular token on the platform, sparking the acclaim of the Shib army. 

While some predict further improvement for SHIB in the coming days, others highlight the challenges that Shiba Inu must face.

In the last 24 hours, the list price of SHIB has increased by 6.98%, settling at about $0.00002707, although it has experienced a decrease of 18.34% in the last week. 

However, the token has seen a significant improvement of 185.24% in the last month, with a 6.96% increase in market capitalization and a 2.89% increase in trading volume in the last 24 hours.

The announcement from Crypto.com about Shiba Inu came shortly after the introduction of ZK by Polyhedra Network on the platform, allowing users to conveniently trade with the US dollar and deposit funds via ERC-20.

Currently, on Crypto.com there are 15 meme coins, with Dogecoin at the top of the list. 

Although Shiba Inu shows promise for growth, surpassing Dogecoin could prove to be a challenging goal, given the difference in market capitalization of 6 billion dollars.

Shiba Inu is followed by Pepe (PEPE), which has seen a 12.25% increase in the last 24 hours, reaching $0.000008118, with a market capitalization of about 3 billion dollars.

However, the road to achieving dominant position remains challenging and Shiba Inu may face challenges in maintaining its market capitalization.

The price of Ripple compared to Dogecoin and Shiba Inu

XRP from Ripple is among the many cryptocurrencies that have recently experienced a price increase. After briefly touching $0.62, its value has slightly returned to the current level of $0.61, according to the data from CoinGecko.

Many analysts predict that this is just the beginning of a significant uptrend that could lead the asset to reach multi-year highs in the near future. 

One example is user X Dark Defender, who suggests that XRP could reach the target of $1 in April, citing the reaching of previously identified resistance zones.

According to the analyst, “based on the following structure, XRP will maintain this level and proceed with the objectives, which I expect to happen in April.” 

Even EGRAG CRYPTO has contributed, noting that the Fibonacci level 0.5 “has held us back so far”, and adding that the bulls seem ready to make a significant move. 

The analyst predicts that these conditions could trigger a price surge up to around $1.40 next month. Another factor that could contribute to the future increase of XRP is further adoption. 

At the beginning of this week, the major cryptocurrency exchanges BitMEX and Atlantis Exchange introduced trading services with the token. Additionally, several other companies, including Gemini, Coinbase, Kraken, and Crypto.com, have resumed selling XRP in recent months.

Another element, perhaps the most significant, is the resolution of the legal case between Ripple and the United States Securities and Exchange Commission (SEC). 

The process is scheduled for April 23, with the parties having recently filed a joint letter requesting the approval of the judges to address the sealing issues related to the upcoming remedies briefing.