XRP’s Parabolic Uptrend, Congressman Buys Meme Coins, Fed Chair Powell Likens Bitcoin To Gold And More: This Week In Crypto

The past week was a rollercoaster ride in the cryptocurrency market. From XRP’s explosive gain to Shiba Inu’s burning spree, the crypto world was buzzing with activity. Let’s dive into the top stories that shaped the crypto market over the weekend.

XRP’s Parabolic Uptrend

Over the last weekend, XRP XRP/USD witnessed a significant rise. The uptrend was fueled by new ETF applications and increased whale activity. Noted investor Raoul Pal highlighted XRP’s “great-looking” chart, drawing parallels with a previous long wedge pattern that led to a whopping 5,600% rally. Pal coined the current phase as “Banana Zone Part 1.”

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Shiba Inu Burns 53 Million Coins

Shiba Inu SHIB/USD made headlines as it burned 53 million coins in a single day. The coin’s burn rate and a steady increase in whale transactions have contributed to its recent momentum. Traders are optimistic about SHIB’s trajectory, with Bluntz Capital tweeting about a potential major price spike for Shiba Inu.

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Fed Chair Powell on Bitcoin

Federal Reserve Chair Jerome Powell addressed Bitcoin BTC/USD at the DealBook Summit, likening the cryptocurrency to gold. Powell dismissed the idea that Bitcoin undermines the Federal Reserve or the strength of the U.S. dollar, emphasizing that Bitcoin is not being used as a primary form of payment or a reliable store of value due to its high volatility.

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Congressman Buys Meme Coins

Rep. Mike Collins (R-Ga.) disclosed buying two cryptocurrencies, including the meme coin Ski Mask Dog. The Congressman purchased between $2,000 to $30,000 worth of the meme coin, sparking interest among investors who closely follow the trading activities of Congress members. Collins also bought Aerodrome, a cryptocurrency he purchased before.

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NYC Mayor’s Bitcoin Victory Lap

New York City Mayor Eric Adams had the last laugh earlier this week as Bitcoin’s value edges closer to the $100,000 mark. Adams, who took his first three paychecks in Bitcoin and Ethereum ETH/USD, addressed his skeptics at a press conference, reminding them of their initial ridicule.

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This story was generated using Benzinga Neuro and edited by Anan Ashraf.