Cryptocurrencies Price Prediction: Shiba Inu, Ethereum & Ripple – European Wrap 17 August

Shiba Inu, Sandbox, XRP and CAKE likely to rally as whales move during price dip

There has been a spike in activity from large wallet investors – popularly known as whales – affecting several altcoins, particularly Shiba Inu (SHIB), Sandbox (SAND), XRP and Pancake Swap (CAKE), according to data from crypto intelligence tracker Santiment. These recent moves occur at a time when most of these assets are seeing significant price declines. Large wallet investor activity during a dip is considered bullish for crypto assets in the long term.

During the recent dip in crypto markets, Bitcoin and Ethereum traders suffered mass liquidations, with more than $50 million in long positions being liquidated in a 24-hour time frame. Shiba Inu and several other altcoin prices dipped in response.

Ethereum Price Forecast: Indication of a 45% crash of bear trap?

Ethereum price action is at an interesting point, which could trigger a steep move in either direction. With Bitcoin’s boring consolidation, crypto traders have been waiting for a volatile move to emerge. The lack of volatility could be ending soon, especially for Ether, as the open interest rose by nearly 500 million in the last three days from $6.09 billion to $6.58 billion. When the breakout does occur, one cap is likely to get caught in the wrong direction, causing liquidations in the millions. 

Ethereum price set up an ascending triangle formation between May 28, 2022, and August 14, 2023. This setup contains three higher lows and nearly three equal highs, which are connected using trend lines. This technical formation is a bullish one and the confirmation of a breakout would occur if Ethereum price flipped the $1,998 or $2,000 psychological level into a support floor.

Ripple opposes SEC motion to file an appeal, waits for final verdict in SEC vs Ripple lawsuit

Ripple filed a motion asking the court to deny the SEC's request to file an interlocutory appeal. The payment giant explains that the SEC required the Howey Test to be applied to the Ripple lawsuit since the beginning of the legal battle, once its application resulted in an outcome that affects the SEC's other lawsuits, the regulator decided to file an appeal. There is no legal rule, according to the motion, to support the SEC's application for an appeal at this point in the case, ahead of the final ruling in the lawsuit.

According to XRPL Layer 2 project builder and former lawyer Scott Chamberlain, the SEC “won on the law front and lost on the case facts.” Ripple and its executives argue that this does not justify an appeal ahead of a final verdict in the SEC vs Ripple lawsuit.