Ripple's CTO Clarifies XRP vs Bitcoin Supply Dynamics

Ripple's CTO, David Schwartz, recently clarified the main difference between XRP and Bitcoin, highlighting the importance of considering supply dynamics in common units. Schwartz pointed out that, despite XRP's smaller maximum supply of 100 billion compared to Bitcoin's 21 million, the larger unit of value for BTC results in a higher supply in dollar terms. Currently, Bitcoin is trading at $97,946, while XRP is at $2.73, making Bitcoin's supply greater than XRP's in dollar terms.

In other news, Shiba Inu (SHIB) has reached a potential support level, which could serve as a foundation for a price reversal after a prolonged decline. The formation of a double bottom pattern near the $0.00001485 mark suggests that the meme token may be stabilizing. However, the appearance of a death cross on SHIB's chart indicates bearish momentum, which has historically led to further price drops. For a bullish reversal to be confirmed, SHIB needs to break above key resistance levels, starting with the 50-day moving average around $0.00001700. However, the lack of strong buying interest raises doubts about its ability to recover, and if selling pressure persists, SHIB could drop to $0.00001300 or lower.

Brazil has approved the world's first XRP-based ETF, set to be launched by Hashdex, a well-known asset management firm. The Comissão de Valores Mobiliários (CVM) granted approval for the XRP spot ETF, which will be listed on the Brazilian Stock Exchange (B3). The introduction of an XRP ETF in Brazil will provide both institutional and retail investors with an opportunity to invest in the asset without dealing with the technicalities of private wallets and direct ownership. This move comes as other countries, such as the U.S., are still determining their approach to a XRP ETF.