Ripple (XRP) Major Hit, Shiba Inu (SHIB) Price Forecasts, Cardano (ADA) Updates – June 24 Bit Summary

The cryptocurrency market continues to struggle, with most altcoins posting significant declines over the past 24 hours.

That said, let’s examine some of the biggest updates on Ripple, Shiba Inu, and Cardano in recent days.

Important Ripple milestone

While all eyes remain on the legal battle between Ripple Labs and the US Securities and Exchange Commission, the XRP Ledger reached a considerable milestone.

On June 23, the blockchain saw 10 million XRP tokens for the first time, indicating growing investor confidence despite struggling prices.

Elsewhere, Brad Garlinghouse, the company’s CEO, clarified some issues associated with a civil lawsuit in which he is the defendant. The case is being held in California and was recently allowed to go to trial. However, the previous judge dismissed some of the allegations, including those that suggested Ripple violated federal securities law.

Speaking on the matter, Garlinghouse said this is a “big win” for Ripple.

Shiba Inu (SHIB) Potential Price.

On June 22, Shiba Inu investor and marketing manager Lucie took to X to once again remind users to exercise extreme caution in the cryptocurrency space to stay safe.

On the same day, SHIB’s consumption rate decreased by almost 100%, perhaps due to the lack of volatility and relative price stability at the time.

Shibburn data currently indicates that the burn rate has increased by 20% in the last 24 hours with around 13 million SHIB tokens being destroyed.

That said, we also took the opportunity to ask ChatGPT about SHIB’s price potential should Bitcoin reach $1 million. The AI-driven language model presented three different scenarios where SHIB increases by 372%, 845%, and 2736%, respectively.

The opportunity cost of owning Cardano (ADA)

Last but not least, we also took a look at some interesting findings from a popular analyst, who was examining the considerable opportunity cost of holding ADA instead of BTC.

He found that the altcoin has lost about 90% of its value against BTC in the last 34 months alone.

Over the past 34 months, Cardano has lost 90% of its value relative to Bitcoin.

Don’t ignore the opportunity cost, it’s costing ADA holders a lot of money.

Source: Caleb Frazen, X

In addition, it also demonstrated the shaky performance of ADA in recent years:

Source: Caleb Franzen, X

Of course, other altcoins such as XRP, ETH, TRX and more have also suffered against BTC in recent years, but there are also some that have outperformed it, such as SOL and BNB.

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