💥After a relatively quiet week for altcoins, $XRP , Dogecoin and Shiba Inu have received a new wave of attention thanks to a significant update from Gemini. This U.S.-based cryptocurrency exchange has officially allowed these three tokens, along with Bitcoin Cash and Solana, to be used as collateral for its derivatives platform.

A Major Boost for XRP, $DOGE and Shiba Inu

Gemini's decision allows holders of XRP, DOGE and $SHIB to use their tokens as collateral for perpetual contracts settled in GUSD, a feature previously limited to BTC, ETH, USDT, and Gemini's GUSD stablecoin. The five newly supported tokens come with different "haircut" levels for collateral, meaning only a portion of their value counts towards the margin requirement. XRP and Solana each have a 15% haircut, while Dogecoin and Shiba Inu face a more severe haircut of 30% due to their higher volatility.

Gemini has made it easier for users to trade derivative products by using a wider variety of held assets by bringing these new assets onto the platform. This move not only deepens the utility of these cryptocurrencies but also opens up new applications for traders who want to leverage their holdings in perpetual contracts without needing to convert to stablecoins.

This is a particularly significant move for XRP, which is striving to bolster its appeal to institutions and global payment utilities. This move is also beneficial for meme coins like Dogecoin and Shiba Inu, which are witnessing increasing demand beyond the meme coin segment. This expansion also indicates a larger trend in cryptocurrency derivative products. Many cryptocurrency exchanges, especially those in the U.S., are increasingly opening up to altcoins. This also marks a major turnaround compared to the cryptocurrency market situation a few years ago.

For nearly three years, XRP has been delisted or unavailable on most trading platforms in the U.S. due to the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). It wasn't until July 2023, after a partial ruling by Judge Analisa Torres that XRP is not a security when sold on exchanges, that this token began to return to major U.S. platforms, including Gemini.

Bearish Price Action

At the time of writing, XRP is trading around $3.13, down 1.4% from the previous day but still holding within the recent range of $3.06 to $3.18. Dogecoin is trading at $0.2226, with slight fluctuations during the day after failing to maintain momentum above $0.23. This "king of meme coins" has dropped 3.2% and 14.2% over the past 24 hours and 7 days, respectively.

Meanwhile, the price of Shiba Inu is trading at $0.000013, also down about 4% over the past 24 hours and more than 13% over the past seven days.

However, many analysts still maintain a long-term bullish outlook for these cryptocurrencies. Forecast models suggest that Dogecoin could rise to $1 during the current bull cycle, while SHIB is expected to reach at least $0.000045. The trajectory for XRP is even more ambitious for many cryptocurrency analysts, with price targets ranging from $9 to $10 if growth momentum continues and the pending spot ETF applications in the U.S. are eventually approved by the SEC.#CryptoScamSurge #SHİB #Xrp🔥🔥 #Dogecoin‬⁩ #Write2Earn!