TL;DR
- Bitcoin experienced significant price swings, dropping below $50,000 and then rebounding above $60,000, with mixed predictions for future movement.
- The latest court ruling involving the Ripple v SEC case led to an initial price surge for XRP, though it retraced to $0.57 shortly after.
- Shiba Inu’s ecosystem saw upgrades to its Shibarium protocol, including a burning mechanism and improved wallet compatibility.
Where is XRP Headed?
Ripple and its native token have been among the top-trending topics in the crypto space as of late. The main reason is the development on the Ripple v SEC front, which was announced less than a week ago. As CryptoPotato reported, Judge Analisa Torres ruled that the company must pay a $125 million penalty for violating certain securities laws.
The sum represents a 94% deduction from the SEC’s initial demand of $2 billion. As such, many industry participants viewed the decision as a major Ripple victory.
XRP’s price reacted positively, jumping by 20% on a daily scale to almost $0.64. However, in the following days, it lost momentum and currently trades at around $0.57.
The X users CJ and Alex Clay are among those forecasting a bright future for the asset despite its recent plunge. The former maintained that it has been ranging in a “fair value gap” between $0.54-$0.58, expecting a push towards $0.658.
Alex Clay suggested that XRP has formed a “symmetrical triangle inside the symmetrical triangle” on its price chart. They assumed this could be a good opportunity for investors to enter the ecosystem or increase their exposure.
A symmetrical triangle is a chart pattern where the trendlines connecting descending peaks and ascending troughs converge. This formation usually occurs during a phase of market consolidation before the price moves significantly in either an upward or downward direction.
What’s New Around SHIB?
Some of the main news surrounding Shiba Inu lately was related to its layer-2 scaling solution, Shibarium. A few days ago, the team launched a new upgrade via a hard fork with the new Bor version. The update included the introduction of a burning mechanism that aims to enhance the ecosystem.
The protocol underwent two additional upgrades earlier this year. First, the developers launched a new user interface (UI) update, which allows compatibility with popular self-custody wallets, including MetaMask, Coinbase Wallet, and Trust Wallet.
Shortly after, they introduced another upgrade via a hard fork to improve the overall user experience, implement quicker block processing times, and empower the community of innovators.
For more updates on the ecosystem, make sure to check out our Shibarium news.
BTC’s Price Swings
The primary cryptocurrency experienced enhanced volatility lately, with its price dipping below $50,000 during the market crash on August 5 and rising above $62,000 four days later.
Over the weekend, the valuation plateaued at around $60,000-$61,000 before plunging under $59,000 on the first business day of the week. Currently, BTC trades at around $59,300 (per CoinGecko’s data).
Some analysts are optimistic that the asset’s price could soon surpass the psychological level of $60K again, while others set even more bullish targets.
The X user Ali Martinez is among the moderate optimists, claiming that BTC “is showing a symmetrical triangle on the lower time frames.” He believes a sustained close outside the $59,000-$59,530 zone could propel a 4.80% move for the asset or a price of approximately $62,000.
Mags was much more bullish, arguing that BTC is inside a “massive possible parabolic curve” that could take it to as high as $180,000. The trader warned investors to sell at the peak of the cycle due to a potential correction that might follow.
Michael van de Poppe – an X user with over 700,000 followers – noted BTC’s impressive comeback after the crash below $50,000. He predicted a new all-time high (ATH) to be reached in September-October as long as it crosses $60K again. Meanwhile, the analyst expects Ethereum (ETH) to outperform Bitcoin.
