As a seasoned crypto investor with over a decade of experience navigating the volatile and dynamic world of digital assets, I find myself intrigued by the current market trends. The recent two-week slump has taken its toll on my portfolio, with XRP, SHIB, and BTC all showing negative numbers. Yet, as they say, every cloud has a silver lining, and there are reasons for optimism in each of these cases.
TL;DR
SHIB has plunged 12% for the same period, with ongoing token burns aimed at reducing supply and boosting its value.
BTC is also in the red, with potential rallies linked to upcoming economic events.
Where’s XRP Headed?
Recently, Ripple‘s XRP has been experiencing a significant drop in value, mirroring the overall decline in the cryptocurrency market. Currently, it is trading at approximately $0.53, representing a 10% decrease over the past two weeks.
Although the current downward trend persists, many analysts are still hopeful that a comeback is imminent. One user of XRP, for instance, described it as a “slumbering titan” preparing for a price surge. This crypto supporter believes the asset is in a phase similar to its accumulation periods in 2013 and 2018, which were later followed by significant increases in value.
Analyst Crypto Bitlord, who has nearly 350,000 followers on a platform X, expressed optimism and considered the token as undervalued. They likened the current situation to when it was priced at around $0.04 cents before its $3.00 surge. They further stated that “these fluctuations” are intended to bring our coins down to $27.00, a realistic price point for them.
In Mando CT’s perspective, there was a planned development of a “distinctive bullish divergence.” This Bitcoin (BTC) advocate expressed his intention to amass as many XRP tokens as he could find. For those interested in further price predictions, our comprehensive article on the subject can be found here.
What’s New Around SHIB?
The recent market downturn has also impacted the cost of the well-known meme currency Shiba Inu (SHIB), causing it to decline. Currently, SHIB is being traded at around $0.00001319, which represents a 12% drop over the past two weeks.
One factor that could positively impact the valuation is the advancement of the Shiba Inu burning program. A few days ago, the community-driven project LTD TOKEN destroyed 250 million SHIB.
Although the actual USD value of the savings might be small, persistent work in that area could potentially boost the price of the self-titled Dogecoin rival. This is because the burn program reduces the number of tokens available, and with demand remaining steady, this scarcity should drive up the worth.
Keep in mind that more than 680 million Shiba Inu (SHIB) tokens were transferred to an empty address during the month of August. This is a significant rise of 79% compared to the amount burned in July.
How’s BTC Doing?
The major digital currency has dropped by 13% over the last fortnight and is now being exchanged for approximately $55,000, according to CoinGecko’s latest statistics.
Nevertheless, multiple significant events are looming on the horizon that could potentially spark a substantial market rally in the coming days. One crucial determinant (often considered the most influential) is the decision to be made during the FOMC meeting set for September 18.
It’s anticipated that the U.S. Federal Reserve may soon end its intense fight against inflation by reducing interest rates. This action could make it less expensive for people to borrow money, which might stimulate investor enthusiasm towards riskier investments like Bitcoin.
The upcoming release of the August Consumer Price Index inflation figures on September 11 could potentially lead to increased market volatility. If you’re interested in learning about other significant events that may influence Bitcoin’s market behavior, feel free to explore our article linked here.
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2024-09-09 13:58