Shiba Inu (SHIB) Developments, Ripple (XRP) Price Forecasts and More: Bit Summary September 12

TL;DR

Shibarium, Shiba Inu’s layer 2 solution, is showing increased activity, approaching a 90-day maximum in deployed contracts. Analysts are predicting a potential bull run for XRP, fueled by tightening Bollinger Bands and historical patterns. Ethereum (ETH) sees increased wallet creation, suggesting growing network utility and potential for further price gains. What’s new around SHIB?

Shiba Inu’s Layer 2 scaling solution continues to make waves in the crypto space. Earlier this week, LUCIE (a prominent member of the SHIB community) said that the protocol was approaching a maximum of three months of deployed contracts, “showing strong developer activity.”

Shibarium also reported a 91% increase in daily transactions processed on a daily basis: from 2,840 on September 10 to 5,430 the following day.

The network was officially launched last summer and is specifically designed to foster the development of the Shiba Inu ecosystem. It aims to improve the overall user experience, improve scalability, reduce transaction fees and enable developers to build decentralized applications. For more updates on the ecosystem, be sure to check out our Shibarium News.

Some industry participants believe that its subsequent progress could be among the factors positively affecting SHIB’s price. The meme coin is up 1.6% in the last 24 hours and is currently trading at around $0.00001339 (according to data from CoinGecko). However, it stays very red for two weeks.

SHIB Price, Source: CoinGecko XRP Bull Run Incoming?

The price of Ripple’s native token has also fallen in the past 14 days, but some analysts believe it could soon reach unseen peaks.

XRP Price, Source: CoinGecko

X EGRAG CRYPTO user argued that XRP could repeat the bomb seen in late 2017 and early 2018. Its valuation then witnessed a 1,250% increase, reaching an all-time high of $3.40 . This breakout today would result in a new high of approximately $7.20 for the asset.

“XRPArmy KEEP STABLE. The next euphoric phase will be known as the XRP MEGA PUMP. Get ready,” added the trader.

Other industry participants envisioned good days ahead based on compressed Bollinger Bands. The great Mattsby, for example, suggested that this development could lead to a huge bull run for XRP.

Bollinger Bands are a technical indicator that helps traders identify when an asset may be overbought or oversold, thus spotting potential reversal points. Their tightening bands usually represent an extended period of relatively low price volatility that can eventually be followed by a massive rally (or correction). Historically, it has resulted in upward movement.

How is ETH doing?

The second largest cryptocurrency by market capitalization has also been in the spotlight lately. It saw substantial price changes last week, dropping below $2,200 and rising above $2,400 before settling at the current $2,360.

ETH price, Source: CoinGecko

Its value may go further north in one important metric. Crypto analytics platform Santiment revealed that more than 126,200 Ethereum wallets were created on September 8 (the last time the number rose this high was four months ago). According to the entity, the development is a sign of the network’s increased utility and a precursor to “price rebounds” beyond the $2,000 to $2,300 range.

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