Top Ripple (XRP) Price Predictions, Important Shiba Inu (SHIB) Announcements and More: Bit Summary August 13

TL;DR

Bitcoin experienced significant price swings, dropping below $50,000 and then bouncing back above $60,000, with mixed predictions for future movement. The latest court ruling related to the Ripple v. SEC case caused an initial spike in the price of XRP, although it returned to $0.57 shortly after. The Shiba Inu ecosystem saw updates to its Shibarium protocol, including a recording mechanism and improved wallet support. Where is XRP headed?

Ripple and its native token have been among the trending topics in the crypto space lately. The main reason is the development of 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 saw the decision as a huge win for Ripple.

The price of XRP reacted positively, increasing by 20% on a daily scale to almost $0.64. However, in the following days, it lost momentum and is currently trading around $0.57.

X users CJ and Alex Clay are among those predicting a bright future for the asset despite its recent slump. The former maintained that it has positioned itself in a “fair value gap” between $0.54 and $0.58, expecting a push towards $0.658.

Alex Clay suggested that XRP has formed a “symmetrical triangle within a symmetrical triangle” on its price chart. They assumed it could be a good opportunity for investors to enter the ecosystem or increase their exposure.

A symmetrical triangle is a chart pattern where trend lines connecting descending peaks and ascending valleys converge. This formation usually occurs during a market consolidation phase before the price moves significantly up or down.

What’s new around SHIB?

Some of the top news around Shiba Inu lately has been related to their layer 2 scaling solution, Shibarium. A few days ago, the team released a new update through a hard fork with the new Bor version. The update included the introduction of a combustion mechanism that aims to improve the ecosystem.

The protocol underwent two additional updates earlier this year. First, the developers released a new user interface (UI) update, which enables compatibility with popular self-custodial wallets, such as MetaMask, Coinbase Wallet, and Trust Wallet.

Shortly after, they introduced another update via a hard fork to improve the overall user experience, implement faster block processing times, and empower the community of innovators.

For more updates on the ecosystem, be sure to check out our Shibarium News.

BTC price changes

The major cryptocurrency experienced enhanced volatility of late, with its price falling below $50,000 during the market crash on August 5 and rising above $62,000 four days later.

Over the weekend, the valuation stabilized between $60,000 and $61,000 before falling below $59,000 on the first business day of the week. BTC is currently trading around $59,300 (according to CoinGecko data).

Some analysts are optimistic that the asset’s price could once again break above the psychological level of $60,000, while others set even more bullish targets.

X user Ali Martinez is among the moderate optimists, stating that BTC is “showing a symmetrical triangle on the lower time frames.” He believes that a sustained close outside the $59,000-$59,530 zone could prompt a 4.80% move for the asset or a price around $62,000.

Mags was much more bullish, arguing that BTC is within a “possible massive parabolic curve” that could take it all the way to $180,000. The trader warned investors to sell at the peak of the cycle because of a possible correction that could follow.

Michael van de Poppe, an X-user with over 700,000 followers, pointed out BTC’s impressive comeback after falling below $50,000. He predicted a new all-time high (ATH) to be reached between September and October, provided it breaks above $60,000 again. Meanwhile, the analyst expects Ethereum (ETH) to outperform Bitcoin.

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