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Shiba Inu Team Member Hints at BTC-Driven Supercycle for SHIB, XRP on Verge of Crazy Price Jump, BTC Leaving Exchanges En Masse: Crypto News Digest by U.Today

Published 04/18/2024, 12:30 PM
Updated 04/18/2024, 04:30 PM
© Reuters.  Shiba Inu Team Member Hints at BTC-Driven Supercycle for SHIB, XRP on Verge of Crazy Price Jump, BTC Leaving Exchanges En Masse: Crypto News Digest by U.Today

U.Today - Don’t miss anything happening in the world of crypto with U.Today’s top three news stories over the past day.

Shiba Inu's supercycle: Insider optimism peaks as BTC halving nears

As the crypto community is eagerly anticipating the upcoming Bitcoin halving, Shiba Inu team member Lucie has taken to X platform to share her view on the SHIB price trajectory that could be affected by the market movements of Bitcoin. In her post, Lucie advised her followers to "zoom out" so that they could see the broader market picture and invited to take a look at a chart she attached. The chart demonstrates a trend of bottoming and reaccumulation, which ultimately results in a bull market scenario. This pattern can be seen in the current market cycle, and, per Lucie's chart, it still has the capacity to carry on. In Lucie's opinion, crypto prices (including the price of SHIB) are still on track for a supercycle, adding that 2024-2025 will be interesting while tagging BTC and SHIB.

XRP on verge of crazy price pump if John Bollinger's Bands are right

The XRP price chart is now demonstrating a curious pattern which, if historical trends hold true, could indicate a potential massive increase in value. The indicator one should pay attention to is the Bollinger Bands (it denotes volatility and price range); at the moment, it is experiencing a significant contraction. This phenomenon was once observed in 2017, coinciding with XRP's price surge by 55,000%. Following this, on Jan. 1, 2018, XRP peaked at $3.317. A similar contraction occurred in October 2020, preceding XRP's value skyrocketing by 700%; by April 2021, the token reached the $1.96 price mark. At the moment of writing, XRP is changing hands at $0.50. The Bollinger Bands' continuous tightening, which started in November 2022, supports the possibility of near-term growth in value for XRP.

Bitcoin (BTC) leaving exchanges en masse, what's happening?

The number of large crypto exchanges reported significant Bitcoin withdrawals, reaching a record high since January 2023. The ongoing tendency raised concerns among investors, prompting questions about what’s happening. According to CryptoQuant, the withdrawals indicate an accumulation period for Bitcoin. This was caused by a recent 10% decrease in BTC's price. However, сurrent data shows that the market is cooling, suggesting that prices may rise shortly. In its analysis, CryptoQuant noted that the reason for the spike in BTC withdrawals may lie in preparations for the impending Bitcoin halving. According to the platform, this trend is usually associated with larger holdings in anticipation of future price increases. As investors get ready for anticipated market disruptions, the increase in withdrawals is a sign of a shifting market perspective.

This article was originally published on U.Today

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