Shiba Inu (SHIB) Developments, Ripple (XRP) Price Forecasts, and More: Bits Recap Sep 12

TL;DR

• Shibarium, Shiba Inu’s layer-2 solution, shows increased activity, approaching a 90-day peak in deployed contracts.
• Analysts predict a possible bull run for XRP, driven by tightening Bollinger Bands and historical patterns.
• Ethereum (ETH) sees increased wallet creation, suggesting rising network utility and potential for further price gains.

What’s New Around SHIB?

Shiba Inu’s layer-2 scaling solution keeps making waves in the crypto space. Earlier this week, LUCIE (a prominent member of the SHIB community) said the protocol approached a three-month high in deployed contracts, “showing strong developer activity.”

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

The network officially went live last summer and is specifically designed to foster the development of the Shiba Inu ecosystem. It aims to improve the overall user experience, enhance scalability, reduce transaction fees, and allow developers to build decentralized applications. For more updates on the ecosystem, make sure to check out our Shibarium news.

Some industry participants believe its further progress could be among the factors positively impacting the price of SHIB. The meme coin is up 1.6% in the past 24 hours and is currently trading at around $0.00001339 (per CoinGecko’s data). However, it remains deep in the red on a two-week basis.

XRP Bull Run Incoming?

The price of Ripple’s native token has also plunged in the past 14 days, but some analysts believe it might soon rally to unseen peaks.

X user EGRAG CRYPTO argued that XRP could repeat the pump observed in late 2017 and early 2018. Back then, its valuation witnessed a 1,250% increase, reaching an all-time high of $3.40. Such an explosion nowadays would result in a new top of approximately $7.20 for the asset. 

“XRPArmy STAY STEADY. The upcoming euphoric phase will be known as the XRP MEGA PUMP. Get ready,” the trader added.

Other industry participants envisioned good days ahead based on the squeezing Bollinger Bands. The Great Mattsby, for instance, suggested this development could lead to a huge bull run for XRP.

The Bollinger Bands is a technical indicator that helps traders identify when an asset may be overbought or oversold, thus spotting potential reversal points. Its tightening bands typically represent a prolonged period of relatively low price volatility that may eventually be followed by a massive rally (or a correction). Historically, it has resulted in a movement to the upside. 

How’s ETH Doing?

The second-largest cryptocurrency in terms of market cap has also been in the spotlight lately. It recorded substantial price swings in the past week, dipping below $2,200 and rising above $2,400 before settling at its current $2,360. 

Its value may head further north based on one important metric. The crypto analytics platform Santiment revealed that over 126,200 Ethereum wallets were created on September 8 (the last time the figure spiked that high was four months ago). According to the entity, the development is a sign of rising network utility and a precursor for “price bounces” beyond the $2,000-$2,300 range.