Top Ripple (XRP) Price Predictions, Shiba Inu (SHIB) Developments, and More: Bits Recap Sep 9

TL;DR

Where’s XRP Headed?

Ripple’s XRP has been on a serious downfall as of late, resonating with the broader decline of the cryptocurrency market. Its price is currently hovering around $0.53, a 10% plunge on a two-week scale. 

Despite the negative trend, numerous analysts remain optimistic that a resurgence is knocking on the door. One X user argued that XRP is a “sleeping giant” that is gearing up for a bull run. The crypto enthusiast claimed the asset is on the same accumulation stage observed in 2013 and 2018 which was later followed by a rally.

Crypto Bitlord – an analyst with almost 350,000 followers on X – was bullish, too, calling the token undervalued. “This reminds me of when it was at $0.04 cents before its $3.00 run all these shakeouts are designed to get our coins $27.00 is realistic,” they said.

For their part, Mando CT envisioned the formation of a “clear bullish divergence.” The analyst, who is known as a keen proponent of Bitcoin (BTC), promised to accumulate as many XRP tokens as possible. Those willing to explore additional price forecasts can check our detailed article here.

What’s New Around SHIB?

The price of the popular meme coin has also been negatively affected by the recent market correction. SHIB is currently trading at approximately $0.00001319, representing a 12% decrease on a 14-day scale. 

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.

The USD equivalent of the stash might be insignificant, but continuous efforts in that field can benefit the price of the self-proclaimed Dogecoin killer. After all, the burning program leaves fewer tokens in circulation, which, combined with non-declining demand, should push the value up. 

Recall that over 680 million SHIB tokens were sent to a null address throughout August. The amount represents a 79% increase compared to the burnt stash in July.

How’s BTC Doing?

The price of the primary cryptocurrency is down 13% in the past two weeks, currently trading at around $55,000 (per CoinGecko’s data).

However, there are numerous upcoming events that could trigger a major rally in the near future. One factor (arguably the most important) is the outcome of the FOMC meeting scheduled for September 18.

The expectation is that the US Federal Reserve will finally cease its aggressive anti-inflationary policy and lower interest rates. Such a move will make money-borrowing cheaper, potentially boosting investors’ interest in risk-on assets such as BTC. 

The August CPI inflation data, which will be announced on September 11, might also result in enhanced volatility. Those curious to see what other key events can play a role in BTC’s market dynamics can check our article here.