As a seasoned crypto investor with a decade of experience under my belt, I find myself intrigued by the latest developments in the world of digital assets. The potential breakout of XRP, if history repeats itself, could be a golden opportunity for those who believe in its long-term potential. The symmetrical bullish triangle pattern on the chart is reminiscent of the 2017-2018 rally, where XRP surged by an astonishing 60,000%. While I’m not one to gamble on such high expectations, if the breakout occurs and the bullish momentum continues, it could be a lucrative move.
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XRP on verge of biggest breakout in price history
From the TradingView chart presented, it appears that the Ripple-linked token XRP could be on the verge of its largest price surge to date. On this chart, a symmetrical bullish triangle pattern has emerged over the past six years of XRP’s price movement; two trend lines converging at the peak due to the price showing lower peaks and higher troughs. Typically, such a pattern implies that the price might break out in the direction of the ongoing trend (which is upward) if we consider the 2018 scenario (a reminder: during the 315-day rally from 2017-2018, the price of XRP skyrocketed by an astounding 60,000%). This hints that once the breakout happens, the positive momentum for XRP is likely to persist. According to the XRP price chart, the pattern’s completion seems imminent. However, it seems unlikely that this will happen in 2022, and probably not during the first half of 2025 either.
Shibarium close to breaking another major milestone
Shiba Inu‘s secondary platform, Shibarium, is nearing a significant accomplishment. As per Shibariumscan, after approximately a year since its debut, the total blocks on Shibarium have accumulated to 6,398,912. This latest record brings Shibarium closer to the 6.5 million mark, a crucial milestone for the layer-2 solution. Simultaneously, the network’s transaction count has skyrocketed to 418,989,504, with a total of 1,812,422 wallet addresses. Furthermore, Shibarium has seen considerable advancements recently. According to U.Today, Shibarium now features a burn portal for eliminating surplus SHIB tokens from circulation. Another recent improvement for the layer-2 solution is the addition of on-ramp options for BONE tokens with Visa and Mastercard.
Bitcoin risk-off asset, but Samson Mow clarifies crucial nuance
Samson, CEO of JAN3 and a well-known supporter of Bitcoin, recently discussed on platform X why Bitcoin is considered a low-risk asset by certain investor groups. According to Mow, there are four main categories of investors who find Bitcoin less risky than other investments: those with a low sense of urgency (low time preference), individuals who grasp the value of money, people affected by inflation and/or living in countries with restrictive governments. It’s important to note that these characteristics may not always coexist within one individual. In a separate post on X, Mow emphasized that retail investors, whom he refers to as “the plebs,” have a significant capacity to absorb the existing supply of Bitcoin in the market.
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2024-08-20 18:33