Key Insights:
- Shibarium is closing in on the 6.5 million block milestone.
- The network’s transaction volume and wallet activity are growing rapidly.
- Recent upgrades, including a burn portal and on-ramp features, enhance Shibarium’s ecosystem.
XRP, the token affiliated with Ripple, looks to be on the verge of a breakout in price action. On the price chart, a symmetrical bullish triangle formed over six years is nearing completion. As characterized by the convergent trend lines, this pattern forms due to lower highs and higher lows; in most cases, it signals a continuation of the prevailing trend—the upward trend in the case of XRP
The pattern’s formation suggests that XRP could experience a breakout, potentially mirroring its 2017-2018 rally. During that period, XRP’s price surged by an astonishing 60,000% over 315 days. While the pattern is close to completion, it appears that the breakout might not occur until after the first half of 2025.
Historical Context of XRP – Can It Grow Again?
The above price chart for XRP shows a symmetrical triangle pattern that, by the book, looks purely bullish. These patterns tend to occur right before major price movements when they appear over a long period, such as in the case of this XRP formation. Should this same blueprint carry over from 2018, that could be serious gains for the next breakout and further reinforce this feeling of bullishness with investors.
However, despite the optimistic pattern, the anticipated breakout has not yet materialized this year. Market analysts suggest that while the pattern is close to completion, it is unlikely that significant price movement will occur in the first half of 2025. This cautious outlook does not diminish the potential for a major breakout but rather sets realistic expectations for the timing.
Shibarium Achieves New Milestones
Meanwhile, the layer-2 solution of Shiba Inu, Shibarium, has also been making headlines with its development. Per data by Shibariumscan, the network is approaching the 6.5 million block mark—currently at 6,398,912. This achievement is a significant step forward for Shibarium, which has also seen a surge in total transactions, reaching 418,989,504.
In addition to these milestones, Shibarium has introduced new features, including a burn portal for removing excess SHIB tokens from circulation. The layer-2 solution has also launched on-ramp features for BONE tokens, enabling transactions with Visa and Mastercard. These developments highlight Shibarium’s ongoing growth and its efforts to enhance the utility of the Shiba Inu ecosystem.
BitCoin as a Risk-Off Asset
He spoke about the potential role of Bitcoin as a risk-off asset, to this, CEO of JAN3 and a very popular Bitcoin maximalist, Samson Mow. Mow elaborated that Bitcoin is most fit for categories of the investing public with a very low time preference, an understanding of the nature of money, people affected by inflation, or who are living under oppressive governments.
Mow’s observations underscore Bitcoin’s relative stability and, therefore, attractiveness to segments of the investing population. He even went on to explain that the circulating supply of Bitcoin should not be taken lightly, as this is something that the retail class, which he referred to as “the plebs,” could soak up. This opinion thereby helps to support the image of Bitcoin as an extremely robust asset within the overall market context.
Personal Note From MEXC Team
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