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XRP and Shiba Inu (SHIB) Charts New Uptrend Amid Market Recovery

Fri, 09/15/2023 - 08:15
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Godfrey Benjamin
XRP and SHIB welcome new inflows as price inches upward
XRP and Shiba Inu (SHIB) Charts New Uptrend Amid Market Recovery
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The crypto market is gradually opening up a new era of temporary bullish surges, as marked by the more than 1.2% surge in combined crypto market capitalization to $1.06 trillion. Trailing this related uptrend are XRP and Shiba Inu (SHIB), two popular altcoins with a well-defined community of backers. Both coins are on a bullish trajectory today, with XRP up by 3.15% to $0.4963 and SHIB up by 2.03% to $0.000007384.

29.2 Billion SHIB Bought and Sold by Whales as Shibarium Hits New ATH

The two digital currencies have been setting the pace for this growth trend for quite some time, with SHIB printing impressive burn rate figures to help constrict its overall circulating supply. Over the past few weeks, SHIB has witnessed a sufficient price suppression that suggests the token is now largely oversold, making the current price uptick the right trend for the protocol overall.

XRP, on the other hand, has been consolidating within a very tight range since it shed the majority of its gains after the positive ruling it received from Judge Analisa Torres back in July. The current breakout might prove to be significant for the coin, and perhaps, help it in charting a different trajectory in the coming days.

Fundamental leanings boosting demand

The duo of XRP and SHIB are tokens that have an inherent fundamental backing to drive enhanced demand from buyers across the board. 

XRP Making Massive Comeback

While the positivity trailing the future of XRP in legal terms is enough of a boost for buy-ups, the coin is also deriving its momentum from the growing popularity of the XRPL protocol. As the core token powering the platform, its utility is growing by the day.

Shiba Inu also has Shibarium, the new Layer-2 scaling solution that has helped redefine the interest in the broader meme coin ecosystem. With increasing usage and milestones recorded, SHIB has more basis for growth in the near future.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.