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XRP Could Be on Edge of Massive Run, Investors Turn to SHIB Ahead of Shibarium Launch, Mike Novogratz Urges Buying BTC After This Revelation: Crypto News Digest by U.Today

Mon, 07/10/2023 - 16:08
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Valeria Blokhina
Cannot keep up with quickly changing crypto industry? Read U.Today's news digest to stay updated!
XRP Could Be on Edge of Massive Run, Investors Turn to SHIB Ahead of Shibarium Launch, Mike Novogratz Urges Buying BTC After This Revelation: Crypto News Digest by U.Today
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Let's see what the weekend has brought in terms of crypto news with U.Today's top three news stories.

XRP: On edge of massive run? Key price marks

Several factors suggest that XRP may be on the verge of a significant run. First, XRP's chart shows a falling wedge pattern, a technical formation typically considered bullish. If the asset's price breaks out above the wedge's upper trend line, it may experience a major upsurge. Second, the trading volume has been descending alongside the falling price. This signals a decrease in selling pressure and could be the start of a trend reversal. Lower volume during a downtrend is frequently interpreted as a positive sign, as it shows reduced interest in selling the asset at current price levels. This declining selling interest could tip the scales in favor of buyers and cause a price increase.

Major XRP Fan Says He Will Buy Tesla's Cybertruck After Elon Musk's New Tweet

Investors turn to SHIB ahead of Shibarium launch in August

As has been recently noticed by crypto market analyst Metaquant, there has been a rotation into SHIB and SHIB-related tokens such as BONE, LEASH, WOOF and PAW, with all of them being among the top gainers on the crypto market. Notably, SHIB, BONE and LEASH are all performing positively, with significant gains recorded. This comes as a result of investors shifting their attention and resources toward SHIB in anticipation of the Shibarium blockchain launch. According to SHIB lead Shytoshi Kusama, the launch is scheduled to happen this August, after a Blockchain Futurist Conference in Toronto. Shibarium will use SHIB tokens and their derivatives, like BONE, TREAT and LEASH, for applications built on the blockchain.

Shiba Inu (SHIB) Whales on Move as Transaction Volume Spikes 361%

Bitcoin bull Mike Novogratz urges buying BTC after this revelation

In a recent tweet, Mike Novogratz, renowned billionaire, trader and vocal pro-crypto advocate, has urged his followers to buy Bitcoin. His post comes as a response to a shocking revelation by chief market strategist Charlie Bilello, who wrote that the U.S. national debt has increased by a staggering $1 trillion since the suspension of the debt ceiling just last month. According to a screenshot attached to Bilello's tweet, the U.S. public debt currently stands at an overwhelming $32.47 trillion as of the first week of July. Novogratz opined on the matter, calling such an alarming surge "insane." Novogratz seems to have two main reasons for urging people to invest in Bitcoin. He sees crypto as the government's inflationary monetary practices and considers the surge in national debt as a potential catalyst for an increase in money supply, which could propel BTC prices higher.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.