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XRP Price to Tumble Before Huge Spike, Top Trader Says, SHIB Burn Rate Jumps 2,372%, FLOKI Listed on Binance TR: Crypto News Digest by U.Today

Wed, 05/24/2023 - 17:16
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Valeria Blokhina
Read U.Today's crypto news digest to make sure you're not missing any of the latest events in the industry!
XRP Price to Tumble Before Huge Spike, Top Trader Says, SHIB Burn Rate Jumps 2,372%, FLOKI Listed on Binance TR: Crypto News Digest by U.Today
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Take a look at what happened in the world of crypto by reading U.Today's top three news stories.

XRP price to tumble before huge spike, top trader says

Matthew Dixon, chief executive officer at Evai, recently made a prediction concerning the future price movement of XRP. In his tweet from May 23, he predicted that the Ripple-affiliated crypto will first experience a significant downturn, plunging to as low as $0.34, but after that it will see a massive rebound, potentially surpassing $0.6. Dixon based his prediction on Elliot Wave Theory, which suggests that prices move in waves, typically consisting of five "impulse" waves followed by three "corrective" waves. In XRP's case, the "X wave" — the last impulse wave — would be a minor upward move and would be followed by a "Y wave" — a corrective wave — to the downside. However, the token is expected to rally after that.

SHIB burn figure jumps 2,372% as Shiba Inu price begins to revive

Yesterday, the SHIB community managed to push the burn rate of its beloved coin by an impressive 2,372% as it sent 1,240,951,903 SHIB to dead wallets. Almost all of these SHIB were destroyed in just a single transfer of 1,238,951,893 coins, which was made by an anonymous wallet. Then two more transactions followed, each carrying 1,000,000 SHIB. Meanwhile, the price of the dog-themed token seems to be starting to revive as it printed several consecutive green candles on its hourly chart on May 22. This pushed the price up by 4.56%. At the moment, SHIB is changing hands at $0.000008457, per CoinMarketCap.

Shiba Inu (SHIB) Finally Soars Upward, Gaining Slight Momentum

Floki Inu (FLOKI) listed on Binance TR, here's when trading starts

In a recent significant development, FLOKI has been listed on Binance TR, a subsidiary of Binance for users in Turkey. The listing will facilitate the trading of FLOKI in Turkish Lira (TRY) pairs and is expected to increase the accessibility of the token for the Turkish crypto community. Trading for FLOKI in TRY pairs started at 8:00 a.m. UTC on May 24, 2023. At the time of the announcement, FLOKI's price performance has been on a downward trend, losing about 45% of its value in the past two and a half weeks. However, the new listing might boost a potential turnaround in Floki Inu's price action.

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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.