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TL;DR
- XRP has underperformed lately, but analysts see upside potential. One popular X user thinks the price could explode above $100, which, as of the moment, seems quite unrealistic.
- BTC is also the subject of optimistic predictions, with targets reaching as high as $150K.
- SHIB recently saw a 200,000% burn rate spike, fueling optimism. However, weak Shibarium activity and higher exchange inflows suggest short-term downside risk.
New ATH for XRP Remains Possible?
The price of Ripple’s native cryptocurrency has hovered between $2.70 and $2.90 in the past week, which represents a substantial decline from the historic peak of over $3.65 registered in July. Still, the optimism among some popular analysts hasn’t disappeared, and they believe XRP is capable of breaking its record again during this bull cycle.
John Squire (who is a firm supporter of the asset) argued that selling the token now is like “selling ice before summer.” Just a few weeks ago, he made a somewhat ridiculous forecast, envisioning XRP skyrocketing to $134.50.
Other market participants who have outlined future price tags (albeit not as bullish as Squire) include Crypto Tony and FOUR | Crypto Spaces. The former expects a resurgence if XRP closes the week above $2.90, whereas the latter predicted an ascent to a new all-time high of $5.06.
Meanwhile, the amount of tokens stored on crypto exchanges continues to rise and could spell trouble for the bulls. There are currently more than 3.55 billion coins held on Binance, which is the highest level ever.
BTC’s Targets
Despite its slight increase in the past week, the primary cryptocurrency also sits well below its ATH of over $124,000, and as of this writing, it is trading at around $112,000.
Earlier this week, the popular X user Merlijn The Trader spotted an “inverse head and shoulders” formation on its price pattern, which could be a precursor of a rally towards $150,000.
“It’s the supercycle formation. This is the setup of a generation. Don’t fade it,” he assumed.
Captain Faibik is optimistic, too. He claimed that BTC is “slowly but surely building momentum” and expects a “big bullish” move today after the Nonfarm Payrolls (NFP) report that shows how many new jobs (excluding farm workers, government employees, private household staff, and non-profits) were created in August.
On the other hand, analysts like CRYPTO₿IRB recently warned that BTC’s bull market may end in less than two months. The X user based the theory on the historical performance of the asset after previous halvings and former cycle lengths.
How’s SHIB Doing?
Lastly, we will touch upon the second-largest meme coin, which is down 50% year-to-date but remains an intriguing topic for the crypto community.
At one point this week, SHIB’s burn rate exploded by over 200,000% on a 24-hour scale, sparking renewed hopes of an upcoming rally. After all, the burning program aims to reduce the overall supply of the asset, which, combined with non-declining demand, may lead to a soaring price.
The X user Mark.eth believes Shiba Inu can “make you rich” like no other altcoin, whereas CryptoELITES envisions a whopping 17x increase to a new all-time high of $0.00023.
However, the weak activity on the layer-2 blockchain solution Shibarium and the rising exchange netflows hint at a further correction in the short term.
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