U.Today – Read U.Today’s top three news stories to find out what’s happening in the cryptocurrency world.
on the verge of the biggest breakthrough in price history
As seen in the chart provided by TradingView, the Ripple-related token XRP seems to be preparing for the biggest breakout in its price history. On the chart, you can see a symmetrical bullish triangle pattern that has formed over the last six years of XRP price performance; two converging trendlines have met at the apex as the price has shown lower highs and higher lows. This pattern usually indicates that the price could breakout in the direction of an existing trend, which is up if we continue to follow the case from 2018 (as a reminder, between 2017 and 2018, during a 315-day rally, the price of XRP increased by an astonishing 60,000%). This suggests that after the breakout, the bullish momentum for XRP will continue. Based on the XRP price chart, there is not much left until the pattern is completed. However, the end did not come this year and it is unlikely to come in the first half of 2025 either.
Shibarium is close to reaching another major milestone
Inu’s Layer 2 solution, Shibarium, is set to reach a major milestone. Data from Shibariumscan indicates that after about a year since its launch, the total number of blocks on Shibarium has reached 6,398,912. With this fresh record, Shibarium is approaching the 6.5 million milestone, which is a significant step for a Layer 2 solution. In the meantime, the total number of transactions on the network has increased to 418,989,504, and wallet addresses have totaled 1,812,422. Additionally, Shibarium has seen significant changes in the past week. As reported by U.Today, Shibarium now has a burn portal that removes excess SHIB tokens from circulation. Another recent advancement in the Layer 2 solution is the introduction of an on-ramp feature for BONE tokens from Visa (NYSE:) and Mastercard (NYSE:).
Depreciating assets, but Samson Mow explains the key nuances
JAN3 CEO and Bitcoin maximalist Samson recently took to the X platform to explain why Bitcoin is a risk-averse asset and what groups of market participants it’s designed for. According to Mow, there are four types of investors for whom the flagship cryptocurrency is undoubtedly a less risky investment than others. These investors are those who have a low time preference, understand money, may suffer from inflation, and/or live in countries with oppressive governments. However, these four factors don’t necessarily have to be present in the same person. In addition to X’s aforementioned post, Mow also published another one in which he stated that the ability of “the plebs” (as he calls average retail investors) to absorb the supply of Bitcoin circulating in the market shouldn’t be underestimated.
