TL;DR
The entire cryptocurrency market has tumbled significantly, with Ripple’s XRP making no exception. Its price is down 7% on a two-week scale, dropping to a local bottom of around $0.53 several hours ago. Currently, it trades at approximately $0.55 with a market capitalization of $31.1 billion.
Despite the bearish conditions, numerous industry participants think an upward move could be in the cards. The X user Crypto Yapper argued that the token’s value broke out an important falling wedge formation on September 2 and is now headed toward $0.63.
JAVON MARKS and Mando CT were much more bullish. The former believes XRP’s recent performance mirrors the one of 2017-2018, which was later followed by a surge to an all-time high. “Prices can be on the brink of another extreme upside at an extreme level not seen in 6-7 years,” the trader predicted.
For their part, Mando CT – a popular X user who is known as a keen proponent of Bitcoin (BTC) – said he will accumulate as many XRP tokens as possible.
“Once XRP does breakout, it will skyrocket parabolic!! XRP sentiments remain bullish despite BTC’s chop. Clear bullish divergence forming. Ripple will settle the fine with the SEC, and it will fly hard,” he added.
The popular meme coin made the headlines earlier this week thanks to a game part of its ecosystem that keeps progressing.
As CryptoPotato reported, Agent Shiboshi became available on iOS following “an amazing response” from Android users. The game incorporates missions and battles and enables players to use their Shiboshi NFTs.
Another major Shiba Inu-related game is Shiba Eternity. Not long ago, the team implemented specific improvements to it, such as enhanced rewards, elite tournaments, and a new ranking mode.
The world’s largest crypto exchange made waves, too. Earlier this week, it raised the collateral ratio for several cryptocurrencies, such as some trending meme coins like Floki Inu (FLOKI) and Dogs (DOGS). The update came into effect on September 3 and took approximately one hour.
FLOKI’s collateral ratio was boosted to 40% from the previous 35%, while DOGS experienced a more substantial increase: from 10% to 30%.
The collateral ratio in the crypto world represents the amount of security needed to back a loan or keep a position open. It is typically expressed as a percentage and indicates how much the collateral is worth in comparison to the amount borrowed. A higher ratio offers more confidence that the lender can recover their funds, even if the market takes a downturn.
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