A popular cryptocurrency influencer has recently predicted that the price of both $XRP and the meme-inspired cryptocurrency Shiba Inu ($SHIB) will surge exponentially in the next bull run, seeing the native token of the XRP Ledger “return to the top 3” and SHIB in the top 5.
The influencer, Del Crxpto, made his prediction in a tweet sent out to their over 78,000 followers on the microblogging platform X, without pointing to specific price ranges or dates. The prediction was nevertheless applauded by their followers.
Responding to a user, Del Crxpto noted that the “halving is all we need,” suggesting that the next bull run will occur over the upcoming Bitcoin block reward halving, which is expected to occur around April 2024.
Bitcoin reward halvings are events that occur every 210,000 blocks, or about every four years, when the amount of new bitcoins created per block is reduced by 50%. The mechanism ensured that the total supply of Bitcoins will never exceed 21 million and starts circulating in a controlled schedule, making BTC a scarce and deflationary asset.
Historically, bitcoin reward halvings have been bullish for the cryptocurrency market, as they reduce the inflation rate of bitcoin and increase its scarcity and the market has often seen bull runs months after these halvings occur over what is deemed a supply shock as demand grows.
After the 2016 Bitcoin halving, for example, the price of the flagship cryptocurrency rose from about $650 to nearly $20,000 in 2017. The last halving, in 2020, also coincided with a massive bull run that helped BTC’s price near $70,000 in 2021.
Often altcoins accompany BTC’s price rises, although Bitcoin has historically outperformed most altcoins over time. Notably, XRP has been in the spotlight over the last few days after a federal judge deemed it isn’t necessarily a security in a recent ruling in the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple. Institutional investors are also seemingly moving in.
As reported, crypto investment products focused on three major altcoins – Stellar ($XLM), $XRP, and Solana ($SOL ) – all saw major inflows this month, which led to significant rises in their assets under management, even though the main surge in assets under management came from Bitcoin products.
According to CCData’s latest Digital Asset Management Review report, the positive performance of these altcoins helped the total assets under management of these products experience a miner increase of 1.14% to $33.7 billion, marking the second consecutive monthly growth. AUM for these products has grown 71.5% so far this year.
Featured image via Unsplash.
Source: Read Full Article