Bitcoin (BTC) Price Decline, Shiba Inu (SHIB) Advances, Ripple (XRP) Price Predictions – May 2 Bit Summary

TL;DR

Bitcoin (BTC) experienced another sharp decline, falling to a multi-month low of approximately $56,600. Shiba Inu (SHIB) saw its price drop by 13% during the week, despite advances in its ecosystem and a significant increase in its token burn rate, with the aim of reducing supply. Ripple’s XRP maintained relative stability in a turbulent market, with analysts predicting substantial future price increases based on strong technical signals.

BTC price changes

The cryptocurrency market was in the red in recent days, with vitcoin (BTC) among the hard-hit assets. Its price briefly rose to over $67,000 shortly after the halving, but headed south in late April.

It fell below the $60,000 mark on May 1, with the freefall eventually leading to a multi-month low of approximately $56,600 (according to CoinGecko data).

Bulls witnessed a dose of optimism several hours ago when BTC regained lost ground, jumping to $58,500. This came just after the US Federal Reserve did not announce any additional interest rate hikes at its latest FOMC meeting.

However, the bullish momentum was short-lived and BTC fell back to its current level of around $57,500.

Despite the somewhat grim reality, there are numerous factors that indicate that trends may change soon. These examples are BTC’s net negative exchange flow last week, the Market Value to Realized Value (MVRV) metric which has seen a drop, and the increase in the open interest weighted funding rate (OI). .

Perhaps the most obvious element hinting that a BTC bull run is still on the cards is the halving that occurred last month. Historically, the event has been the precursor to a major resurgence for the asset and the entire cryptocurrency market. Those who want to learn more about its details, please watch our dedicated video below:

SHIB developments

The second largest meme coin by market cap has also underperformed recently, with its price falling 13% on a weekly basis. On the other hand, it witnessed multiple advances related to its ecosystem.

As reported by CryptoPotato, SHIB’s burn rate skyrocketed by 90% on May 1st, while assets destroyed throughout April were nearly 1.7 billion. The ultimate goal of the program is to reduce the circulating supply of meme currency, making it scarcer and potentially more valuable over time.

Shibarium also made headlines. The Layer 2 scaling solution underwent a major update last week and is scheduled to undergo another one today (May 2).

XRP Forecasts

Despite briefly dipping below the $0.50 level, Ripple’s XRP remained fairly stable during the latest market turmoil. In fact, its price is slightly in the green today, up 3% on a two-week scale.

Many analysts believe the asset’s best days are yet to come, predicting wild targets for the coming months. X user Dark Defender claimed that XRP could break out to $5.85 and eventually to $18.22 as long as it trades above the two main support levels: $0.46 and $0.39 dollars

EGRAG CRYPTO also outlined a bullish prediction based on the token’s latest weekly candles that have not fallen below a certain resistance zone.

“Remarkably, not even the body of the weekly candles closes below the arc, which is incredibly bullish! XRP Army, STAY CONSTANT! XRP bulls are showing remarkable resistance, strength and power in this battle” , the analyst concluded.

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