Pi Network (PI) Price Explosion, Ripple (XRP) Set for a Huge Move, and More: Bits Recap March 13

Pi Network and its native cryptocurrency have been the talk of the town lately after the Core Team announced a series of important upgrades, while PI’s price soared to a five-month peak.

Ripple’s XRP appears to be gearing up for a major move, while Shiba Inu (SHIB) nears a breaking point that has historically resulted in explosive gains.

PI’s Impressive Comeback

After months of a prolonged downtrend, PI has finally posted an evident resurgence, with its valuation rising to almost $0.30. This is the highest point observed since the end of October last year and represents a whopping 100% increase on a monthly scale.

Some of the catalysts driving the price up include the recent updates disclosed by the project’s team. Earlier this month, the protocol v19.9 migration was successfully completed, while the next version, v20.2, was scheduled for release on March 12.

Moreover, one of the biggest crypto exchanges, Kraken, allowed trading services with PI. Backing from such a giant typically has a positive impact on valuation, as it results in increased liquidity, improved availability, and a stronger reputation.

The community has now moved its focus towards March 14 – a date known as Pi Day due to the symbolic resemblance to the mathematical constant π (3,14). Last year, the team announced ecosystem updates, raising the question of whether we’ll see something similar tomorrow.

While PI’s price increase over the past few weeks is undeniable, the asset’s Relative Strength Index (RSI) suggests it might be time for a correction. The ratio has soared past 70, indicating the token is overbought and could head south in the short term.

Where Next for XRP?

Ripple’s native token has also risen over the last seven days, albeit significantly less than PI. Currently, it trades at around $1.43 (per CoinGecko), representing a 2% weekly increase.

Recently, the popular analyst Ali Martinez noted that XRP’s Bollinger Bands have squeezed due to the relatively slight volatility. Historically, such developments have been followed by major market moves, though the direction – a strong rally or a sharp decline – remains unclear.

Earlier today, the same person outlined a highly bullish forecast, envisioning XRP to explode to the ridiculous (at least as of now) $48 during the next bull cycle. Prior to that, analysts like TradingShot predicted that the valuation may drop below $1 in the foreseeable future.

SHIB on the Move

The second-largest meme coin has rallied 10% over the past week and is currently worth around $0.000006161 (per CoinGecko). Just a few days ago, X user JAVON MARKS analyzed Shiba Inu’s performance and concluded that it appears to be nearing the breaking point of another Falling Wedge-like structure. According to the market observer, the last move out of such a formation preceded a staggering 455% price explosion.

The gradually declining amount of SHIB tokens stored on crypto exchanges supports the bullish outlook. CryptoQuant’s data shows that the figure recently fell to a five-year low, suggesting that investors continue to move their holdings from centralized platforms toward self-custody methods. This generally reduces the immediate selling pressure.

The post Pi Network (PI) Price Explosion, Ripple (XRP) Set for a Huge Move, and More: Bits Recap March 13 appeared first on CryptoPotato.