Despite a minor price rebound, shiba inu (SHIB) remained close to its lowest level in 21 months during the Friday trading session. The global cryptocurrency market cap saw a slight increase of 1% at the time of writing, except for XRP, which dropped to a three-week low.
Shiba Inu (SHIB)
Shiba inu (SHIB) experienced a modest recovery as cryptocurrency enthusiasts seized the opportunity to buy the recent price dip.
After hitting a low of $0.00000653 on Thursday, SHIB/USD briefly rose to $0.00000682 earlier in the day.
This rally helped SHIB distance itself from its weakest point since September 2021, which occurred last Saturday at $0.00000600.
SHIB/USD – Daily Chart
Analyzing the chart, the sell-off pressure has eased, and SHIB is now consolidating around a crucial support level of $0.00000635.
Nevertheless, sentiment towards this meme coin remains predominantly bearish, with the price struggling to surpass the 30.00 level.
Currently, the relative strength index (RSI) stands at 25.62, rebounding from a recent low of 21.00.
Conversely, XRP, previously known as Ripple, continued its downward trajectory, reaching a new multi-week low.
XRP/USD plummeted to an intraday low of $0.4601 on Friday, following a peak of $0.4833 the day before.
Consequently, XRP experienced a nearly 4% decline in today’s session, reaching its lowest point since May 26.
XRP/USD – Daily Chart
Over the past week, the token has lost approximately 14% of its value, which follows a period of reaching a ten-week high on Tuesday.
Initially, it seemed that bulls were taking profits and liquidating their positions. However, market sentiment shifted, and bears saw an opportunity to reenter the market.
If this downward trend persists, it is likely that XRP will find support around $0.4200 in the near future.
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Feel free to share your thoughts on the possible reasons behind XRP’s decline in the comments section.
Frequently Asked Questions (FAQs) about cryptocurrency market
What is the current status of SHIB and XRP in the cryptocurrency market?
Shiba Inu (SHIB) is struggling near a 21-month low, while XRP is experiencing a continued downtrend, reaching a fresh multi-week low.
How has SHIB performed recently?
SHIB saw a slight rebound in price but remains close to its lowest level in 21 months. It moved away from its lowest point in nearly two years as crypto bulls bought the recent dip in price.
What is the price trend for SHIB?
After hitting a low of $0.00000653, SHIB/USD rose to a high of $0.00000682. However, overall sentiment towards the meme coin remains bearish, with price strength tracking below the 30.00 level.
What is the current state of XRP?
XRP extended its downtrend and reached a fresh multi-week low. It fell by nearly 4% in the session, dropping to its lowest point since May 26.
What has been the recent performance of XRP?
Over the past week, XRP has lost nearly 14% of its value. Initially, it appeared that bulls were capturing profits, but sentiment shifted, and bears reentered the market, contributing to the downward trend.
What is the outlook for XRP’s price?
If the current trend continues, there is a likelihood that XRP will reach a floor of $0.4200 in the near future.
More about cryptocurrency market
- SHIB Official Website
- XRP Official Website
- Investopedia: Relative Strength Index (RSI)