Monday, May 20, 2024

Shiba Inu commenced the week by descending to its lowest valuation since June, in the midst of a widespread downturn in the cryptocurrency sector. This decline has led to a 1.20% contraction in the global market capitalization at the time this article was drafted. XRP experienced a decline of up to 5%, as litigation between Ripple and the U.S. Securities and Exchange Commission (SEC) remains ongoing.

Shiba Inu (SHIB)

On Monday, Shiba Inu (SHIB) saw a downward trend, reaching its least robust valuation in more than two months.

The SHIB/USD trading pair recorded an intraday low of $0.000007028 on Monday, succeeding a high of $0.000007413 just a day earlier.

This marks the lowest level at which Shiba Inu has traded since June 20, when it bottomed out at $0.00000698.

SHIB/USD – Daily Technical Analysis

Upon examination of the technical chart, the slide occurred as the relative strength index (RSI) broke through a support level situated at 34.00.

At the moment of composing this article, the index is registering at 30.42, with the subsequent discernible support zone around the 28.00 level.

In aggregate, SHIB has been on a downward trajectory for four consecutive days, and it appears to be gravitating towards the $0.00000680 region.

XRP

XRP, previously known as Ripple, depreciated by as much as 5% this Monday. The markets are still adjusting to the most recent developments in the ongoing lawsuit involving the SEC.

The U.S. Securities and Exchange Commission has announced its intention to appeal a ruling by a U.S. judge who decided not to convict Ripple Labs for contraventions of securities regulations.

XRP/USD sank to a low point of $0.4682 in response to this news, following a high of $0.5007 the preceding day.

XRP/USD – Daily Technical Analysis

Subsequent to the fall in its valuation, XRP reached its most fragile point since the middle of August, breaching a lower limit on the RSI along the way.

The price strength indicator currently stands at 26.82, a level indicating significant oversold conditions, with a further lower boundary of 23.00 emerging as a potential target for market participants.

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Do you anticipate further declines for XRP in the days ahead? We welcome your insights in the comments section.

Frequently Asked Questions (FAQs) about Cryptocurrency Market Downturn

What is the main focus of the article?

The article primarily concentrates on the notable decline in the value of Shiba Inu (SHIB) and XRP cryptocurrencies as of a recent Monday. It offers an in-depth technical analysis of both SHIB/USD and XRP/USD trading pairs.

What triggered the fall in Shiba Inu’s value?

Shiba Inu experienced a decline in its value, reaching its lowest level since June. The drop is part of a broader downturn in the cryptocurrency market, which saw a 1.20% contraction in the global market capitalization.

What is happening with XRP and the SEC?

XRP’s decline is connected to its ongoing litigation with the U.S. Securities and Exchange Commission (SEC). The SEC announced its intention to appeal a U.S. judge’s decision not to find Ripple Labs guilty of violating securities laws.

What technical indicators are examined for SHIB and XRP?

For Shiba Inu, the article focuses on the relative strength index (RSI), which fell below a support point at the 34.00 level. For XRP, it also examines the RSI, noting that the price strength indicator currently stands deep in oversold territory at 26.82.

What are the key support levels for Shiba Inu and XRP?

For Shiba Inu, the next visible floor is around the RSI level of 28.00, and the cryptocurrency seems to be heading towards the $0.00000680 zone. For XRP, a lower floor of 23.00 on the RSI is identified as a possible target for traders.

Is there any actionable insight for traders or investors?

The article is designed to provide a technical analysis and is not intended to offer financial advice. However, it does identify key support and resistance levels that traders might find useful for making informed decisions.

How can I stay updated on these cryptocurrencies?

The article encourages readers to register their email to receive a weekly technical analysis report, keeping them abreast of developments in Shiba Inu, XRP, and other cryptocurrencies.

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5 comments

CryptoEnthusiast September 12, 2023 - 8:22 am

Wow, didn’t expect to see Shiba hit so low. What’s going on here, people dumping? SEC also still hounding Ripple I see, man, when will it end.

Reply
TechTrader September 12, 2023 - 9:46 am

Technicals for Shiba Inu lookin pretty bearish tbh. Not a good sign with the RSI dipping like that. Time to short or sit out?

Reply
OldSchoolFinance September 12, 2023 - 7:40 pm

I have to say, I still dont get the hype around meme coins like Shiba. It’s risky business folks, stick to solid assets.

Reply
JaneDoeInvestor September 12, 2023 - 10:20 pm

If XRP is fighting SEC, why are they not winning? This is kinda worrying. can someone pls explain the legal stuff?

Reply
MarketMaven September 12, 2023 - 10:42 pm

Great article. keeps you on your toes with these volatile assets. The FAQs r particularly useful. Keep it up!

Reply

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