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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

SHIB, XRP Show Strength As Crypto Market Begins Recovery

Best Owie
Best Owie
1 year ago
3 mins read
XRP

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Shiba Inu (SHIB) and XRP have shown strength in the present recovery in the market. The crypto market decline had been triggered by the FTX collapse, and even now, the negative effects are still being felt all across the space. However, it has also been a time for digital assets in the space to show their resilience. Currently, in the middle of the week, there is already recovery going on and these two digital assets have shown the most promise.

XRP Moves Into The Green

Like the rest of the crypto market, XRP had not been spared the wrath of the market as it reeled from FTX’s bankruptcy. The token had lost about 30% of its value during this time, finally losing its footing above $0.4. Nevertheless, it continues to put up a good fight, which has now seen the digital asset move into the green.

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On a 7-day moving average, the majority of cryptocurrencies in the market are still in the red, some even up to double-digit losses, but XRP has managed to break out of this trend. The digital asset now sits neutral on a 7-day average while seeing minor gains on both the 24-hour and one-hour charts.

Data from Coinmarketcap shows that XRP’s price is up 2.33% in the last 24 hours with over 5% gains recorded for Tuesday alone. In the last hour, it is already up 1.18% and this brings it closer to $0.4 once more. If this trend continues, then XRP is likely to break above $0.4 before the close of the midweek trading day. A test of the $0.42 remains likely given the strength that the digital asset continues to show.

XRP price chart from TradingView.com

XRP trending at $0.37 | Source: XRPUSD on TradingView.com

There is a decline in the trading volume of the token over the last day which could work against this recovery, but a recovery above $0.4 would put it above its 100-day moving average, triggering buy signals across the board.

SHIB Is On The Mend

Just like XRP, SHIB is also showing very strong signals in the last day. After falling below $0.00001, the sell-offs has begun quickly, but even this would not last. SHIB is seeing good momentum on a 24-hour basis, although, unlike XRP, it is still recording losses on a 7-day moving average. Add to this that whale accumulation of SHIB is on the rise and it is a recipe for another rally.

A major Ethereum whale had been accumulating the meme coin over the last day and has added 653 billion SHIB ($6 million) to its balance during this time. It has dragged up the ranking of the meme coin to number 1 among the largest 5,000 ETH whales during this time.

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SHIB burning has also ramped up during this time. A single wallet burned over 51 million SHIB, bringing the 24-hour burn figure above 53 million. The digital asset is also one of the most used smart contracts among the top 1,000 ETH whales.

If the accumulation and positive sentiment among whales towards SHIB continue, then the digital asset could see a price above $0.00001 once more before the week runs out.

Featured image from Coinmarketcap, chart from TradingView.com

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

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