SHIB, XRP Show Strength As Crypto Market Begins Recovery
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.
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 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.
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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