What to Know:
- XRP’s on-chain activity has significantly decreased, with payment volume dropping nearly 70%.
- Shiba Inu struggles to maintain support levels, indicating a potential for further declines.
- Ethereum oscillates around the $4,000 mark, a critical level for determining its market direction.
This week’s crypto market analysis reveals critical shifts in XRP, Shiba Inu, and Ethereum’s performance. XRP’s on-chain activity has seen a notable decline, raising concerns about network demand. Meanwhile, Shiba Inu struggles to maintain support, and Ethereum hovers around the pivotal $4,000 mark.
XRP transfers have decreased drastically, from over 700 million daily transactions to around 230 million by the end of October. This decline suggests a potential slowdown in remittance or institutional activity. The $2.40-$2.35 area remains crucial as short-term support, and regaining $2.80 would signal a recovery.
Shiba Inu is currently trading around $0.0000099, trapped in a descending channel, highlighting constant selling pressure. The token’s inability to break above $0.0000105 indicates a bearish trend. Failure to hold above current levels could lead to further declines toward $0.0000075.
Ethereum is trading just below the $4,000 mark, a critical technical and psychological barrier. The daily chart shows continuous consolidation between $3,600 and $4,200. Reclaiming the $4,000-$4,200 range could pave the way for $4,500-$4,800.
In conclusion, the cryptocurrency market presents a mixed bag of challenges and opportunities. XRP’s declining on-chain activity warrants caution, while Shiba Inu’s struggle to maintain support levels suggests potential further declines. Ethereum’s position around the $4,000 mark remains pivotal for its short-term trajectory, and its ability to overcome this resistance will be key to future gains.
Source: Original article
