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.
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.
Related: XRP Price: $12M Max Pain for Bears
Source: Original article
Quick Summary
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.
Source
Information sourced from official Ripple publications, institutional research, regulatory documentation and reputable crypto news outlets.
Author
Ripple Van Winkle is a cryptocurrency analyst and founder of XRP Right Now. He has been active in the crypto space for over 8 years and has generated more than 25 million views across YouTube covering XRP daily.
Editorial Note
Opinions are the author's alone and for informational purposes only. This publication does not provide investment advice.
