What to Know:
- XRP is eyeing a breakout toward $3 as bullish momentum builds following a strong recovery from a recent correction.
- Bitcoin’s market bottom is uncertain, according to technical analyst John Bollinger, despite narrowing Bollinger Bands indicating potential volatility.
- Shiba Inu is struggling to recover amid a broader crypto market calm phase after a significant liquidation event in October.
XRP is showing signs of a potential breakout as it consolidates near $2.66, fueled by a steady rebound from its early October correction. The focus is now shifting towards the $3 psychological level, signaling increasing momentum and a potential transition into a renewed bullish phase. XRP’s price action suggests a possible shift from short-term weakness to a more sustained upward trend.
Having reclaimed its 200-day moving average, XRP is now testing the 50-day EMA around $2.77. A daily close above $2.80 could sustain a rally toward $3.00-$3.10, indicating a strengthening bullish outlook. Increased trading volume suggests renewed participation from institutional and large-scale investors.
Legendary trader John Bollinger recently sparked debate by suggesting Bitcoin may not be bottoming out, despite narrowing Bollinger Bands typically preceding substantial price moves. CryptoQuant data confirms declining volatility, indicating a period of calm before a potential surge. This uncertainty highlights the complexities in predicting Bitcoin’s future price movements.
Shiba Inu is facing challenges in its recovery, currently down 13.61% this month amid a wider crypto market calm following October’s historic $19 billion liquidation event. The Crypto Fear and Greed Index remains in the fear zone, reflecting low conviction among investors. Shiba Inu’s performance is indicative of the broader market’s struggle to regain bullish momentum.
As the crypto market navigates through volatility and uncertainty, XRP shows promise with its recovery, while Bitcoin faces questions about its bottom, and Shiba Inu grapples with recovery challenges. Investors should monitor these developments closely, recognizing the inherent risks and potential rewards in the evolving crypto landscape.
Source: Original article
