An analysis of the current state of the cryptocurrency market reveals that XRP is under pressure, Ethereum is gaining popularity, and Shiba Inu may be on the brink of a significant correction.
XRP Under Pressure
XRP has failed to sustain momentum after its recent surge, leading to a drop below the key level of $2.49. Trading volume has significantly decreased, indicating waning buyer interest. If the $2.30-$2.25 support zone is breached, the psychological level at $2.00 is in danger. A lack of support at this area may indicate the onset of a new downtrend.
Ethereum Dominance Rising
Ethereum demonstrates a strong dominance in the market, defying general consolidation trends. The recent breakout above the 200 EMA on the daily chart signifies a trend reversal and renewed investor confidence. With a current price near $2,550, ETH remains a stable performer compared to others like XRP.
Shiba Inu Faces Reset
Shiba Inu is facing a potential correction due to declining activity and an inability to maintain its bullish rise. With the current price at $0.00001509, if the support level at $0.000015 is breached, a full retracement to $0.0000142 or even $0.0000131 is possible. Losing these levels may signify the end of the recent rally and a return to earlier price ranges.
Short-term prospects for XRP appear unstable, while Ethereum seems strong due to solid backing. Shiba Inu, on the contrary, risks losing its gains, which could lead to a significant market reevaluation.
