The cryptocurrency market started the week on a positive note but soon faced fluctuations. The upcoming week promises changes for cryptocurrencies like AVAX, SHIB, and XRP.
What's Happening with Shiba Coin (SHIB)?
Recent PCE data exceeded anticipations, contributing to rising inflation fears. The Michigan index pointed to a significant decline in consumer confidence, fostering a sense of panic in risk markets. As a result, while gold prices ascend, the cryptocurrency sector is experiencing heightened volatility.
How is XRP Coin Performing?
In contrast to many altcoins, XRP has managed to sidestep regulatory challenges. The rise of RLUSD could have long-lasting positive implications, especially given Trump’s backing of U.S. cryptocurrencies. Additionally, forthcoming developments, such as a possible IPO for Ripple, bolster XRP’s position. Currently, XRP’s price has plummeted under the $2.2 support threshold, now drifting toward $1.98. If downward movements persist, this crucial level may be retested, leading to a climate of fear as the weekend approaches.
What Lies Ahead for Avalanche (AVAX)?
Previous assessments warned of potential further price declines for AVAX. The cryptocurrency is nearing a pivotal support level around $19.75; breaching this could propel prices down to $18.3 and $17.5, particularly following a recent upward trend. To regain momentum, AVAX must reclaim $22.4 as support.
The cryptocurrency market is under pressure from inflation concerns. XRP shows growth potential due to regulatory developments, while AVAX needs to hold key price levels to avoid further losses. Traders are closely monitoring developments.
