The cryptocurrency market is witnessing changes in price trends across various assets. XRP has retraced to the $2 range, Bitcoin remains in a consolidating state, and Shiba Inu shows signs of weakness.
XRP's Price Dynamics and Current Status
XRP has returned to a neutral price range around $2. This dramatic reversal followed bullish momentum observed earlier. The daily chart shows that XRP could not sustain above $3, with the latest rejection occurring at the 26-day EMA, a significant short-term resistance level. After peaking at $3.70 in mid-July, XRP entered a corrective phase. The asset faced increased selling pressure after breaking down through the $3.10-$3.00 support zone. Currently, a critical structural support lies near $2.35, aligning with the 200-day moving average.
Bitcoin's Situation and Support Levels
Bitcoin is consolidating within a narrow technical zone, where the 50-day EMA acts as short-term support, and the 26-day EMA serves as immediate resistance. Following its decline from the $122,000 peak in mid-July, Bitcoin displays sideways movement. Buyer activities have been noted near the 50 EMA, while sellers are halting upward moves at the 26 EMA. Depending on which side gains control, this trading range may experience a breakout soon.
Shiba Inu's Struggles and Lack of Bullish Signals
Recent price movements indicate that bulls have once again lost control of the market, leaving Shiba Inu traders disappointed. Despite attempts to test the 50 EMA, SHIB experienced a sharp pullback, reflecting weak buying pressure. The compensation level sits around $0.0000120, but if broken, further declines towards the $0.0000115-$0.0000110 range are possible.
The current cryptocurrency market scenario suggests a shift in trends. XRP and Shiba Inu are grappling with support issues while Bitcoin finds itself in a state of uncertainty. Investors should pay close attention to these changes.
