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Ripple-associated XRP and Shiba Inu (SHIB), two reputable digital assets in the crypto space, are showing unusual correlations in key metrics. According to CoinMarketCap’s data, both XRP and SHIB are currently in rebound mode in line with the broader market.
Parallels between XRP and SHIB
Analyzing the current trend in the XRP and SHIB charts shows parallels in the trading patterns of the digital assets. First, the growth in their prices is following a similar movement. Both XRP and SHIB are currently in the green, with a 24-hour price increase of 3.4% and 2.4%, respectively.
Alex DovbnyaAdditionally, their 24-hour trading volume is also following a similar pattern. SHIB’s volume dropped by 54%, while XRP's fell by 42.7%. Despite the declining momentum from investors, it can be deduced that a sustained rebound is on the horizon for both altcoins.
At press time, SHIB is trading at $0.00001368, with a market capitalization of over $8 billion. The next crucial support level for SHIB is at $0.0000138. A break above this level could cause a further price rally for SHIB. On the contrary, SHIB’s price may experience a sharp decline if it falls below the support level.
XRP yet to recover fully
Despite its recent price jump to the $0.5 mark, XRP has not recovered fully on all key metrics. For instance, investors’ sentiments on XRP remain bearish. Moreover, the Crypto Fear & Greed Index shows “Fear,” while volatility remains “Very High.”
Recall that XRP’s price declined by 15.25% on the heels of broader market volatility. As a result, the cryptocurrency erased all the gains it had secured over the past two weeks.
Gamza KhanzadaevAnother factor that contributed to the uproar in the XRP market is the uncertainty in the case between Ripple and the U.S. SEC. Investors anticipated that a resolution of the case would bring about legal clarity for XRP.
Their hopes were, however, dashed upon the postponement of a closed-door meeting, leading to a decline in XRP’s price.
Gamza Khanzadaev
Dan Burgin
Alex Dovbnya