Despite a slight rebound in price, shiba inu remained near its lowest level in 21 months during Friday’s session. Overall, the global cryptocurrency market cap was marginally higher, climbing by 1% as of writing. XRP was an exception, dropping to a three-week low today.
Shiba Inu (SHIB)
Shiba inu (SHIB) moved away from its lowest point in almost two years, as crypto bulls swept in to buy the recent dip in price.
Following a bottom of $0.00000653 on Thursday, SHIB/USD rose to a high of $0.00000682 earlier in the day.
This rally resulted in the meme coin moving away from last Saturday’s bottom at $0.00000600, which is the weakest point price has hit since September 2021.
Looking at the chart, the sell-off has eased, which came as SHIB began consolidating around a key support point of $0.00000635.
Overall, sentiment in the meme coin remains significantly bearish, with price strength tracking below the 30.00 level.
At the time of writing, the relative strength index (RSI) is tracking at 25.62, after bouncing from a recent floor at 21.00.
On the other hand, XRP, formerly ripple, extended a recent downtrend, with the token falling to a fresh multi-week low.
XRP/USD plunged to an intraday low of $0.4601 on Friday, a day after trading at a peak of $0.4833.
As a result of this decline, XRP fell by nearly 4% in today’s session, dropping to its lowest point since May 26 in the process.
In the last seven days the token has lost nearly 14% of its value, which comes after the price rose to a ten-week high on Tuesday.
Initially, it appears that bulls were likely capturing profits and liquidating their positions, however sentiment shifted, with bears using this as an opportunity to reenter the market.
Should this current trend continue, there is a good chance that XRP will hit a floor of $0.4200 in the near future.
Register your email here to get weekly price analysis updates sent to your inbox:
What else could be behind this dip in XRP? Let us know your thoughts in the comments.