Meanwhile, XRP makes an unexpected run for market comeback but remains unlucky
Memecoins Bitcoin, Ethereum, NFT and almost all types of digital assets are barely moving in the market as the standoff continues with most crypto investment tools losing investors almost daily. The same applies to Shiba Inu, which failed to enter the accelerated rally, and XRP, which had an unlucky attempt to break through.
Shiba Inu refused at the start
As we described earlier, Shiba Inu will most likely make another attempt to enter the recovery rally, as the correction we saw earlier was not as crucial as we might have expected. The token fell back into the ascending price range and has been rising ever since.
On August 25, SHIB gained more than 14% of its value at one point, showing recovery potential that everyone expected. Unfortunately, traders almost immediately drove the price of the asset lower as soon as SHIB hit the psychological threshold of $0.00001500.
Unfortunately, the value of the token fell further, reaching the local support level before the 50-day moving average. With discrepancies between many technical indicators and the lack of on-chain Shiba Inu data, it is unclear how the price might act for the foreseeable future, especially with no movement in larger assets like Ethereum and Bitcoin.
XRP’s strange rally attempt
At 08:00 UTC, the price of XRP suddenly increased by almost 5%. A few hours later, it fell back into the usual price range, which the market by no means expected. There were also no fundamental or technical reasons that would cause prices to spike so quickly and suddenly.
The only unusual thing we saw on the network was the number of large transfers that passed through multiple wallets within hours. The large trading volume might have been a reflection of the large buying volume that appeared in the market before.
For now, XRP has returned to the same trading range as before the volatility spike and is trading around $0.35 with a modest price increase of 1.7% in the last 24 hours. From a medium-term perspective, the asset remains in a local uptrend with continuously declining trading volume since mid-July.
Ethereum may have found a new target
As we mentioned in our recent article, Ethereum may now start heading towards its next target, which may be $1,500, the August 26th option pain max price. Unfortunately, the price level is not correlated with any type of technical support, which means that falling towards it will most likely cause the downtrend to continue.
Moreover, the options open interest distribution suggests that investors are not yet betting $2,000. The majority of investors are seeing a further drop in the asset as the Merge update is not enough to keep the value of the second largest cryptocurrency afloat.
At press time, Ether is trading at around $1,660, with a slight price correction of 2% in the past 24 hours.