Investors are scrambling to withdraw their funds from the crypto market to avoid potential risks, leading to intense selling pressure. Unfortunately, the altcoin market has suffered a significant blow due to Silvergate bank’s operational pause, which has left it range-bound. Nonetheless, in the midst of this bearish market sentiment, investors have added Shiba Inu and XRP tokens to their portfolios. This is because of the excitement surrounding the launch of Shibarium and Ripple’s confidence in winning their legal battle against the SEC, forcing investors to make long-term bets on Shiba Inu and XRP, respectively.
Shiba Inu And XRP Aim For A Bullish Future
In the last few weeks, the crypto market’s high fluctuation rate has left investors anxious and frustrated. Moreover, the possible interest rate hikes hinted at by Jerome Powell have become a price barrier for the altcoin market. However, despite facing challenges in the past, Shiba Inu and XRP prices are poised for a turnaround as the current market conditions and recent developments signify a potential bullish rally.
Shiba Inu (SHIB) Price Analysis
Shiba Inu has become one of the most talked-about meme coins in 2023, as it has gained over 70% since January. As Shiba Inu aims to accelerate transaction speed with the launch of Shibarium, it seeks to place it at the top of DeFi applications.
Moreover, the massive revenue rise for the Shibaswap platform may soon spark fresh surges for the SHIB token.
According to IntoTheBlock, a crypto intelligence tracker, Shiba Inu’s next significant resistance lies within the range of $0.000014 to $0.000020. This range is critical because it represents the level at which 98,240 addresses purchased a staggering 469.97 trillion SHIB tokens.
As of writing, Shiba Inu trades at $0.00001105, with a decline of over 1.5% in the last 24 hours. A well-known analyst, MMB Trader, predicts a bullish comeback for the SHIB token as a rebound from $0.00001021 will push the token to crucial resistance of $0.000017. If the SHIB token breaks the crucial resistance, it may witness a heavy pump and surge to $0.00002044.
XRP Price Analysis
XRP has been experiencing a steady upward trend since March 6, but it was on March 7 that the price surge gained significant momentum. This resulted from Judge Torres’ decision to exclude expert testimony from the Ripple lawsuit, leading investors to speculate that the lawsuit’s resolution may be closer than expected. As a result, the rally has strengthened, bringing renewed optimism to XRP investors.
As of writing, XRP price trades at $0.394 with a gain of 0.64% in the last 24 hours. Analyzing the 4-hour price chart, XRP price is gaining much attention from the bulls as it witnesses a spike in buying pressure. The $0.4 mark still plays a crucial role in the XRP price chart as a breakout above the triangle pattern will send XRP above 38.6% Fib level to trade near $0.55.