SHIB and XRP compete while leading the race for memecoins

SHIB has been seen forming a symmetrical triangle. Analysts speculated that it would continue the bullish run. Recent reports go on to invalidate the same sentiment, as the token has lost its momentum and resistance level. Suggestions for another 40% increase are in the picture but not the timeline anymore. XRP suffers amid its ongoing legal dispute with the US Securities and Exchange Commission. Ripple and the agency are yet to settle. With no major update this past week, the token sees a bear running to the end of the tunnel.

One factor that is working against the memecoin sphere is liquidity availability. The Money Flow Index, or MFI, suggests that liquidity entering the memecoin has stalled. It is now only the buying pressure that can resolve the issue.

XRP is testing its new resistance of $0.6100. The token is way below that margin, exchanging hands at $0.6052, with a slip of 3.01% in the last 24 hours. It is poised to touch $0.6600 by the end of this year. That would require higher liquidity and a better buying position. The current sentiments are inclined toward taking profits back home. Hence, a higher selling volume is bleeding the ecosystem with a freefall.

Keeping things on the edge are its surges in the last 30 days and 365 days of 14.71% and 63.61%, respectively. Nevertheless, per the four-hour chart, XRP has underperformed, losing its value to SHIB.

Shiba Inu was previously tasked with sustaining a $0.000038 resistance level. That could have triggered a bullish jump to $0.000052. The support level was $0.000033. The token is now listed at $0.00003207, with a fall of 8.57% in the last 24 hours. Analysts believe that the fall has invalidated the bullish thesis for SHIB as well.

Traders are looking to book profits instead of accumulating their holdings and going long-term. Volatility makes it an obvious choice. It also goes on to play with the estimated rise of 40% in the days to come. Shiba Inu crypto prediction estimates that the token will have a fluctuating time in 2024. It could bounce back later this year or early next year to have a smoother run in 2025.

DOGE and ADA are down, too, with a fall of 5.22% and 3.22% in the last 24 hours, in the same order. This drop comes at a time when BTC was down by 0.98% at the time of writing this article. Any further fall is hard to predict; the possibility is equally hard to outcast.

XRP’s performance has been underwhelming. SHIB may take this opportunity to outperform the token in every possible manner, including standing in Market Cap. Notably, both of them had their bullish thesis invalidated in the recent reports.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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