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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.
Additionally, 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.
Another 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.