The cryptocurrency market experienced a 3% decline in its global market cap, dropping from $1.64 trillion to $1.59 trillion. This loss in valuation had a notable impact on major cryptocurrencies like XRP, Cardano (ADA), and Shiba Inu (SHIB), each displaying mixed price actions in response to the market correction.
XRP, the native crypto token of the Ripple network, has disappointed investors since the recent market-wide resurgence. While other altcoins surged to new highs, XRP failed to leverage the Bitcoin (BTC) uptrend, unable to break into the $44,000 territory.
Despite only reclaiming the $0.70 territory during the December upsurge, XRP remains among the top cryptocurrencies to watch. Palau’s Ministry of Finance recently reported high satisfaction with the country’s Ripple-based Central Bank Digital Currency (CBDC) pilot program. However, XRP entered this week with a bearish footing, eventually collapsing by 6.51% on December 11, reaching a low of $0.6021.
Although sentiments turned bearish, XRP managed to hold the $0.60 threshold. The token briefly slipped below $0.60 on December 13, reaching $0.5945, but quickly recovered to its current price of $0.62. This marks a 6.39% drop from the week’s starting price of $0.6586. Amidst these fluctuations, close observers predict that XRP may end 2023 with a value of $0.7405, representing a 118% spike from its starting price of $0.3389.
Unlike XRP, Cardano demonstrated a strong performance this week, positioning itself as one of the top cryptocurrencies to watch. Founded by entrepreneur Charles Hoskinson in 2015, Cardano defied the overall market trend as Bitcoin and Ethereum experienced noticeable declines.
Cardano’s uptrend this week can be attributed to the breakout of a bullish flag pattern. After facing resistance and consolidation, ADA formed a bullish pennant on the daily timeframe, which it broke out of on December 2. This continued the previous upsurge, leading to new highs.
However, Cardano suffered a 7.45% drop on December 11, briefly retesting the $0.51 territory. The token then experienced a significant surge, reaching a 19-month high of $0.6781 on December 1. Subsequently, it faced a roadblock, resulting in a more than 10% collapse over the following two days. Despite this, Cardano has stabilized, currently trading at $0.6002, representing a 3.6% increase in value this week.
To maintain its positive momentum, Cardano must remain above $0.60, protecting against potential drops to $0.5783.
Shiba Inu made a surprising entrance into the list of biggest gainers this week after experiencing a late rally of 24.2%. The Ethereum-based altcoin had a rather underwhelming performance throughout the week, aligning with the overall market trend. However, its prospects remained bullish, making Shiba Inu an intriguing cryptocurrency to watch.
The ecosystem layer-2 protocol Shibarium achieved significant milestones, surpassing 100 million transactions and executing its second massive SHIB burn during the week. This growing adoption and the subsequent rise in demand contributed to a surge in price. As a result, SHIB concluded December 16 with a 20.9% gain, marking its largest intraday upsurge since August 2022.
Despite a massive 8% decrease today, Shiba Inu has managed to retain most of its gains. Currently trading at $0.00001066, SHIB has seen a 6.38% increase in value this week. Within the past 24 hours alone, Shiba Inu ranks as the fifth-largest gainer, with a gain of 7.76%.
The cryptocurrency market experienced a minor decline in its global market cap, causing various cryptocurrencies to react differently. XRP faced disappointment with its performance, while Cardano showcased resilience and Shiba Inu displayed an unexpected late surge. As the market continues to evolve, investors must closely monitor these top cryptocurrencies and their future actions.
Leave a Reply