XRP $3 Comeback Journey Begins, Bitcoin Banned in China Again? Shiba Inu Stagnates: Crypto News Digest

XRP eyes $3 rebound 

XRP securing potential comeback toward $3.

• Resilient bounce. After a brief correction, XRP has rebounded to $2.87.

After a short correction XRP has proven resilient, and there are indications that it may rise again toward the $3 mark, which was last reached during earlier periods of high euphoria. The recent rally around the $2.80 range is not just a relief rally; if significant resistance levels are met with high volume, it could serve as the catalyst for a larger upward move.

• Technical indicators. A recent RSI dip below 46 acted as a buy signal.

After a string of sharp daily red candles, the chart shows that XRP has regained the 21-day EMA. An oversold RSI dip below 46 served as a buyer trigger and supported this bounce. XRP is currently trading at $2.87, but short-term momentum may move it closer to $2.96, the next immediate resistance level that is indicated by a psychological round number barrier and a local high.

Shiba Inu on-chain activity signals stagnation

The on-chain activity of Shiba Inu is displaying all of the typical symptoms of stagnation. 

• Minimal movement. The number of daily transactions is insignificant given SHIB token supply.

19.6 billion SHIB in 24-hour transactions may seem like a lot, but the context totally undermines the significance of that number. This amount is hardly noticeable as movement for a token with a supply in the hundreds of trillions. It is the equivalent of background noise on the blockchain. 

• Whale silence. The current low activity suggests waning large-holder engagement.

The situation is made even more dire if we take a good lock at the historical large transaction volume chart. Whale transactions that have exceeded several trillions in a single day have increased during the last few years. In contrast to those, the current activity is negligible and contributes to the asset’s perceived lack of interest.

You Might Also Like

China crypto ban rumors resurface 

New China crypto ban on trading and mining surged across social media.

• Viral FUD. Over the weekend, rumors of a China crypto ban have re-emerged. 

On Sunday, several prominent social media accounts started sharing news of China banning cryptocurrency trading and mining (yet again). Kalshi, the official X account of the popular betting site, and First Squawk amplified the unsubstantiated rumor. 

• No evidence. Industry figures debunked the claim.

The all-caps headline published by the former, which cites capital flight and environmental concerns, attracted almost 800,000 views. Su Zhu, founder of the now-defunct cryptocurrency hedge fund Three Arrows Capital, has said that there is “zero evidence” from his Chinese source about any fresh cryptocurrency ban imposed by the government.

You Might Also Like