xrp cryptocurrency price

Looking to Buy Shiba Inu and Ripple (XRP) as They Reverse Lower

Looking to Buy Shiba Inu and Ripple (XRP) as They Reverse Lower
Written by publisher team

Cryptocurrencies have resumed their decline again this week. They held off for a few weeks after the big pullback in November, and last week the cryptocurrency market started to reverse higher. Shiba Inu and Ripple both made some gains, but are reversing lower this week, as market sentiment turns negative once again. Although I prefer this refuse, as it will make them more attractive to buy, so let’s see where we can buy them.

Shiba Inu daily chart – retesting $0.00030 support?

The Shiba Inu coin made a massive rally in October, increasing its value by more than 10 times, but since then, it has been in a steady decline, although the cryptocurrency market was also bearish during this time, so some losses came as a result.

There was an occasional attempt to bounce back up, but it didn’t work, and the last reversal seems to have failed as well. The upside stopped at the daily 50 SMA (yellow), and now SHIB/USD is facing the 100 SMA (green). Below that is the $0.000030 support, where we would like to buy, should the pullback stop there. If not, the $0.00020-$0.00025 region is a good area to look for long positions.

Shiba Inu’s popularity remains high, as Coinmarketcap revealed that Shiba Inu was the most viewed cryptocurrency on its platform, with 188 million views. Gift card cryptocurrency exchange GiftChill has also started accepting Shiba Inu as payment, while it may also join Robinhood early next year. The increased popularity and dependence on the Chiba is supposed to help, but the market is still bearish at the moment, so the decline is likely to continue until the market reverses.

Ripple daily chart – moving averages turning into resistance for XRP

Will XRP reach $0.50?

Ripple Labs has been stuck in a lawsuit against the Securities and Exchange Commission (SEC) for more than a year now, which is the main reason why XRP has missed most of the advances since September. In early September, XRP/USD made a high of $1.42, but since then it has made lower highs and lower lows, indicating bearish momentum.

The last attempt to the upside ended at the 100 SMA (green) on the daily chart, just above $1. And now XRP is trading at $0.80 again. The November low came in at $0.60, so we may see this bearish move extending down there, which would be a good place to buy XRP. If the decline continues, $0.50 will be the final support level to buy at. Hopefully Ripple will win the case against the Securities and Exchange Commission in 2022, which could drive prices up, so this drop isn’t that bad.

XRP / US Dollar

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