Bitcoin (BTC) rose past $70,000 during the week, pushing other top cryptocurrencies to make notable price movements. While some recorded gains, others registered losses. Out of the top 20 coins Ripple (XRP) was one of those who failed to put up a good show.
Seven days ago, the price of XRP was around $0.61. At press time, the value changed hands at $0.62. However, it was not the same for meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE).
Within the same timeframe, DOGE’s price jumped 29.82%, making it the best performer among the group. SHIB, on the other hand, climbed by 10.61% as it attempted to get back into the top 10.
However, data from derivative information portal Coinglass, showed that there have been more long liquidations than shorts in the last 24 hours. But will prices bounce again? Coin Edition checks out the short-term potential of XRP, DOGE, and SHIB.
Crypto Market 24-Hour Liquidation (Source: Coinglass)
XRP Price Analysis
XRP has been consolidating between $0.60 and $0.65 since March 25. This sideways movement has helped the token form an asymmetrical triangle on the 4-hour chart. Typically, XPR’s price action was proof that bears and bulls were contesting for control.
However, bulls might take the day as the pattern formed suggested a possible breakout. To validate this breakout, the buying momentum has to be solid. The Relative Strength Index reading displayed how buying pressure was only mild.
If buying pressure intensifies. XRP’s price might extend toward $0.74 (the 3.618 Fibonacci level), However, in the case where bears tug bulls back, the price of the token might remain around $0.62 (the 0.236 Fib extension).
DOGE Price Analysis
After bulls banked on the $0.17 support to push DOGE up to $0.21, the coin started to face resistance, suggesting that sellers were booking profits. At press time, DOGE changed hands at $0.20. Besides that, the Money Flow Index (MFI) turned down from its highs, especially as the reading reached an overbought point earlier.
The lower the MFI, the higher the selling pressure. Therefore, the decrease in the indicator reinforced the observation from the trendlines. With this momentum, DOGE’s price might fall to $0.19 or $0.18 where there was a lot of interest in the cryptocurrency.
However, the potential decline might not last considering that April has historically been a good month for the coin.
Over the next few days, bulls might defend the price and invalidate the bearish bias. Should this be the case, the Fibonacci extension showed that DOGE might produce a 37.5% increase that leads it toward $0.32.
SHIB Price Analysis
The 4-hour SHIB/USD chart showed that the token’s earlier rally in the week was halted by a rejection at $0.000032. As it stands, the price has turned below the 20 EMA (blue), indicating that bears were targeting a weekly low for the token.
Furthermore, SHIB risks falling below the 50 EMA (yellow). If it does, then the bearish thesis could come in full force and the price might slip below $0.000029.
However, a potential nosedive could trigger the next major upswing for SHIB. In a highly bullish case, the price of the token might rally by 40.23%, which places the price prediction at $0.000040.
