XRP and Dogecoin Signal Potential rebound as SHIB Faces Mounting Sell-Off
SEOUL, SOUTH KOREA – November 21, 2023 – Ripple (XRP) and Dogecoin (DOGE) are exhibiting early indicators of a potential price surge, fueled by increased buying activity and trading volume, while Shiba Inu (SHIB) faces growing selling pressure as holders move assets to centralized exchanges. The contrasting trends highlight the volatile nature of the cryptocurrency market and offer a snapshot of investor sentiment.
Recent market activity suggests XRP may be entering a favorable buying period following a temporary price dip. Trading volume for XRP reached $9.942 trillion, driven by opportunistic purchases. The price briefly fell to $2.10 (approximately 2,912 Korean Won) before recovering to $2.18 (approximately 3,026 Korean Won). On-chain analysis firm Santiment reports XRP’s average 30-day return remains at -10.2%, signaling an oversold condition often preceding price increases. Concurrently, Dogecoin is experiencing a 43.5% surge in 24-hour trading volume, exceeding $3.1 billion (approximately 4.147 trillion Korean Won), indicating heightened investor engagement. Experts suggest a rebound from its current support level around $0.20 (approximately 278 Korean Won) could yield up to a 60% price increase, leveraging Dogecoin’s active social media community.
However,SHIB is trending in the opposite direction. Over recent days, 120 billion SHIB tokens have been transferred to centralized exchanges, a strong indication of impending large-scale selling. Despite the current price of $0.0000087 (approximately 0.012 Korean Won), the influx of tokens suggests holders are inclined to liquidate their positions. Technically, SHIB remains below its 50-day, 100-day, and 200-day moving averages, reinforcing its established downward trajectory.
These mixed signals occur against a backdrop of broader market fear. The Investment Sentiment Index (Fear & Greed Index) has fallen to its lowest level since July 2022, reflecting widespread caution among investors.The coming days will determine whether these developments represent a turning point towards recovery or a precursor to further market correction.
