HomeNewsCryptocurrency Market Update: SHIB Surge, XRP Escrow, and Bitcoin's Bearish Outlook

Cryptocurrency Market Update: SHIB Surge, XRP Escrow, and Bitcoin’s Bearish Outlook

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  • A mysterious whale on Robinhood purchases 1.75 trillion SHIB tokens, sparking intrigue in the cryptocurrency market.
  • Ripple Labs transfers 800 million XRP into an escrow wallet to stabilize the circulating supply.

Yesterday, a mysterious whale identified as -4D935 made a substantial purchase of 1.75 trillion SHIB tokens on Robinhood, withdrawing them in two transactions. This acquisition, valued at $39.2 billion, has drawn attention to the SHIB market. 

Crypto trader Ali Martinez observed a bullish signal on SHIB’s daily chart, predicting a potential breakout to $0.000072323 and strategically placing buy orders accordingly. Presently, SHIB is trading at $0.00002405, showing a 7.15% increase over the past 24 hours.

In an attempt to rebalance the circulating supply of XRP, Ripple Labs transferred 800 million XRP into an escrow wallet. Despite this action, XRP’s price saw only a modest 4.61% increase to $0.5126 in the last 24 hours. 

However, this move failed to fully recover losses from the previous week, as XRP remains down by 2.04% over the past week and more than 14% over the past month. Currently, XRP is trading at $0.524, registering less than a 1% increase in the last 24 hours.

Renowned gold advocate Peter Schiff has set a new bearish target for Bitcoin, identifying $54,000 as the next downside objective. Schiff highlighted a bearish head and shoulders pattern forming, with the “neckline” positioned just below $57,000. He emphasized the juncture for Bitcoin, suggesting that a breakdown below $60,000 could spell trouble for the asset. 

Recent statements from Federal Reserve Chairman Jerome Powell briefly pushed Bitcoin’s price above $59,000. Presently, Bitcoin is trading at $61,715, showing a 5.84% increase in the last 24 hours.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628