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.
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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.
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