Uncertainty in the Altcoin Market: Developments on XRP, LTC, and SHIB - COINTURK NEWS
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Uncertainty in the Altcoin Market: Developments on XRP, LTC, and SHIB

11:44 pm (27 days ago)
August 25, 2023

The leading cryptocurrency Bitcoin (BTC) is struggling around the $26,000 level, while established altcoins like Ripple (XRP), Litecoin (LTC), and Shiba Inu (SHIB) have also experienced a decline. Altcoins may not always be considered strong assets when it comes to cryptocurrencies, but they are crucial for the digital asset world.

Current Situation of Altcoins!

They generally support the functioning of different platforms in the field. Due to their benefits, they can be a good investment option for cryptocurrency investors, which also means being cautious in case of price drops. The declines in XRP, LTC, and SHIB have caused some concern.

The disagreement between Ripple and the U.S. Securities and Exchange Commission (SEC) is not the only reason why XRP investors have been worried lately. XRP, which is said to have one of the highest losses among other cryptocurrencies, has experienced a significant decline in the past few weeks, leading investors to explore new opportunities.

While the partial victory of the project against the U.S. SEC in court has led to an increase in the value of XRP, many investors’ decision to cash out has resulted in a decline. The Litecoin community is also experiencing increasing concerns as a technical indicator predicts a long-term downward phase for XRP.

The Litecoin halving event raised high expectations but instead brought a downward trend instead of the expected upward trend. LTC has dropped significantly within a week, falling by as much as 13.24% in a single day and 21.4% in a week. One analyst attributes this decline to a “sell the news” situation where the relative strength index (RSI) became overbought and buying sentiment dried up on the days leading to the halving event, while another analyst predicts that LTC’s price will reach the current level in the last quarter of the year, reaching a record level.


Developments in Shibarium!

It is still unknown whether bulls will help the market recover from the decline, but bridge issues on the Shibarium network may be the reason for SHIB’s collapse. Considering the price drop observed in SHIB, the Layer-2 scaling solution Shibarium seems to have had a challenging start.

The transfer of approximately 4.7 trillion SHIB to cold wallets indicated increased activity by whales and signaled the accumulation of SHIB, but selling pressure persisted. This range of behavior continues to maintain uncertainty in the market regarding SHIB, but altcoin investors are currently finding hope in two altcoins that are in the pre-sale stage.

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