The cryptocurrency market experienced a 3% decline in global market cap this week, resulting in a $50 billion loss in valuation. While the overall market trended downwards, three cryptocurrencies, namely XRP, Cardano (ADA), and Shiba Inu (SHIB), garnered attention with their mixed price actions.
XRP, the native crypto token of the Ripple network, failed to capitalize on the recent market-wide surge driven by Bitcoin’s uptrend. Instead, the token witnessed a collapse, similar to the broader market correction that occurred. Despite lagging behind other altcoins and only reclaiming the $0.70 territory during the December upsurge, XRP remains a cryptocurrency to monitor.
Palau’s Ministry of Finance recently reported high satisfaction with the country’s Ripple-based Central Bank Digital Currency (CBDC) pilot program. However, following this positive update, XRP experienced a bearish decline, falling by 6.51% on December 11 to reach a low of $0.6021. Although the sentiment surrounding XRP remained bearish, the token managed to hold onto the $0.60 level. Only once during the week did XRP dip below $0.60, reaching a low of $0.5945 on December 13. As of now, the token has slightly recovered and is trading at $0.62, representing a 6.39% drop from its initial price of $0.6586 at the beginning of the week.
Despite its recent struggles, close observers predict that XRP will end 2023 with a value of $0.7405, marking a significant 118% spike from its starting point of $0.3389 at the beginning of the year.
Cardano stands out as one of the best-performing cryptocurrencies this week, defying the overall market trend that saw notable declines in Bitcoin and Ethereum. Founded by entrepreneur Charles Hoskinson in 2015, Cardano experienced an uptrend driven by its breakthrough above a bullish flag.
After a period of consolidation from December 2, Cardano entered a continuation of the previous upsurge, resulting in new highs. However, on December 11, the token faced a temporary setback, dropping by 7.45% to retest the $0.51 territory. Subsequently, Cardano surged to a 19-month high of $0.6781 on December 1 but encountered a roadblock. Over the next two days, ADA witnessed a 10% decline. Despite this, the token’s price has stabilized, and it is currently trading at $0.6002, reflecting a 3.6% increase for the week. To maintain its position, Cardano must maintain a price level above $0.60 to mitigate potential drops to $0.5783.
Shiba Inu made a surprising entry into the list of top gainers this week with a late rally of 24.2% towards the end of the week. The cryptocurrency reached a nine-month high of $0.00001192 before encountering resistance. While Shiba Inu underperformed in line with the broader market throughout the week, its prospects remained bullish, making it an interesting cryptocurrency to monitor.
Furthermore, the ecosystem layer-2 protocol Shibarium achieved significant milestones, including surpassing 100 million transactions and conducting its second massive SHIB burn. These developments fueled bullish sentiments among investors, leading to increased demand and subsequent price surges. As a result, SHIB closed December 16 with a 20.9% gain, marking its largest intraday upsurge since August 2022.
Despite a massive 8% decline today, Shiba Inu has managed to retain most of its gains. Currently trading at $0.00001066, SHIB reflects a 6.38% increase for the week, with a 7.76% gain over the past 24 hours, ranking it as the fifth-largest gainer during this timeframe.
The cryptocurrency market experienced a decline in valuation this week, with XRP, Cardano, and Shiba Inu displaying mixed price actions. XRP’s lackluster performance, Cardano’s impressive surge, and Shiba Inu’s late rally present investors with diverse opportunities and challenges. As the market continues to evolve, it will be essential for investors to carefully monitor these cryptocurrencies and evaluate their potential for growth and stability in the coming weeks.