Shiba Inu (SHIB) price has been on a downtrend for the last two months. However, the recent slowdown and sideways movement have led to a positive development that forecasts SHIB is likely to move higher.
Shiba Inu price shed 32% between December 17, 2023, and January 3, 2024. Connecting the lower highs formed during that down move traces a declining trend line, which serves as a dynamic resistance level.
XRP price climbed 3.70% in the past week and declined slightly on Monday as the SEC v. Ripple lawsuit entered its final week of the discovery phase. The Court granted Ripple’s request for extension of remedies-related discovery deadline from February 12 to 20.
The payment remittance firm is likely compiling its financial statements and institutional sales contracts for the Securities and Exchange Commission (SEC), this week. The payment giant’s lawyers previously stated that the SEC’s request for information is burdensome and Ripple needs time to compile the information.
This week’s outlook is relatively stable, without any major events that could influence the markets. Bitcoin price is hovering around $48,000, with many users anticipating a retest of the $50,000 psychological level soon. Some, however, believe that the BTC could slide lower.
The United States acting president, Joe Biden, posted an image of himself with glowing red eyes on X (formerly Twitter), on Monday. This move from Biden has left investors confused. While some have interpreted the image as a comment on the Superbowl being rigged, the Crypto Twitter community thought it was to do with Bitcoin.
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