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Ripple (XRP) continues to trim gains on Wednesday, trading around $1.32 at the time of writing. The remittance token came under pressure after a massive 72% rally from $1.00 to $1.70 in August stalled on profit-taking and the need to moderate in search of fresh liquidity.
The cryptocurrency market is pulling back broadly on Wednesday as investors adopt a cautious stance, with Bitcoin consolidating near its short-term support at $77,000. Ethereum remains under pressure, slipping toward $2,400. Ripple is also trending lower.
Bitcoin remains under pressure, trading around $77,600 on Wednesday after slipping 1.45% the previous day. Rising energy prices amid fresh US-Iran tensions alongside growing expectations for Fed interest rate hikes could weigh on BTC.
Shiba Inu (SHIB) trades around $0.00000516 on Wednesday following a rebound of nearly 4% earlier this week. Despite the price recovery, Santiment data shows certain whales offloading SHIB tokens.
