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- SHIB formed a symmetrical triangle, suggesting a 40% increase for the memecoin.
- XRP’s troubles with the U.S. SEC might restrict its price action from a rally.
- SHIB’s price dropped below $0.000038, indicating that the bullish thesis could be invalidated.
If recent trends and predictions are correct, Ripple (XRP) could drop below Shiba Inu (SHIB) on the market cap standings. At press time SHIB was number 10 while XPR had a higher capitalization, placing it at number 6.
However, XRP’s performance lately has been underwhelming when compared to that of SHIB. For instance, the price of XRP has increased by 2.17% in the last seven days. But SHIB has had an incredible 70.49% climb within the same period.
High Conviction for SHIB But None for XRP
On March 9, analyst Ali Martinez predicted that SHIB could be set for another 40% increase. According to Martinez, SHIB had formed a symmetrical triangle on the 4-hour chart.
If the price sustains above $0.000038, it could rise as high as $0.000052. However, the analyst also noted that a slip below $0.000033 could invalidate the bullish thesis.
#ShibaInu forms a symmetrical triangle on the 4-hour chart. A sustained close above the $0.000038 resistance could trigger a 40% bullish breakout, pushing $SHIB toward $0.000052. Watch out for $0.000033 since losing this support level will invalidate the bullish outlook. pic.twitter.com/mr01I6xIry— Ali (@ali_charts) March 9, 2024
For XRP. its price action has been hindered by its long-standing case with the U.S. SEC. This past week, there were no major updates about the lawsuit. But recent events showed that the parties might no longer settle as earlier speculated.
If Ripple comes out victorious, XRP’s price might rally as high as $0.96— a price it hit when the court declared that the token was not a security in July 2023. Conversely, an SEC win over the blockchain payment firm could restrict the token from hitting a much higher value.
From a technical perspective, Coin Edition confirmed that symmetrical triangle, indicating that SHIB could be ready to break out. When compared with the XRP/USD 4-hour chart, we found out that the XRP’s price action underperformed.
The Memecoin Wants More
Between February 26 and press time, SHIB’s price has increased by 213%. XRP, on the other hand, had a mild 6.50% jump. However, a sell signal appeared when SHIB hit $0.000044, and profit-taking ensured that the price fell.
However, another buy signal has appeared at $0.000030, indicating that the token could be set for another rally. At press time, SHIB’s price was $0.000035, meaning bulls could not defend the $0.000038 region.
As it stands, the price could slip below $0.000033, which would invalidate Martinez’s bullish prediction. But a decline below the price might not be the end for SHIB as buying pressure could drive another parabolic performance for the token.
SHIB/USD Against XRP/USD 4-Hour Chart (Source: TradingView)
In terms of the Money Flow Index (MFI), the chart above showed that the high liquidity entering into the memecoin has stalled. Should this be the case, SHIB could trade sideways for a while. However, an increase in buying pressure could trigger the breakout that leads the price to $0.000052.
Meanwhile, despite jumping eight places in terms of the market cap lately, Shiba Inu might not find it easy to become the 6th most valuable project in the market. Before it hits XRP’s position, it has to flip the market cap of Dogecoin (DOGE), Cardano (ADA), and stablecoin USDC.
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