The recent market-wide resurgence in the cryptocurrency sector has left investors disappointed with XRP’s lackluster performance. While other altcoins were able to reach new highs, XRP struggled to leverage the Bitcoin uptrend to the $44,000 mark. As a result, it experienced a significant drop in value alongside the rest of the market. Despite a brief reclamation of the $0.70 territory, XRP entered this week with a bearish outlook.
On December 11, XRP collapsed by 6.51%, hitting a low of $0.6021. Though it managed to stay above the $0.60 mark, it briefly slipped below it on December 13, reaching $0.5945. Currently, XRP is trading at $0.62, representing a 6.39% decrease from its starting price of $0.6586 this week. However, close observers expect XRP to rebound and potentially end 2023 with a value of $0.7405, which would be a 118% increase from its starting price of $0.3389 this year.
Cardano, founded by entrepreneur Charles Hoskinson in 2015, stood out as one of the best performers this week. Despite noticeable declines in leading cryptocurrencies like Bitcoin and Ethereum, Cardano managed to maintain an upward trend. This was primarily driven by its successful breakout from a bullish flag pattern.
From October 19 to November 11, Cardano experienced a surge before facing resistance and entering a consolidation phase. This phase lasted until December 2, leading to the formation of a bullish pennant structure on the daily timeframe. The breakout from this pennant on December 2 fueled Cardano’s continued upward movement, resulting in new highs.
Although Cardano faced a 7.45% drop on December 11, retesting the $0.51 territory, it quickly rebounded. On December 1, Cardano reached a 19-month high of $0.6781, but experienced a 10% decline over the following two days. Currently, Cardano is trading at $0.6002, indicating a 3.6% increase this week. To maintain its positive momentum, it is crucial for Cardano to stay above the $0.60 mark and avoid dropping to $0.5783.
Shiba Inu made an unexpected entrance into the list of biggest gainers this week, rallying by 24.2% as the week came to a close. Despite underperforming earlier in the week, Shiba Inu showcased bullish prospects that caught the attention of investors. The altcoin, known for its meme status and featuring a Japanese breed of hunting dog, saw increased demand and subsequent price surge.
Shibarium, the ecosystem layer-2 protocol for Shiba Inu, achieved significant milestones, surpassing 100 million transactions and conducting its second massive SHIB burn. These developments further bolstered bullish sentiments surrounding the cryptocurrency. Consequently, SHIB closed December 16 with a 20.9% gain, marking its largest intraday upsurge since August 2022.
Despite an 8% collapse on the current day, SHIB has retained most of its gains. It is currently trading at $0.00001066, representing a 6.38% increase over the course of this week. With a 7.76% gain in the past 24 hours, Shiba Inu now stands as the fifth-largest gainer in this timeframe.
The cryptocurrency market experienced a slight decline this week, with XRP, Cardano, and Shiba Inu all exhibiting different performance patterns. XRP struggled to capitalize on the market-wide resurgence, while Cardano showcased resilience and maintained its upward trajectory. Meanwhile, Shiba Inu surprised investors with a late rally, driven by significant milestones and increasing demand. As the cryptocurrency market continues to evolve, it’s essential for investors to closely monitor these top cryptocurrencies and their performance.