This week, the cryptocurrency sector’s global market cap receded 3% from $1.64 trillion to $1.59 trillion. Amid the $50 billion loss in valuation, top cryptocurrencies XRP, Cardano (ADA) and Shiba Inu (SHIB) took center stage with mixed price actions.
XRP relinquishes price threshold
XRP’s performance since the start of the recent market-wide resurgence has been largely discouraging to investors. The native crypto token of the Ripple network failed to leverage the Bitcoin (BTC) uptrend to the $44,000 territory in previous weeks, but has now collapsed with the rest of the market amid the ongoing correction.
Even though XRP only reclaimed the $0.70 territory while other altcoins clinched new highs in the December upsurge, it’s still among our top cryptocurrencies to watch.
Palau’s Ministry of Finance recently reported high satisfaction in the country’s Ripple-based Central Bank Digital Currency (CBDC) pilot program. In the days that followed, the XRP token relinquished this price threshold, entering this week with a bearish footing.
XRP eventually collapsed 6.51% on Dec. 11, dropping to a low of $0.6021.
Despite the bearish sentiments and waning confidence, the asset retained the $0.60. The only time XRP dropped below $0.60 this week was when it slipped to $0.5945 on Dec. 13. The token recovered slightly and currently trades for $0.62. This represents a 6.39% drop from the $0.6586 price it started the week with.
Close observers expect XRP will end 2023 with a value of $0.7405 — a 118% spike from where it was at the start of the year, $0.3389.
ADA claims 19-month high
Cardano was one of the best performers this week, making it one of the top cryptocurrencies to watch.
The digital asset, founded in 2015 by entrepreneur Charles Hoskinson, bucked the overall trend in the market, as large players like Bitcoin and Ethereum (ETH) recorded noticeable declines.
Cardano’s uptrend this week was mostly fueled by the fact that the token had broken above a bullish flag.
Recall that ADA first witnessed an impressive surge from Oct. 19 to Nov. 11 before facing resistance that resulted in consolidation. Cardano traded in a range until Dec. 2, leading to the formation of a bullish pennant structure on the daily timeframe.
Upon breaking out of the pennant on Dec. 2, Cardano embarked on a continuation of the previous upsurge. This spilled into this week, leading to new highs. However, ADA first noticed a 7.45% drop on Dec. 11 to retest the $0.51 territory. Following the retest, the asset’s price exploded.
Cardano soared to a 19-month high of $0.6781 on Dec. 1 before facing a roadblock. ADA collapsed by over 10% in the two days that followed. Nonetheless, the token’s price has stabilized, as it currently trades for $0.6002, marking a 3.6% increase this week. Cardano must hold above $0.60 to hedge against any drops to $0.5783.
SHIB among top gainers
Shiba Inu made a late and surprising entry into the list of biggest gainers this week after rallying 24.2% as the week came to a close. The cryptocurrency soared to a nine-month high of $0.00001192 today before witnessing resistance.
The Ethereum-based altcoin underperformed like the rest of the market throughout this week. However, its prospects were generally bullish, making it one of the top cryptocurrencies to watch.
Also, the ecosystem layer-2 protocol Shibarium reached certain milestones, recently crossing 100 million transactions. It also carried out its second massive SHIB burn this week.
The growing adoption bolstered bullish sentiments in the so-called memecoin, known for featuring a Japanese breed of hunting dog. This lead to increased demand and a subsequent price surge.
As a result, SHIB closed Dec. 16 with a 20.9% gain, marking its largest intraday upsurge since August 2022.
With a 7.76% gain over the past 24 hours, Shiba Inu is now the fifth-largest gainer within this timeframe. SHIB has retained most of the gains, despite a massive 8% collapse today. The token currently trades for $0.00001066, up 6.38% this week.