Crypto Market Review: Despite the golden cross signal on $SHIB, the meme token remains stagnant and shows performance similar to $XRP and $SOL
Shiba Inu has been facing a challenging time recently, as the asset struggles to regain the momentum it had a few months ago. Despite the recent golden cross on the daily chart, SHIB's price remains stagnant. Recently, prominent trader Peter Brandt stated that the golden cross is a"fun talking point" that has no real market predictive utility.The golden cross is a technical analysis indicator that occurs when the 50-day moving average crosses above the 200-day moving average.
It is worth noting that SOL's technical analysis is just one aspect to consider when analyzing the coin's potential growth. Other factors, such as news and market sentiment, can also have a significant impact on the price of SOL.XRP, the digital asset used on the Ripple network, has been seeing an increase in large transactions as whales are becoming more active and transferring millions worth of XRP coins around their wallets.
Large transactions, typically defined as any transfer of more than 10,000 XRP, have been on the rise in recent days. According to data from XRPscan, the number of daily transactions worth more than 10,000has surged from around 80 to more than 200 over the past few weeks. This trend has caught the attention of many investors, as large transactions are often a sign of increased activity and interest in a particular asset.
Despite the increase in large transactions, XRP's recent price performance has been lackluster. The asset has lost around 10% of its value from the local high and is currently trading at around $0.85 at the time of writing. This is despite the fact that the overall cryptocurrency market has been on an uptrend, with many other assets experiencing significant gains in recent weeks.
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