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XRP Fights for Survival Right Now, Shiba Inu (SHIP) Lost It, Will Solana (SOL) Finally Bounce?
In a challenging market environment, three popular cryptocurrencies are facing unique challenges. Ripple’s XRP is fighting for survival, as its price has plummeted and investors remain cautious due to recent events. Meanwhile, Shiba Inu (SHIB) has lost significant value, and Solana’s SOL may have a chance to bounce back.
XRP’s current situation is concerning, with many experts believing that the market is pricing in a bearish trigger. The $2.63 billion unlock event, scheduled for March 1st, seems to be causing uncertainty among investors. Over the past month, XRP has underperformed due to concerns about excess supply as 11.2 million SOL (2.35% of circulating supply) is expected to hit the market.
While some analysts, such as Chris Burniske, argue that the market has already factored in this event, many are still wary. As a result, bulls must first recover $230 and hold it above for XRP to have any chance of rebounding. If successful, SOL could potentially target $250-$260 in the near future.
On the other hand, if SOL fails to maintain its 50 EMA support, the cryptocurrency may decline to the $194-$200 range.
Source: u.today
