Below are the prices and latest news involving the crypto assets Dogecoin (DOGE), Shiba Inu (SHIB) and Ripple (XRP). We would like to recall that Dogecoin is the crypto that has become famous thanks in part to Elon Musk and whose logo is graphically based on an internet meme representing a Shiba dog.
Analysis of Dogecoin (DOGE), Shiba Inu (SHIB) and Ripple (XRP)
Similarly, Shiba Inu is also a memecoin, in other words, an altcoin: a cryptocurrency other than Bitcoin, based on an Internet meme. Ripple, on the other hand, is a real-time funds transfer system, a network for exchanging currencies and sending remittances, created in 2012 by Ripple Labs.
Dogecoin’s price traded at a crucial level: better than fellow Shiba Inu, but much worse than Ripple (XRP)
The price of DOGE is trading below a major confluence of resistance at $0.077-$0.080. Hence, if it breaks out or is rejected it could determine the future price trend.
Dogecoin’s price has fallen below a long-term descending resistance line since it reached its all-time high of $0.739. The decline led to a low of $0.049 in June 2022.
Although the price has risen along an ascending support line since then, it has failed to break above the aforementioned long-term resistance. In addition, the DOGE price has now fallen below the $0.080 resistance area.
This is a very important horizontal level that has intermittently acted as both support and resistance since 2021. Finally, the weekly RSI is just below 50, a sign of a bearish trend.
As a result, the long-term trend is still undetermined. Should the Internet meme currency break above the $0.080 area, the resistance line would confirm that the trend is bullish. In that case, a rise to $0.115 could follow.
On the other hand, a break below the ascending support line would indicate that the trend is bearish. In that case, a fall toward $0.050 could follow.
To summarize, whether the price of Dogecoin crosses the resistance line or falls below the $0.068 area will likely determine the future trend.
In the event of a breakout, the price could rise toward the previously outlined $0.115 resistance area.
However, if a collapse occurs, a drop of at least $0.050 could follow. The next 24 hours could be crucial in determining what move will occur.
Koyo burns 733 million Shiba Inu in 24 hours
Over 758.95 million Shiba Inu (SHIB) burned in the last 24 hours, 733.02 million in a record transaction. In a surprising move, the Shiba Inu community conducted a huge burn event, removing a record 758.95 million SHIB from circulation through nine separate transactions in 24 hours.
The Twitter profile reads:
In the past 24 hours, there have been a total of 758,951,740 $SHIB tokens burned and 9 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more.
— Shibburn (@shibburn) March 22, 2023
The newly launched token primarily drove the token burn, Koyo (KYO), which executed the most significant transaction of the day by transferring 733.02 million SHIB to the wallet about 12 hours ago.
This burn event marks the largest transaction of the week. In the previous week, Koyo burned a SHIB record on 17 March by destroying 924.15 million coins in a single transaction.
According to data provided by Etherscan, Koyo has burned a whopping 5.36 billion SHIB since 10 March through multiple transactions.
In addition, the second large transaction burned in the past 24 hours came from the Coinbase-associated wallet called “Coinbase 10,” which transferred 18.32 million SHIB to the wallet about 3 hours ago.
The massive burning transactions had skyrocketed Shiba Inu’s burning rate by 4622.53% in the last day, when only 11.11 million SHIB were destroyed through nine transactions.
Messari in favor of XRP: Ripple should win against the SEC.
The CEO of the crypto search and data platform Messari caused excitement and surprise within the XRP community as he sided with Ripple and XRP Ledger.
Ryan Selkis tweeted yesterday that he is more aligned than ever with Ripple, arguing that the latter will win the long legal battle with the US Securities and Exchange Commission since XRP is a security.
Moreover, he hoped such an outcome would allow XRP Ledger to compete fairly as a digital payments network. “The demand is there!” Selkis speculated in his tweet referring to XRPL, as noted:
I've been critical of Ripple in the past (various reasons), but more aligned with them than ever before.
Ripple should win the overreaching XRP-SEC case, and the XRP Ledger should be afforded the opportunity to compete fairly on digital payments infra globally.
Demand is there! https://t.co/fewaEami0p
— Ryan Selkis 🥷 (@twobitidiot) March 21, 2023
It is worth noting that Chief Messari’s latest pro-Ripple comment follows a report of his own on the XRP Ledger, which has also created considerable buzz within the cryptocurrency community.
In addition to showing the network’s capabilities, the report pointed out that it processed up to 2.9 billion transactions with an average of about 1.2 million per day in the fourth quarter. It also revealed that XRPL accounts are approaching 4 million.