Crypto market: latest news regarding Shiba Inu (SHIB), Elrond (EGLD) and Ripple (XRP)

How are the Shiba Inu (SHIB), Elrond (EGLD) and Ripple (XRP) coins performing in the crypto market? 

Below is an analysis of prices and the latest news surrounding these cryptocurrencies. 

Crypto analysis of Shiba Inu (SHIB), Elrond (EGLD) and Ripple (XRP)

Shiba Inu (SHIB) is a decentralized cryptocurrency based on Ethereum, hence a meme-coin born in the wake of the success of other “dog” coins, such as Dogecoin, thanks in part to the support of prominent personalities such as Elon Musk. 

Elrond (EGLD), on the other hand, is a blockchain-based platform that allows users to create and develop decentralized applications and cryptocurrencies for a new internet economy. The project, specifically, aims to solve the current problem of traffic congestion on blockchain networks by offering solutions for scalability.

Ripple (XRP), finally, is a real-time funds transfer system, a network for currency exchanges and remittance sending, created in 2012 by Ripple Labs, at the time OpenCoin.

Shiba Inu down despite memecoin’s rally in the market, comparison with crypto assets Elrond and Ripple 

Based on the latest data, we see that Shiba Inu (SHIB) is momentarily experiencing a major drop in trading volume, reaching a four-month low after failing to gain momentum from a local support level reached several days ago. 

This disappointing trading activity could be attributed to the general lack of action in the cryptocurrency market, raising concerns about the token’s potential to resume its bullish trend in the near future.

As anticipated, SHIB’s value reached a local support level a few days ago, but has struggled to make progress since then. 

Specifically, the lack of buying interest has caused trading volume to plummet to its lowest point in months, signaling a potential loss of confidence among investors. 

This development could be worrisome for SHIB support, which may have anticipated a rally along with other memecoins.

In general, the crypto market is experiencing a fairly controversial period, a factor that could contribute to the lack of momentum for Shiba Inu. 

Indeed, without significant pushes driving the market, many cryptocurrencies are struggling to find a stable direction. 

It goes without saying that this uncertainty could prevent new investors from entering the market and, on the other hand, existing investors from increasing their positions, making the situation worse. 

Despite efforts, the Elrond crypto is still down 92%

In early 2023, as we know, some breathing space came for the crypto sector, which was coming out suffering from a 2022 with several major system crashes in the sector. In this sense, Elrond (EGLD) has directed many of its efforts. 

Specifically, Elrond, now named MultiversX, launched four new projects in the first quarter of the year: xPortal, MultiversX Explorer, MultiversX Wallet, and MultiversX Bridge, precisely between January and March. 

However, although Elrond aims to increase its potential with these developments, its total value locked (TVL) has decreased by 6% since the beginning of 2023. Not only that, but the number of daily active addresses on the Elrond network (EGLD) has also decreased during the same period. 

As a result, the price of Elrond has fallen by more than 4% in recent weeks and is currently around $41.71. In addition, investors are nervous about the future of Elrond (EGLD) as it is still down 92% from its peak price of $542.58.

However, it can be seen that the crypto’s market capitalization is $1 billion, with a trading volume (24 hours) of $26.1 million. It is worth noting that EGLD’s circulating supply is not very high: 25.3 million, with an average retention time of eighteen days.

Ripple vs SEC: XRP’s fate determined by outcome of today’s hearing 

Today, 26 April, will see the long-awaited hearing to lay the groundwork for the end of the Ripple vs SEC case, which will also determine the fate of the XRP crypto. 

We see that Coinbase has taken legal action against the Securities And Exchange Commission due to their lack of response to their filing. 

As a result, pro-XRP lawyer John Deaton explained how Coinbase has a “solid foundation” and how the cryptocurrency industry is set to triumph in court, as we read: 

As for the XRP case, we see that Deaton filed a groundbreaking lawsuit on behalf of XRP, asking the SEC to amend its complaint against Ripple by focusing only on XRP coins sold by Ripple’s blockchain payments company. 

This was done with the aim of limiting the scope of the charges and allowing XRP to remain in circulation. 

However, it remains to be seen how this case will develop in court and what the final decision will be. Furthermore, attorney Deaton continues: 

“I was going to argue the SEC’s decision was a gross abuse of discretion and there was evidence of potential wrongdoing. But the point of the Writ of Mandamus for me was more strategic than legal. I was forcing the SEC to respond and act, knowing that when they do they screw up.”

Hence, in his opinion, the Writ of Mandamus had a strategic purpose in addition to its legal implications. Consequently, forcing the SEC to respond and act might have repercussions, and it remains to be seen how the SEC’s actions will affect the outcome of the case against Ripple.