Key Takeaways:
- Cryptocurrency market had a mixed day on Tuesday, with some tokens making gains.
- Others like Cardano (ADA) and Ripple (XRP) registered losses.
NEW DELHI (CoinChapter.com) — The cryptocurrency markets started Nov on a mixed note, with several crypto tokens in the green, while others like Cardano (ADA) and Ripple (XRP) registered losses. Meanwhile, meme coin Shiba Inu (SHIB) continued its bull run.
However, despite the downtrend, XRP and ADA prices remain above their Oct 31 relative levels. Meanwhile, Bitcoin (BTC) price continued to struggle with the $20,500 resistance.
XRP Coin Price Prediction
The Ripple token price continued crabbing, oscillating between its 50-day EMA (purple wave) and 200-day EMA (green wave). On Nov 1, the XRP coin price dropped 2.3% from the day’s intraday high ($0.475) and low ($0.454) levels.
If the downtrend continues, XRP price might fall to test support from its 50-day EMA (purple wave) near $0.449. Breaking below immediate support might result in the XRP coin falling to support from its 100-day EMA (blue wave) near $0.431.
Conversely, an uptrend would likely result in XRP price targeting resistance from its 200-day EMA (green wave) near $0.475. Moreover, breaking and holding above immediate resistance could provide the XRP coin the momentum needed to challenge resistance near $0.495.
Meanwhile, XRP’s RSI remains neutral, clocking at 47.22 on the daily chart.
Coinbase Lends Support To Ripple Against SEC
Cryptocurrency exchange Coinbase petitioned a federal court for permission to file an amicus brief in the ongoing legal battle between Ripple and the Securities and Exchange Commission. The US-based crypto exchange became the latest organization to support Ripple.
An amicus brief, known as a “friend of the court,” is a legal document containing advice or information that relates to an ongoing legal case but comes from an organization or individual not directly involved in the case.
Coinbase’s chief legal officer Paul Grewal stated that Coinbase asked the presiding judge for permission to file an amicus brief because the case highlighted the importance of fair notice.
One of the fundamental due process protections guaranteed by our Constitution is that government agencies cannot condemn conduct as a violation of law without providing fair notice that the conduct is illegal
Grewal said
2. Shiba Inu Coin Price Prediction
Meme crypto Shiba Inu enjoyed a copycat rally of Dogecoin, which has been riding the Elon Musk Twitter wave. However, bears seem to be possessive of the Shiba Inu coin’s 200-day EMA (green wave) resistance which has been rebuffing SHIB price action since Aug this year.
Also Read: Can Bitcoin (BTC) Lead the Crypto Market Down the Road To Recovery?
Besides the Musk-Twitter-Dogecoin angle, the Shiba Inu coin might benefit from an announcement by the Shiba Inu lead developer Shytoshi Kusama.
Kusama revealed that the team would release a 1,100-page guide for their game Shiba Eternity. He also highlighted the guide will include “hundreds of hilarious cards, cutting-edge artwork, and a deep sci-fi lore.“
Another bullish cue comes from SHIB’s 20-day EMA (red wave) breaking above its 50-day EMA (purple wave), forming a golden cross pattern. Traders consider the pattern an indicator of positive market sentiment and a buy signal.
Hence, SHIB’s price might rise to challenge resistance from its 200-day EMA near $0.0000134. Moreover, a break above the immediate resistance might help Shiba Inu’s price rise to resistance near $0.0000146 before downside corrections pare gains.
Meanwhile, the Shiba Inu coin’s RSI is nearing the overbought region, with a value of 66.68 on the daily charts. An overbought RSI often signals a bearish trend reversal. As a result, SHIB’s price might fall to support near $0.0000122.
Moreover, a marketwide sell-off could see the Shiba Inu coin price to test the support confluence of 20-day EMA (red wave) and 50-day EMA (purple wave) near $0.0000113 before recovering.
3. Cardano (ADA) Coin Price Prediction
Cardano’s native coin ADA price rebounded off multi-month trendline support on Oct 24, sparking an upside rally that fizzled out on Oct 30. On Tuesday, the ADA coin price fell nearly 4.1% between intraday high ($0.415) and low ($0.398) levels.
Also Read: Dogecoin (DOGE) Price Jumps 153% In A Week On Musk Twitter Deal
If the coin continues to trend downward, ADA price might fall to support from its 20-day EMA (red wave) near $0.395. Moreover, a break below immediate support could see the ADA price reach $0.364 before recovering.
Meanwhile, ADA price might benefit from news of the first Binance Smart Chain to Cardano bridge going live. Cornucopias, a Cardano-focused play-to-earn (P2E) game, announced the update on Twitter, which the game developed in partnership with Chainport.
If bulls take cues from the news, the ADA coin price might move above its 50-day EMA (purple wave) to challenge resistance near $0.425. A break and close above immediate resistance could help ADA price reach resistance from its 100-day EMA (blue wave) near $0.452 before retreating.
The Cardano token’s RSI remains neutral, clocking at 51.66 on the daily chart.
