XRP Loses All Monthly Gains in One Hour, SHIB’s 178 Trillion Support Taking Hit, BTC’s Ascending Triangle Pattern Signals Potential Breakout: Crypto News Digest by U.Today

U.Today - Take a look at what's happening in the world of crypto by reading U.Today’s top four news stories.

XRP loses all monthly gains in one hour, here's how

Yesterday, saw its price drop to lows of $0.471 per token, the lowest level since the end of March. The drop constituted almost 10% and made the asset erase all the gains it had made over the past three weeks. Data provided by CoinMarketCap shows that since the day before yesterday, XRP’s trading volume has doubled and is now at $1.31 billion, while its market capitalization has decreased and is now standing at $25.47 billion. The reason behind this major correction is still unknown. However, some XRP community members assume that it could be necessary to get rid of the most greedy and latecoming investors before the next round of growth. Others suggest that the market is getting ready for upcoming events that could soon bring some important news.

Shiba Inu's 178 trillion support taking hit, what's happening?

According to IntoTheBlock's IOM indicator, is currently testing a critical support level of 178 trillion tokens. This support level is a crucial milestone for the meme crypto as it shows a strong base of holders who have purchased SHIB at or around its current price. If this level holds, it would mean that investors' confidence in Shiba Inu is solid. Conversely, if this support level fails to hold, the market may experience a decline, which could put pressure on SHIB holders to sell, resulting in a further drop in price. This is why it is crucial for investors to closely monitor the 178 trillion support level and assess overall market sentiment for Shiba Inu.

Bitcoin's ascending triangle pattern on daily chart signals potential breakout

In his tweet yesterday, Jake Wujastyk, a well-known cryptocurrency analyst, shared that he spotted forming an ascending triangle pattern on its daily chart. According to Wujastyk, this development could lead to significant increase in Bitcoin's price. If BTC breaks above the ascending triangle's resistance level, it might start a buying spree that will bring the flagship crypto to new heights. However, as with any technical analysis, there is no guarantee that the pattern will play out as predicted. Despite the optimism surrounding the ascending triangle, it is important for traders to stay cautious and consider other factors such as market sentiment, global economic conditions and regulatory developments that could also impact Bitcoin's price trajectory.

Shiba Inu (SHIB) trading competition launched by this major exchange: details

According to a recent announcement by Singapore-based crypto exchange Crypto.com, it has launched for its users. The terms of the competition are simple: users need to participate in a spot trade of at least $100 worth of SHIB, GEL or SAND. The top 20 traders will win up to $1,000, reads the announcement. Earlier this week, the exchange launched a similar trading competition, in which users have to trade, apart from two other tokens, BONE, the Shiba Inu governance token. Likewise, the top 20 spot traders of BONE stand a chance to win up to $1,000. At the time of writing, SHIB is changing hands at $0.00001085, while BONE is trading at $0.96.

This article was originally published on U.Today