Ripple’s cross-border token has experienced substantial volatility over the past several days and is currently in the red on a daily scale. Dogecoin (DOGE) also posted substantial losses despite the accumulation efforts of the whales.
In this article, we will focus on the performance of these cryptocurrencies and examine the latest developments surrounding Shiba Inu (SHIB).
XRP’s Price Swings
Ripple’s token surged to nearly $2.60 on November 11, likely driven by investor excitement surrounding the launch of Canary Capital’s spot XRP ETF in the US. The fund began trading on November 13, but the asset’s price headed south in what could have been explained as a classic “sell-the-news” event.
Another factor potentially hurting the coin’s performance is the broader pullback of the crypto market, where Bitcoin (BTC) tumbled well below $100,000, while Ethereum (ETH) plunged to approximately $3,100. Meanwhile, whales have sold a substantial amount of XRP tokens over the past month, which could also have contributed.
Currently, the asset is worth around $2.28, representing a 9% decline on a 24-hour scale and a significant retreat from the all-time high of $3.65 reached this summer.
Some analysts, though, remain optimistic that a rebound might be on the way. Just a few days ago, X user Levi suggested that XRP has formed a “cup and handle” setup on its chart, which could be a precursor of a major rally to $5 by the end of 2025.
DOGE Whales on the Move
The biggest meme coin is also deep in red territory, with its valuation sinking by 8% for the day to $0.16. It is worth noting that the correction occurs despite the increased whale activity.
Over the past 14 days, the large Dogecoin investors have scooped up 4.72 billion tokens, thus increasing their total holdings to 32.4 billion, or around 21% of the coin’s circulating supply.
Such accumulations may influence smaller players to join the ecosystem and have a positive effect on the price. Additionally, they reduce the amount of DOGE available on the market, which, combined with steady or rising demand, can trigger a pump.
What’s New Around SHIB?
Shiba Inu, which is also far from its glory days, recently teamed up with the blockchain-based mobile edge network Unity Nodes to unlock “real-world utility.” As a result, users will have the opportunity to purchase Nodes with SHIB, earn rewards, and receive specific bonuses when paying with the token.
The SHIB Army reacted to the news with solid excitement, but the meme coin failed to post any significant gains. As of this writing, it trades at roughly $0.000009119, representing a 2% decline on a weekly scale.
Additionally, the low Shibarium activity and the recent shift from self-custody methods to centralized exchanges suggest that Shiba Inu may suffer further losses in the short term.