The crypto market is heating up again. With XRP facing what could be its last chance, Shiba Inu (SHIB) losing support, and Bitcoin (BTC) gaining bullish momentum, investors are closely watching every move. In this article, we break down the current status and outlook of these major cryptocurrencies in what many are calling a defining week.
XRP Last Chance Before Legal Cliff?
The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is reaching a boiling point. According to FXEmpire, the court has demanded an update on the settlement process by June 16. Failure to comply may result in a prolonged case with negative implications for XRP’s adoption and price trajectory.
Moreover, a staggering 900 million XRP – worth nearly $1.9 billion – was recently acquired by crypto whales, according to BeInCrypto. This move is likely a defense of the $2.00 level, which analysts see as a make-or-break zone. If XRP can breach resistance between $2.30 and $2.36, the next targets could be $2.65 or even $3.00. However, if it dips below $2.00, the next support lies at $1.94.
With the SEC case nearing conclusion and market pressure intensifying, many view this as XRP’s last chance to reclaim market strength.
Shiba Inu (SHIB) Drops Another Level
The meme coin market isn’t faring as well. Shiba Inu (SHIB) has dropped by over 10% in the past week, pushing 11 trillion tokens into unrealized loss territory, reports Ground News. Additionally, $31.6 million worth of SHIB was moved to Coinbase, suggesting that large investors may be preparing to exit positions.
Technical indicators are also troubling. As noted by The Tradable, if SHIB falls below $0.000010, the coin could enter a freefall and add another zero to its price – a psychological blow to the SHIB community. This level is considered a critical support zone.
Interestingly, Shibarium, SHIB’s Layer-2 solution, has seen daily transactions spike over 1,000%, reaching 700,000 transactions in a day. However, that hasn’t translated into bullish price action.
Bitcoin Bulls Signal Market Turnaround
Bitcoin is leading the charge with renewed bullish energy. Currently trading around $104,000, BTC has bounced back strongly after reaching a high of $111,970 in May. Analysts now project potential moves toward $120,000 and beyond.
Factors fueling this surge include:
- Approval of Bitcoin ETFs
- Strategic Bitcoin Reserve formation in the U.S.
- A more pro-crypto tone from U.S. political figures, including Donald Trump
PlanB, a renowned quantitative analyst, predicts that Bitcoin could average between $250,000 and $1 million during this 4-year cycle using the stock-to-flow model. This adds further fuel to the fire for Bitcoin bulls.
Conclusion: High Stakes and High Potential
The current market signals a turning point. Whether it’s XRP’s last chance to prove regulatory clarity, SHIB’s fight to hold its base, or the Bitcoin bulls making a strong comeback – the next few weeks could reshape crypto narratives. Traders should stay alert, especially as institutional money re-enters and legal frameworks evolve.
