Volatile XRP and DOGE Whale Accumulation Steal the Show: Bits Recap July 25th

TL;DR

• XRP briefly plunged below $3 before recovering above the psychological mark, with analysts viewing the dip as a temporary pause in its broader uptrend.

• Whales scooped up 310 million DOGE, with analysts eyeing a rally toward $0.46 and even $5.

• A substantial spike in burn rate and oversold RSI levels suggest SHIB may be primed for a short-term recovery.

Rapid Price Swings for XRP

The past several days have been quite turbulent for Ripple’s native token. It hit a new all-time high of around $3.65 on July 18 and almost matched its record three days later.

Shortly after, though, the price headed south, briefly plunging below $3. The bulls managed to reclaim some lost ground and currently, XRP trades at around $3.07 (per CoinGecko’s data).

While the asset is down over 10% on a weekly scale, numerous analysts remain unconcerned. John Squire – an X user with more than 500,000 followers on the social media platform – reminded that XRP has experienced much more substantial crashes years ago, describing the latest pullback as just “a coffee break.”

Additionally, certain patterns formed on XRP’s price chart signal that the uptrend could continue in the near future.

The whales’ recent actions can also be added to the bullish elements. The renowned analyst Ali Martinez recently revealed that large investors have purchased more than 280 million XRP in the span of ten days.

The accumulation leaves fewer tokens available on the open market, which could be followed by a price rally (assuming demand doesn’t diminish). Furthermore, it demonstrates confidence in the asset’s potential, while smaller players may mimic the move and hop on the bandwagon, too.

How’s DOGE Doing?

The biggest meme coin has also headed south in the past week, and as of this writing, it trades at roughly $0.22. Just like XRP, though, it has been the subject of increased interest from whales who have scooped up over 310 million DOGE in two days. 

Multiple market observers believe the price has much more room for growth during this bull run. Martinez recently suggested that the meme coin “is truly forming a double bottom.” He thinks that reclaiming $0.26 as support could set the stage for a pump to as high as $0.46.

Others like CryptoELITES are even more bullish, setting the ambitious target of $5 as the next all-time high.

What About SHIB?

The second-biggest meme coin has recorded a double-digit loss in the past week and is currently worth approximately $0.0000136. Its negative performance followed the overall correction of the cryptocurrency market as well as the shift of 5 trillion tokens from Coinbase to an unknown wallet. 

Still, the resurgence of the Shiba Inu burning program suggests a price uptick could be incoming. The burn rate has skyrocketed by 2,700% on a 24-hour scale, with the team and community sending around 6.3 million tokens to a dead wallet. The mechanism’s ultimate goal is to make SHIB more valuable via scarcity.

In addition, the asset’s Relative Strength Index (RSI) has reached nearly oversold levels, signaling a rally could be just around the corner. The technical indicator tracks the speed and magnitude of recent price changes and varies from 0 to 100. Ratios around and below 30 are considered bullish, whereas anything above 70 suggests the token might be overbought and due for a pullback.