Ripple’s native token XRP and leading meme currency Shiba Inu (SHIB) are trading in the red on Monday. This slump comes after the global markets turned volatile, as the US launched fresh attacks on Iran. The conflict around the Strait of Hormuz has escalated, with missiles being fired from both sides. The repercussions are already being felt as the Asian markets opened Monday’s trading session in the red.
Japan’s Nikkei is the most vulnerable, crashing more than 1,500 points. India’s Sensex had dipped 500 points, but is seeing a slight recovery. Singapore’s Straits Times Index is also in the red as the war escalates. Even the cryptocurrency market is paying a heavy price. Apart from XRP and Shiba Inu, even Bitcoin fell to the $62,000 zone again. Hardly any traders remain in profit during this period, while the majority of them are in losses.
Also Read: XRP’s Biggest Strength May Still Be Ahead: Here’s Why
What Next For XRP and Shiba Inu?
XRP and Shiba Inu are both in dangerous territories, with Ripple’s native token falling to the $1.07 range. SHIB, on the other hand, is at the $0.0000054 level, and both cryptocurrencies are struggling to come out of the bearish claws. This makes investing in them a risky affair, as chances of losing money are higher. The flow of funds into the two assets is also drying up, with traders fearing to take entry positions during the dip.
Things might not be the same again for XRP and Shiba Inu, as the confidence in the assets has eroded. They are now trading with little to no hype or buzz in the charts. Cryptocurrencies mostly need a sense of enthusiasm to make prices surge in the indices. Without that, the assets face anathema and need a constant supply of oxygen to move up in value. The situation for the two cryptocurrencies could only get worse hereon.
