Morning Crypto Update: Ripple's CTO Praises XRP Progress, SHIB Approaches Potential Bottom, Bitcoin's $52,000 Target?

As Thursday begins, the cryptocurrency market is experiencing a challenging situation. Bitcoin’s monthly performance remains negative, hovering beneath its mid-Bollinger Band, suggesting a bearish trend that could see it target $52,256. Ripple's CTO has expressed enthusiasm over a significant milestone in XRPL infrastructure, while Shiba Inu (SHIB) is nearing a critical support level. Additionally, Bitcoin traders should be aware of potential downside movements indicated by Bollinger Bands.

Key Takeaways

Ripple's CTO highlighted a key achievement in the XRPL Payment Engine by Common Prefix.
SHIB is approaching a crucial price point around $0.00000678, linked to past market corrections.
Bitcoin remains under its mid-Bollinger Band at $87,283, indicating downward momentum towards the $52,000 mark if conditions don't improve.
The potential for cascading market movements is heightened as Bitcoin and major altcoins test important price levels over the weekend.

Market Overview

As the trading day commences, the crypto market finds itself in a precarious position. Bitcoin's monthly candle has turned red, resting beneath its mid-Bollinger Band, which may signal a bearish outlook. Traders are eyeing the lower band at $52,256 as a viable target rather than a mere concern.

In the spotlight is a significant development in Ripple's ecosystem, specifically from Common Prefix, which announced an achievement regarding the XRPL Payment Engine. This new documentation presents the first complete specification of the system, showcasing essential functions like pathfinding, payment execution, and support for multiple currencies. Previously overlooked complexities are now formalized, simplifying the development process for programmers and ensuring safer extensions of the codebase.

Ripple's CTO, David Schwartz, expressed immense satisfaction, dubbing this milestone as a public acknowledgment that essential infrastructure is receiving necessary upgrades. This "boring" development is crucial for long-term reliability and effective movement of XRP, as the first formal specification of the XRPL Payment Engine is now available.

Shiba Inu Price Trends

Turning to Shiba Inu, the coin continues to trend lower. Currently, SHIB/USDT is trading around $0.0000075, with a slight decrease of approximately 0.13% for the day. Analyzing its price chart since the drop on October 10, one can see a series of declining highs and lower closes, with brief recoveries that are quickly negated.

SHIB's next support level is evident at $0.00000678, which is reminiscent of a past market downturn that saw around $40 billion wiped from the crypto space. The current price position suggests that holders are anxiously counting the candles until it potentially reaches this threshold.

SHIB/USD by TradingView

If the $0.00000678 level holds firm, SHIB could rebound, with clear targets: first reclaiming $0.000008 and then aiming for the higher line around $0.00001178. If this support does not hold, SHIB may return to a previous zone requiring buyers to demonstrate their presence, rather than simply discussing it on social platforms.

Bitcoin's Performance

Meanwhile, Bitcoin, the leader of the crypto market, is quietly reflecting significant trends on its major chart via TradingView. Currently situated at $87,283, Bitcoin has experienced a drop of about 3.4% for the month.

Location is critical here; Bitcoin's price remains below its mid-Bollinger Band, which is situated around $88,903. This positioning suggests a downward trend that may lead to a gravitational pull towards the lower band at $52,256.

BTC/USD by TradingView

The lower band serves as a vital price point, indicating that the argument for a potential drop to $52,000 cannot be ignored. The chart also marks important price levels along the way down, including $80,600 as a significant reference, and $74,110, identified as a breakeven point for notable investors like Michael Saylor. If these levels are breached, discussions might shift from a simple pullback narrative to searching for the real bottom of the market.

As the weekend approaches, it will be crucial for the market to defend its nearest significant levels, as both Bitcoin and other major cryptocurrencies are testing territories that could provoke a series of downward moves.