XRP Hits 8-Year Q1 Low: Is This the Bottom? Shiba Inu (SHIB) Offline on OKX, and Michael Saylor Signals Fresh Billion-Dollar BTC Push

XRP Hits 8-Year Q1 Low: Is This the Bottom? Shiba Inu (SHIB) Offline on OKX, and Michael Saylor Signals Fresh Billion-Dollar BTC Push — Morning Crypto Update

XRP recorded a significant drop of 27.3% in Q1 2024, marking its worst performance in the first quarter since 2018. Despite a brief price spike earlier this year, XRP’s value has declined consistently over the months, resting at around $1.35. In a contrasting trend, nearly 33 billion SHIB tokens were recently moved to cold storage by OKX, which may reflect a bullish sentiment. Additionally, Bitcoin mogul Michael Saylor's renewed enthusiasm for BTC investments suggests a potential upturn in the market.

Key Takeaways

XRP's Q1 2024 performance was its lowest since 2018, closing down 27.3%.
There were significant net outflows in March from XRP funds despite positive regulatory developments, such as XRP now being classified as a digital commodity.
Shiba Inu tokens (SHIB) moving to cold storage may indicate bullish sentiment.
Michael Saylor of Strategy signaled confidence in Bitcoin's potential with significant recent acquisitions.

XRP's Q1 Performance

XRP's trading performance in Q1 2024 has been disappointing, with a 27.3% loss according to CryptoRank. This decline marks the most troubling first quarter for the cryptocurrency since 2018. Following a peak of $2.42 in early January, XRP has consistently lost value over three months and is currently priced around $1.35.

March proved to be a challenging month for institutional investors, as the excitement from the launch of spot XRP ETFs in late 2025 faded. Initial strong inflows of over $1.3 billion gave way to net withdrawals, with March 27 seeing investors pull out approximately $2.66 million from funds.

Opinions on whether XRP has reached its lowest point vary significantly. Some technical analysts are likening the current price trend to a 2017 fractal, believing that this may be an accumulation phase leading up to a potential rise to $4 to $9 later this year. However, a bearish outlook anticipates a drop to $1.11 if the $1.27 level is broken, or even a return to $0.60 if broader market conditions worsen.

XRP Quarterly Returns (USD), Source:_CryptoRank

Positive News Developments

In the midst of these challenges, recent developments have provided some positive news for XRP. On March 17, 2026, a pivotal moment occurred when the SEC and CFTC officially recognized XRP as a digital commodity. This classification aligns it legally with Bitcoin and Ethereum, improving its standing in the market.

Despite the continued price decline, Ripple is pushing forward with its expansion efforts. The Australian regulatory body has granted permission for Ripple to utilize its AUDD stablecoin on the XRP Ledger, and the company is actively promoting its services in Latin America. Historically, April has been a month of recovery for XRP, and if the price remains stable over the coming days, we may see signs of a potential upward movement toward the $2 mark.

Shiba Inu (SHIB) Moves to Cold Storage

In other news this morning, OKX recently executed a substantial internal asset transfer, moving approximately 32.86 billion Shiba Inu (SHIB) tokens from its hot wallet to cold storage, as reported by Arkham. This kind of transfer is a common security measure to protect excess liquidity by moving it from online wallets to more secure offline storage. Although such moves often indicate that tokens may not be sold immediately, it can also be seen as a moderately bullish sign since it reduces the active supply on exchanges.

Shiba Inu (SHIB) Transfers Over $100,000 in 24 Hours. Source:_Arkham

Currently, SHIB is trading at around $0.000006 per token. The market remains cautious, even with increased activity from large investors (whales). Overall, this transfer reflects routine operational activity by OKX rather than a panic withdrawal, further indicating a stable status quo for the exchange, especially amidst consistent network fees and low volatility.

Michael Saylor's Confidence in Bitcoin

A significant development comes from Michael Saylor, founder and executive chairman of Strategy, who recently shared on social media that it's time to "turn laser eyes back on." In cryptocurrency culture, this expression is a strong bullish signal indicating confidence in Bitcoin's future growth. Earlier this week, Strategy acquired 1,031 BTC for about $76.6 million, bringing the firm's total acquisitions in March to nearly 45,000 BTC — the fastest accumulation rate in recent history. As of the end of March, Strategy holds a substantial 762,099 BTC, amounting to around $51 billion, with an average purchase price of $75,699 per Bitcoin.

Saylor's post comes as Bitcoin trades between $60,000 and $70,000, facing pressure from macroeconomic uncertainties and geopolitical issues. Interestingly, Saylor seems to be the only major corporate buyer at this time. His plans for an additional $44 billion in Bitcoin purchases signal not just a meme but a precursor to another wave of significant acquisition.

Investor sentiment remains cautious as they weigh major industry events in Europe against strong macroeconomic pressures from the United States. The critical focus is on maintaining the psychological $65,000 level for Bitcoin.

BTC/USD Daily Chart, Source:_TradingView

Future Outlook

The upcoming week will be crucial for the current market cycle. If the market can absorb the distributions from FTX and labor data without violating the $65,000 support level, we may see a period of consolidation. However, failure to hold this level could open the door to potential drops toward the $55,000 to $58,000 range.

This report highlights that while there are challenges in the crypto market, specific events and strategic accumulation by significant players suggest that potential recovery and growth are on the horizon.