SHIB, XRP Show Strength As Crypto Market Begins Recovery

Shiba Inu (SHIB) and XRP have shown strength in the present recovery in the market. The crypto market decline had been triggered by the FTX collapse, and even now, the negative effects are still being felt all across the space.

Timeline of Shiba-inu, Xrp

Ripple price analysis shows that the market has turned bearish with prices slipping below $0.3691. Prices have found support at $0.3689 and any further decline may see XRP prices testing the $0.3650 handle in the short term.

Coinbase is filing an amicus brief in support of Ripple Labs amid the San Francisco payment company's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The top US crypto exchange requested permission to file the brief in late October and on Monday, U.S.

Ripple published a new whitepaper explaining how the UK can take a lead in establishing crypto standards making it one of the attractive centers for the crypto industry, such as Dubai, Singapore, and the EU. 

Ripple, the firm behind XRP, the seventh-largest crypto asset, is looking to tap the almost $1 trillion mobile money value in Africa through the use of its fast and cost-effective on-demand liquidity (ODL) service. 

The XRP price cannot escape the broader market sentiment at the moment and was trading at $0.3781 at press time. With this, XRP was unable to defend yesterday's gains of over 9%, and continues to show itself trapped in a price channel between $0.32 and $0.40.

The XRP price has risen by 17.8% since falling to two-month lows on Monday, when the ongoing FTX bankruptcy crisis pushed the wider cryptocurrency market down to a total cap of $859 billion. At $0.385257, XRP's current price represents a very slight 0.3% dip in the past 24 hours, as well as a 19% drop in the last 30 days.

Although higher market volatility has changed the investors' sentiment, it didn't stop the global crypto-centric developments. For example, Dubai, which showed keen interest in cryptocurrency and web 3 technology, is again on the news cycle for being a rapidly growing crypto hub.

XRP News: XRP, Ripple's native token price registered a major upswing after US based cryptocurrency exchange filed Amicus briefs in the support of the defendants. However, more Amicus have submitted their briefs for the Summary Judgement.

XRP price prediction remains bullish as it exceeds the 50-day moving average of $0.3815. Closing candles above this level support the bullish bias, but the double-top pattern limits the upside moment. 

Cryptocurrency exchange Coinbase has been granted permission to submit its amicus brief to join the support for Ripple Labs in its ongoing lawsuit with the United States Securities and Exchange Commission (SEC). On Monday, presiding U.S. District Judge Analisa Torres, granted motions to Ripple's 12 supporters to file their amicus briefs.