XRP, ADA, SHIB, DOGE Plunge as Momentum Fades

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XRP, ADA, SHIB, DOGE Plunge as Momentum Fades

Last Update: 2022-08-19

XRP, ADA, SHIB, DOGE Plunge as Momentum Fades

Cryptocurrencies prices slumped lower on Friday, with the Bitcoin (BTC) price slipping to an intraday low of $22,788 on the Bitstamp exchange. The flagship cryptocurrency is in the red once again just days after surpassing the $25,000 level for the first time in nearly two months.  

Dogecoin (DOGE) is the top laggard within the top ten, losing roughly 9% of its value over the past 24 hours.

The underperformance of DOGE and SHIB shows that calls for another meme coin season were premature. Ethereum (ETH) is holding above the $1,800 level, but the flagship altcoin has lost its momentum ahead of the merge upgrade.

The total cryptocurrency market cap is now on the verge of slipping below the $1 trillion mark once again.  Earlier this month, the cryptocurrency market experienced a much-needed boost because of cooler-than-expected inflation data. 

The rally, however, was rather short-lasting. Risk assets reversed course earlier this week after minutes from the U.S. Federal Reserve meeting in July showed that central bankers were determined to keep hiking rates.   

Source: https://u.today/xrp-ada-shib-doge-plunge-as-momentum-fades

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