..As the situation in the cryptocurrency market worsens, XRP is experiencing a major price drop. Following the announcement by the US government, widespread panic in the market led to the latest drop in the price of XRP. Nvidia Corp. has received subpoenas from the Department of Justice and other businesses in an antitrust investigation. This action has had a significant negative impact on the technology industry, reflected in the sharp decline of the Nasdaq and the cryptocurrency market. Ethereum fell below $2,400 and Bitcoin plummeted to nearly $56,000.XRP/USDT chart by TradingViewOne hundred and eighty minutes later, $118 million worth of cryptocurrency positions were liquidated, of which $107 million were long positions. XRP was negatively affected by the strong selling pressure that had a domino effect on the altcoin market. Technically, XRP is currently trading in the $0.55 range and recent trends suggest that the asset is struggling to hold key support levels. The chart illustrates how XRP broke below the 50-day moving average, indicating a change in the bearish trend. The asset is vulnerable to further declines as it is currently moving below both the 200-day and 100-day moving averages, which is a significant downward pressure. It appears that $0.52 is the immediate support level for XRP, but if the current bearish momentum persists, a drop to $0.50 or even lower is possible. The slowing buying pressure and increasing selling interest are indicated by the bearish trend of the relative strength index (RSI).It is unlikely to see a quick recovery due to the combination of macroeconomic-driven bearish sentiment across the market and XRP’s technical weakness.Shiba Inu sees reversal candlesticksShiba Inu is starting to show signs of a possible reversal after a period of sustained decline. The hammer candlestick pattern that SHIB formed in the most recent market action is typically a bullish sign that a reversal may be approaching.When an asset displays a long lower wick with a small body after a sell-off, it can indicate strong buying pressure and a possible trend reversal. But in the larger context, as the entire crypto market remains under pressure, this candlestick pattern comes into play.The ongoing investigation by the US Department of Justice into Nvidia and possible antitrust violations has sent shockwaves through the tech industry and led to a significant decline in the Nasdaq and crypto markets. Popular cryptocurrencies like Ethereum fell below $2,400 and Bitcoin dropped to around $56,000. This added pressure to altcoins like SHIB, as these moves also led to massive liquidations that wiped out over $118 million in crypto holdings. The hammer candlestick offers hope of a recovery as SHIB’s price action focuses around $0.0000130. SHIB would need to pull back to $0.0000148, a key resistance level and one where it has struggled previously for the upside momentum to fully take hold. A stronger, more lasting recovery could be indicated if the price can break above this level.Ethereum CollapsesWith the recent ascending range invalidated, Ethereum, the second-largest cryptocurrency, could be in trouble. The fact that ETH has fallen below the lower edge of the ascending channel, as shown in the chart, is a bearish sign that a more short-term bearish move could be in the offing.tagThis failure coincides with Ethereum’s current struggles, which are being exacerbated by pressure on the entire cryptocurrency market. The lack of trading volume that coincides with this price drop is another worrying factor. Declining volume usually indicates that there is not enough demand from buyers to sustain a rally, which could trigger even more significant price corrections. Concerns are growing that if Ethereum falls below $2,400, selling pressure could increase, especially if volume does not increase. Ethereum is also not being helped by the overall market sentiment. ETH could continue to struggle in the coming days, as Bitcoin is experiencing a similar decline and the altcoin market in general is struggling.$ETH #Web3Binance #Write2Win #Write2Earn! #BinanceSquareFamily
