Bitcoin, Ripple and Shiba Inu – European Wrap 19 October

Bitcoin price has shown no signs of slowing down since it began its sell-off on October 18. There is a high chance this trend will continue until BTC finds a stable support level. Until this happens, investors should be open to seeing Ethereum, Ripple and other altcoins also shed weight. 


Ripple (XRP) price action has already printed 5% losses over the past two days as price action slips back below $0.48 in what turned out to be a bull trap. The week started on a high note, with strong earnings and stock markets rallying firmly higher. Unfortunately, reality kicked in again this morning as UK inflation numbers printed a new record high, putting pressure on the BoE to address the inflation with more aggressive rate hikes, which in turn could spark a severe recession as a massive wave of defaults  hits the already battered UK economy.

 XRP/USD Daily chart

Shiba Inu price shows a lack of bullish momentum that has caused its recent run-up to reverse. As a result, SHIB is likely to undo the recent gains and slide lower before retesting a critical support level. 

SHIB/USDT 4-hour chart





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