XRP is set to gain institutional adoption in Asia with the launch of a tracker fund by HashKey Capital, supported by Ripple. Shiba Inu has formed a critical support level at $0.000012, with 21 trillion tokens held by many addresses, but faces resistance ahead. Dogecoin has re-entered the top eight cryptocurrencies by market capitalisation, currently surpassing Tron, and showing potential for price rally despite prevailing bearish trends.
XRP’s Major Institutional Adoption in Asia
HashKey Capital, a significant entity in the cryptocurrency infrastructure space, has announced the launch of Asia’s inaugural tracker fund for the XRP token. This initiative, supported by Ripple as an early investor, is aimed at enhancing institutional adoption of XRP amongst professional investors. This marks HashKey’s third tracker fund after those for Bitcoin and Ethereum, highlighting XRP’s critical role in global cross-border transactions, being faster and more efficient than traditional systems like SWIFT. Furthermore, HashKey indicated potential regulatory approval that could transition this fund into an ETF within the next one to two years.
Shiba Inu’s Emerging Support Level
Shiba Inu (SHIB) has established a significant support level at $0.000012, with on-chain data showing that over 26,000 wallet addresses collectively hold 21 trillion SHIB at this price point. Nevertheless, SHIB faces challenges in overcoming resistance levels created by the 26 and 50 EMA moving averages, and the Relative Strength Index (RSI) suggests a neutral market sentiment with roughly 45% of holders in profit. The substantial holding at this support level acts as a buy wall, restraining further price declines unless impacted by broader market trends. However, a lack of momentum and resistance indicates upward price movement may remain limited.
Dogecoin’s Rise in Crypto Rankings
Dogecoin (DOGE), despite its memetic origins, has clawed its way back into the top eight cryptocurrencies by market capitalisation, eclipsing Tron (TRX). Currently, Dogecoin’s market cap floats around $24.06 billion, surpassing Tron’s $23.07 billion. This shift reflects increasing investor confidence amidst a stagnant crypto market. As of the latest data, DOGE trades at $0.161, a rise of 5.03% within the last 24 hours. However, achieving significant price points above $0.17 could spark a rally towards $0.20 or $0.23, though prevailing bearish market sentiment may hinder this momentum due to wider economic pressures.
