BitTrade Shiba Inu, XRP Listings Precede Price Pumps

YEREVAN (CoinChapter.com) — Japan-based exchange BitTrade added SHIB and XRP to its lending program, according to an announcement on Nov. 21. The tokens jumped 6% and 7.5%, respectively, afterward.

However, before discussing the price uptrend, let’s take a closer look at the listings.

BitTrade SHIB, XRP Listing Details

The loan period for both tokens is set for 90 days with an annual rate of 2%. For XRP, the borrowing amount ranges from 100 – 500,000 XRP. For Shiba Inu, the smallest loanable amount is 10 million SHIB, while the largest is 10 billion SHIB.

About a month before BitTrade SHIB and XRP listing, the platform started allowing deposits and withdrawals in Dogecoin (DOGE) and Shiba Inu, the two biggest memecoins in terms of market value. This expansion brought the total variety of cryptocurrencies available on the platform to 34.

XRP and SHIB Jump Over 5%

XRP price traded at $0.62 on Nov 24, after a 7.5% advance since the announcement. The token traded over its 20-day exponential moving average (20-day EMA; red wave), and if the bullish sentiment continues, XRP could aim for the next resistance at $0.64, or over 4% higher than the current value.

However, the Network activity remained relatively low despite the BitTrade XRP and SHIB listing. According to on-chain data provider Santiment, the number of XRP 7-day and 30-day active addresses did not increase significantly.

SHIB Listing Price Pump Short-Lived

SHIB price inched up 6% to $0.0000082 in the previous three days following the BitTrade SHIB listing. The price action reached critical resistance, in confluence with the 20-day EMA. However, it is not yet clear if the token can conquer the noted lines.

However, the memecoin’s on-chain metrics do not signify a bullish continuation. Much like XRP, BitTrade SHIB listing did not influence the number of 7-day and 30-day active addresses.

Moreover, top SHIB addresses holding large amounts of coins partially offloaded their stash in the previous week, signifying bearish expectations.