The cryptocurrency market opens Thursday in an awkward spot, with Bitcoin's monthly candle showing red and resting below its mid-Bollinger Band, indicating a prevailing bearish tilt in the broader market. This condition suggests that the lower Bollinger Band, situated at $52,256, is a tangible target rather than a distant threat. Amidst this bearish sentiment, two key developments are unfolding: a significant infrastructure milestone for XRPL and continued price struggles for Shiba Inu (SHIB).

Shiba Inu (SHIB) has recently printed a green candle, a rare sight after a prolonged period of decline. While this does not immediately reverse the overarching downtrend, it signals a potential shift where selling pressure is no longer entirely one-sided. For weeks, SHIB had been grinding lower without significant follow-through on minor bounces, but this green close suggests a change in dynamics. Despite this, SHIB remains in a steady decline over the longer timeframe, with its price still below all significant moving averages, indicating that the long-term structure has not been recovered. However, momentum appears stretched, with the Relative Strength Index (RSI) hovering near oversold territory for an extended period, typically observed in the late stages of downtrends rather than their onset. This might imply a decrease in the efficiency of further price drops, as sellers, though present, are no longer aggressively pushing prices lower.

The recent green candle for SHIB was preceded by a series of lower lows and tight consolidation, a pattern often setting up a reaction move. A slight increase in trading volume further suggests that buyers are at least cautiously exploring the downside, indicating that SHIB is not entirely disregarded, though conviction is yet to build. Several plausible scenarios could unfold from this point. The first is a conservative bounce, where SHIB grinds sideways to slightly higher, targeting short-term moving averages and nearby resistance. This would be a relief action rather than a full reversal, with prices potentially retracing slightly before sellers might intervene again. This outcome is most likely if the overall market remains neutral. The second scenario is a failed bounce, where price stalls at resistance, the green candle proves to be a liquidity grab, and SHIB resumes its downward trend. Given the predominant bearish pattern on daily charts, this cannot be ruled out, especially if momentum quickly wanes. A third, less probable but noteworthy, scenario is a base formation. If SHIB can maintain its current level, establish higher lows on the short timeframe, and gradually reclaim key averages, it could enter a longer accumulation phase, signifying stabilization rather than an immediate breakout or hype cycle.

Meanwhile, within the Ripple ecosystem, a significant infrastructure milestone has been achieved. Common Prefix has published what it calls the first full specification of XRPL’s Payment Engine, drawing a