Shiba Inu, the popular meme-inspired cryptocurrency, is approaching a key resistance level after the Federal Reserve’s recent decision to raise interest rates. This resistance level, which SHIB has previously tried to break through, is likely to cause some volatility in the token’s price in the near future in case of a successful breakout.

SHIB has experienced significant growth since the market reversal in January. However, the recent interest rate hike by the Fed has caused some uncertainty in the cryptocurrency market, and it remains to be seen how SHIB will act while reaching the prolonged trend line resistance level.

According to the composition of on-chain indicators, Shiba Inu has been getting support from retail investors after the profitability of the token reached a new local high and approached the 40% threshold.

XRP’s movement upward

XRP, the cryptocurrency associated with the payment platform Ripple, has reached its 200-day moving average, a key level that acts as a barrier for assets in both up- and downtrends. Reaching this level follows the recent rally on the cryptocurrency market that began in January.

While the rally has certainly been beneficial for XRP, the coin still faces some significant challenges. Perhaps most notably, XRP has yet to find a consistent source of funding, which could…