Is it possible to setup rDNS on Shared Hosting?

You can ask your web hosting provider to setup it for you. They may make you get a dedicated IP to do so.

For shared hosting they will make you get a dedicated IP to set up rDNS and a clue is in the type of hosting SHARED, which means it is shared with others. You could be sharing your resources with upto 1000 other websites on the same shared IP address, so you cannot rDNS to the IP address as its not just pointing to your website.
 
If you have shared hosting you must have dedicated IP address before you setup RDNS.
Then you need to contact your hosting provider to set it up.

If its not working. I suggest you to move to VPS server. You will have at least 1 IP dedicated to you and you will be able to setup Rdns.
 
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