In short: XRP remained close to a multi-month high despite the global market cap falling 1.58% on Monday. Ripple was trading at $0.5447, just under Sunday's high of $0.5466. XRP bears are expected to target a floor at $0.5090 if the trend continues. In contrast, litecoin was one of the biggest losers on Monday, with prices falling by almost 5%. The RSI for Litecoin fell from a ceiling of 62.00 to a potential landing zone of 50.00.
Our quick analysis:
Despite a red wave hitting the cryptocurrency markets on Monday, XRP managed to stay near its multi-month high, while Litecoin faced a steep drop by nearly 5%.
XRP’s USD value peaked at $0.5447, which is slightly lower than Sunday’s peak at $0.5466. However, it still remains close to its highest level since March 30, when markets peaked at $0.5575. The ongoing drop in prices is due to traders opting to secure gains, bringing the relative strength index (RSI) down from the support point.
Litecoin, on the other hand, faced a steep drop after hitting $96.36 on Sunday, reaching an intraday low of $91.79. It was the second consecutive day that Litecoin fell after a false breakout of the ceiling at $96.00. The RSI was hovering close to a ceiling at 62.00, leading to a sell-off as previous LTC bulls shifted their positions.
The RSI for Litecoin is currently at 52.00, with a floor at 50.00 being a potential landing zone. Many traders are now wondering if Litecoin will experience a breakout below the 50.00 level on the RSI. Feel free to share your thoughts in the comments.
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Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Despite a red wave hitting the cryptocurrency markets on Monday, XRP managed to stay near its multi-month high, while Litecoin faced a steep drop by nearly 5%.
XRP’s USD value peaked at $0.5447, which is slightly lower than Sunday’s peak at $0.5466. However, it still remains close to its highest level since March 30, when markets peaked at $0.5575. The ongoing drop in prices is due to traders opting to secure gains, bringing the relative strength index (RSI) down from the support point.
Litecoin, on the other hand, faced a steep drop after hitting $96.36 on Sunday, reaching an intraday low of $91.79. It was the second consecutive day that Litecoin fell after a false breakout of the ceiling at $96.00. The RSI was hovering close to a ceiling at 62.00, leading to a sell-off as previous LTC bulls shifted their positions.
The RSI for Litecoin is currently at 52.00, with a floor at 50.00 being a potential landing zone. Many traders are now wondering if Litecoin will experience a breakout below the 50.00 level on the RSI. Feel free to share your thoughts in the comments.
Stay updated on weekly price analysis by registering your email here.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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