Xrp plunged to a six-week low on Monday, as cryptocurrency markets moved further into the red. The global crypto market cap fell by over 3% to start the week, which comes days ahead of the upcoming U.S. inflation report. Solana also declined, hitting a multi-week low.
Xrp, formerly known as ripple, fell by as much as 5% on Monday, with the global market cap slipping by over 3% in the day.
XRP/USD dropped to an intraday low of $0.4333 to start the week, less than 24 hours after hitting a high of $0.4606.
As a result of this decline, XRP moved to its lowest point since March 25, breaking out of a floor at $0.4360 in the process.
Looking at the chart, the slippage came as the relative strength index (RSI), broke out of a floor at 39.00.
At the time of writing, the index is tracking at 36.04, with XRP at a level of $0.4365.
Overall, the token is down 5.11% as of writing.
Solana (SOL) remained in the red, as the token extended its own recent declines to a third session.
Following a high of $22.74 on Sunday, SOL/USD fell to a low of $21.01 earlier in the day.
Monday’s drop in price has sent SOL to its long-term support point at $21.00, resulting in its lowest level since April 26.
The token has rebounded from earlier lows, as the RSI found a floor of its own at the 44.00 mark.
As of writing, price strength is tracking at 44.57, with a ceiling at 49.00 a potential target for bulls.
If momentum does rise, and more bulls reenter the market, that could lead to SOL climbing back above $22.00.
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How high could solana climb this week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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