Xrp fell to a six-week low on Monday, as cryptocurrency markets moved into the red. The global cryptocurrency market cap is down more than 3% to start the week, which comes days before the upcoming US inflation report. Solana also fell, hitting a multi-week low.
Xrp, formerly known as Ripple, fell as much as 5% on Monday, with the global market cap declining more than 3% on the day.
XRPUSD/USD fell 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 It moved to its lowest level since March 25, breaking the floor at $0.4360 in the process.
Looking at the chart, the slide came as the Relative Strength Index (RSI) broke out from a low of 39.00.
At the time of writing, the index is tracking at 36.04, with XRP at the level of $0.4365.
Overall, the coin is down 5.11% as of writing.
Solana (the sun)
Solana (SOL) remained in the red, as the token extended its recent declines into a third session.
After a high of $22.74 on Sunday, SOL/USD fell to a low of $21.01 earlier in the day.
Monday’s price drop sent SOL to the long-term support point at $21.00, which took it to its lowest level since April 26.
The coin has rebounded from its previous lows, with the RSI finding its own floor at the 44.00 mark.
As of this writing, price strength is tracking at 44.57, with a cap at 49.00 a potential target for the bulls.
If the momentum picks up, and more bulls come back into the market, that could send SOL back above $22.00.
Register your email here to get weekly price analysis updates sent to your inbox:
How high can Solana climb this week? Let us know your thoughts in the comments.
Image credits: shutterstock, pixabay, wikicommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.