XRP and SOL Experience Price Declines

XRP and SOL Experience Price Declines

The cryptocurrency XRP, previously known as Ripple, experienced a 5% decrease in value on Monday. The global market cap also slipped by over 3% during the day. XRP/USD dropped to its intraday low of $0.4333 at the start of the week, less than 24 hours after reaching a high of $0.4606. This decline caused XRP to hit its lowest point since March 25, breaking out of a floor at $0.4360. The relative strength index (RSI), which broke out of a floor at 39.00, appears to be the cause of this slippage. The index is currently tracking at 36.04, and XRP is at a level of $0.4365. As of writing, the token is down 5.11%.

Solana Experiences Third Consecutive Session in the Red

Similarly, Solana (SOL) remained in the red on Monday, extending its own recent declines to a third session. After reaching 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 caused SOL to hit 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.

Overall Market Decline

The decline in value of XRP and SOL is part of an overall market decline, with the global market cap slipping by over 3% on Monday. This decrease could be attributed to various factors, including global economic instability and market volatility.

Potential for Market Recovery

Despite the recent declines, there is potential for the market to recover. If more bulls reenter the market and momentum rises, both XRP and SOL could see an increase in value. However, it is important to note that the cryptocurrency market is notoriously unpredictable, and investors should exercise caution when making investment decisions.


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