Miguel Lopez On Friday, Solana made a modest advance towards the $20.00 threshold, despite news circulating about Robinhood’s decision to remove the token from its platform. Alongside Solana, Cardano and Polygon were also subjected to delisting. Meanwhile, XRP experienced an upward trend during today’s trading session.
Solana (SOL)
Solana (SOL) approached the $20.00 level on Friday, even though reports confirmed Robinhood’s plan to eliminate the token from its platform.
According to sources, this removal is scheduled for June 27. The action follows the U.S. Securities and Exchange Commission’s (SEC) classification of several tokens on Coinbase and Binance as securities.
After hitting a low of $18.56 on Thursday, SOL/USD climbed to an intraday high of $19.30 in today’s session.
SOL/USD – Daily Chart
Today’s surge coincided with the 14-day relative strength index (RSI) nearing a resistance level of 43.00.
At the time of writing, the RSI stands at 41.14, while SOL is trading at the $19.08 level.
Despite a slight decline from earlier gains following the news, SOL remains above yesterday’s low.
XRP
XRP, previously known as Ripple, managed to evade Robinhood’s list of removed tokens and recorded a surge of over 3% on Friday.
XRP/USD reached a peak of $0.5324 earlier in today’s session, marking a recovery from the price’s dip to $0.5184 less than 24 hours ago.
Friday’s price surge briefly propelled the token beyond a key resistance level of $0.5320.
XRP/USD – Daily Chart
This occurred as the RSI encountered its own ceiling at 64.00, with bears preventing a breakout for now.
Currently, the RSI is slightly lower at 63.50, while long-term bulls aim for a higher ceiling at 70.00.
If they manage to surpass this level, there is a strong possibility of XRP trading near $0.5800, last reached in March.
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Do you think Robinhood will continue delisting more tokens? Share your thoughts in the comments below.
Table Of Contents
Frequently Asked Questions (FAQs) about crypto market movements
What is the impact of delisting tokens by Robinhood on the crypto market?
The delisting of tokens by Robinhood can have an impact on the crypto market. In this case, tokens like SOL, Cardano, and Polygon were affected. The news of delisting can create uncertainty and potentially lead to price fluctuations. It’s important for investors to stay informed and monitor the market closely during such events.
Why did SOL and XRP show different price movements?
SOL and XRP exhibited different price movements despite being in the same market. SOL showed a slight gain and approached the $20.00 mark, while XRP experienced a surge of over 3%. Various factors such as market demand, investor sentiment, news, and technical indicators can contribute to the divergent price actions of different tokens.
What is the significance of the resistance level mentioned in the text?
The resistance level mentioned in the text refers to a price point where the token faces selling pressure and struggles to move higher. In the case of SOL, it approached a resistance level of $20.00, while XRP encountered resistance around $0.5320. These levels act as psychological barriers for price movements and can indicate potential reversals or consolidation.
How can I stay updated on the weekly price analysis mentioned in the text?
To receive weekly price analysis updates, you can register your email by following the provided link in the text. By signing up for the weekly technical analysis report, you can receive insights, trends, and forecasts related to the tokens and the overall crypto market directly to your inbox.
More about crypto market movements
- Solana (SOL) – Official Website
- XRP (formerly Ripple) – Official Website
- Robinhood – Official Website
- U.S. Securities and Exchange Commission (SEC) – Official Website
- Coinbase – Official Website
- Binance – Official Website
- Weekly Technical Analysis Report – Sign up here (Note: Replace “link-to-signup-page” with the actual URL for signing up for the weekly analysis report, if available.)
