Despite the predominant downturn in cryptocurrency markets, XRP managed to sustain its position near a multi-month peak at the beginning of this week. The overall global market cap has dipped by 1.58% at the time of this writing, owing to the day’s bearish trend. Litecoin was among the notable digital currencies to decline, witnessing a near 5% drop.
XRP
Previously known as Ripple, XRP maintained its proximity to a multi-month peak this Monday, defying the day’s negative market sentiment.
The XRP/USD pair experienced a surge to a peak of $0.5447 at the week’s start, slightly lower than the previous day’s high at $0.5466.
Consequently, XRP is lingering near its highest level since March 30, when the markets touched a peak at $0.5575.
XRP/USD – Daily Chart
The slight retreat from Sunday’s peak can be attributed to traders choosing to secure their gains, aligning with the relative strength index (RSI) falling from a support point.
Price strength dipped below the 69.00 mark earlier in the day and is currently hovering around 67.75.
If this downward trend persists, XRP’s bearish traders are likely to target a floor at $0.5090.
Litecoin (LTC)
In contrast, Litecoin (LTC) was among the most significant losers on Monday, with prices plummeting up to 5%.
After reaching a high of $96.36 on Sunday, the LTC/USD pair tumbled to an intraday low of $91.79.
This slump marks Litecoin’s second consecutive fall, following a false breakout from a resistance point at $96.00
LTC/USD – Daily Chart
As per the chart, prices seemed relatively overvalued, with the RSI oscillating near an upper limit at 62.00, before the fall.
Previous LTC bullish traders might have adjusted their positions due to the proximity to the above-mentioned resistance point.
At the time of this writing, the index is now at 52.00 following this sell-off, with a potential target of 50.00 being the next support level.
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Do you foresee a breakout below the 50.00 level on the RSI? Share your insights in the comments section.
Table Of Contents
Frequently Asked Questions (FAQs) about XRP Multi-Month High
Why did XRP remain high despite the cryptocurrency market downturn?
XRP managed to sustain its position near a multi-month peak at the beginning of the week despite the overall downturn in the cryptocurrency market. This resilience could be attributed to various factors, including investor confidence, specific market news, or strategic moves by Ripple, the company associated with XRP.
How did Litecoin perform on the same Monday?
Litecoin (LTC) witnessed a substantial decline on that Monday, with prices dropping by nearly 5%. After hitting a high of $96.36 on Sunday, the LTC/USD pair plunged to an intraday low of $91.79.
What was the overall market condition?
The overall condition of the cryptocurrency market on this particular Monday was predominantly bearish, with the global market cap dipping by 1.58%. This was largely a result of a general “red wave” in the market.
What is the Relative Strength Index (RSI) mentioned in the text?
The Relative Strength Index (RSI) is a technical indicator used in the analysis of financial markets. It can help identify when a commodity is overbought or oversold, providing potential buy or sell signals. It’s mentioned in the text as a factor that traders might have taken into account when deciding to secure their gains.
How can I receive these market updates regularly?
You can receive regular market updates by signing up for the Weekly Technical Analysis Report. You can register your email on the sign-up page to get these updates delivered straight to your inbox.
More about XRP Multi-Month High
- Understanding XRP (Ripple)
- Introduction to Litecoin
- An Overview of Cryptocurrency Markets
- Understanding the Relative Strength Index – RSI
- How to Sign up for Market Analysis Updates
5 comments
Wow, never thought I’d see the day when XRP outperforms in a sea of red. Good for them.
Litecoin, mate, get it together! Every time I think we’re about to break out, it disappoints.
I must admit, the crypto market always keeps me on my toes. thanks for the updates.
So ripple’s still going strong huh? good to know…keeping an eye on it.
Gr8 article! Really comprehensive analysis. More of these plz!