On Thursday, Chainlink experienced a decrease in value after reaching a two-week high, attributed to growing market uncertainty tied to the latest U.S. inflation report. With consumer prices surging to 3.2% in July, traders appear to be grappling with how to interpret this data. Similarly, XRP encountered a drop of nearly 5% in its value on the same day.
LINK/USD – Daily Chart
The decline can partially be attributed to encountering a resistance level at 58.00 on the relative strength index (RSI).
If this support is breached, it is likely that LINK will be valued at $7.00.
Another notable cryptocurrency that experienced a decline today is XRP, which saw its value drop by almost 5%.
After reaching a peak of $0.6623 during the preceding trading session, the XRP/USD pair plummeted to a low of $0.6253.
Overall, XRP, previously known as Ripple, has been undergoing a decline since achieving its highest point of $0.9479 on July 13, marking a 20-month pinnacle.
XRP/USD – Daily Chart
The recent drop coincided with the inability of the RSI to break past a crucial resistance zone situated around the 46.00 region.
Should the bearish momentum persist throughout the week, XRP might be heading towards the $0.5000 mark.
Frequently Asked Questions (FAQs) about Cryptocurrency
Why did XRP experience a 5% drop in its value?
Chainlink reached a high of $7.86 before dropping to $7.57 during the current trading session. XRP peaked at $0.6623 but saw a low of $0.6253 after the decline.
Could XRP’s value drop further in the near future?
How can I receive regular updates on cryptocurrency price analysis?
You can sign up for a weekly technical analysis report by providing your email address, which will keep you informed about the latest price trends and insights in the cryptocurrency market.
More about Cryptocurrency
- Chainlink Official Website
- XRP Official Website
- U.S. Inflation Report – Bureau of Labor Statistics
- Relative Strength Index (RSI) Explained
- Crypto Market News – CoinDesk
- [Weekly Cryptocurrency Analysis Reports – Various Crypto News Websites]