Alexander Savenkov 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.
Chainlink (LINK)
During the current trading session, Chainlink (LINK) shifted back into negative territory, breaking a three-day winning streak.
After reaching a peak of $7.86 on the previous day, the LINK/USD pair declined to a low of $7.57 earlier in the current day.
This decline on Thursday led to Chainlink’s distancing from a potential breakthrough towards a significant resistance level at $8.00.
LINK/USD – Daily Chart
The decline can partially be attributed to encountering a resistance level at 58.00 on the relative strength index (RSI).
Presently, the strength of the price stands at 57.27, and the next noticeable support level appears at 52.00.
If this support is breached, it is likely that LINK will be valued at $7.00.
XRP
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.
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Share your opinions on whether the recent drops in XRP can be attributed simply to profit-taking in the comments section below.
Table of Contents
Frequently Asked Questions (FAQs) about Cryptocurrency
What caused Chainlink’s decline from its recent high?
Why did XRP experience a 5% drop in its value?
XRP’s 5% decline can be attributed to broader market trends and its own performance. Despite a peak at $0.6623 in the previous session, XRP/USD fell to $0.6253. The drop may also have been influenced by the failure of the Relative Strength Index (RSI) to overcome resistance around the 46.00 region.
What were the recent price levels for Chainlink and XRP?
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.
Is Chainlink expected to recover its value soon?
The potential recovery of Chainlink’s value depends on market sentiment and its ability to break through resistance levels, including the $8.00 mark. The Relative Strength Index (RSI) around 58.00 is also a factor to watch.
Could XRP’s value drop further in the near future?
The future movement of XRP’s value hinges on the bearish or bullish momentum in the market. If the bearish trend persists, XRP might head towards the $0.5000 level, as indicated by the analysis.
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]
