Friday’s crypto market turmoil notably impacted Litecoin, one of the standout performers of the day, as investors responded to rumors that SpaceX had unloaded over $370 million in bitcoin. This resulted in a global market cap decrease of around 6.20% at the moment of reporting. XRP experienced a substantial drop as well.
This downward movement drove LTC to its most modest level since December 19, when it reached a trough of $61.00.
At the reporting time, the index is positioned at 18.21, marking its lowest level since November 2018.
The price has since recovered from its earlier lows, currently standing at $64.80.
After reaching a zenith of $0.5852 on Thursday, the XRP/USD pair plummeted to an intraday trough of $0.4681 later during the trading session.
This downturn pushed XRP to its most fragile point since May 16, when it was trading near the $0.4300 mark.
XRP/USD – Daily Price Chart
Similar to the bitcoin scenario described earlier, the price strength has become oversold, enticing bulls to make a re-entry, which has nudged XRP a bit higher.
At the time this was penned, the digital currency is being traded at $0.5087.
Frequently Asked Questions (FAQs) about fokus keyword: cryptocurrency decline
What cryptocurrencies faced significant declines on Friday?
What was the lowest point for LTC during the decline?
The lowest point for LTC during the decline was $61.76 late on Thursday. The price has since moved away from earlier lows and was trading at $64.80 at the time of writing.
How did the price of XRP move during this period?
XRP also fell significantly on Friday, dropping to a multi-month low. After reaching a high of $0.5852 on Thursday, XRP/USD dropped to an intraday low of $0.4681, later trading at $0.5087.
What happened to the global market cap of cryptocurrencies on that day?
The global market cap of cryptocurrencies fell by roughly 6.20% on that day. The sell-off was influenced by rumors that SpaceX had unloaded over $370 million in bitcoin.
Is the price of LTC and XRP considered oversold?
Yes, as a result of the sell-off, the relative strength index (RSI) for both LTC and XRP fell below the 30.00 level, indicating that the price is considered oversold.
How can I get weekly price analysis updates?
You can register your email to receive weekly price analysis updates directly to your inbox. The details for signing up are typically provided in the report.
More about fokus keyword: cryptocurrency decline
- Litecoin Official Website
- XRP Official Website
- SpaceX Official Website
- Cryptocurrency Market Cap
- Relative Strength Index (RSI) Explained