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.

Litecoin (LTC)

Litecoin (LTC) suffered a decline of up to 15% on Friday, amid a sweeping red tide across the cryptocurrency landscape.

The LTC/USD pair dipped to a bottom of $61.76 late Thursday, following an earlier high of $74.73 on the same day.

This downward movement drove LTC to its most modest level since December 19, when it reached a trough of $61.00.

LTC/USD – Daily Price Chart

The fallout from this reduction caused the relative strength index (RSI) to plunge beneath the 30.00 mark, indicating that the price is in the oversold territory.

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.

XRP

In addition to Litecoin, XRP, previously known as Ripple, endured significant losses on Friday, hitting a low not seen in several months.

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

This fall caused the digital asset to slightly breach a pivotal support level at $0.4600, erasing all the profits made after the Ripple ruling.

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.

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Will the bearish mood persist into the weekend? Share your insights in the comments below.

Frequently Asked Questions (FAQs) about fokus keyword: cryptocurrency decline

What cryptocurrencies faced significant declines on Friday?

Litecoin (LTC) and XRP faced significant declines on Friday, with both cryptocurrencies falling by as much as 15%. This drop was partially influenced by market reactions to speculation that SpaceX had sold over $370 million in bitcoin.

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.

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5 comments

Jenny_Olson August 19, 2023 - 9:08 pm

Can’t believe how low LTC and XRP have gone, hope this is a good buying opportunity, any thoughts

Reply
SaraT92 August 20, 2023 - 2:03 am

I’ve been trading XRP and this was a hard hit. But bulls reentering, good sign maybe. whats everyone’s take on this

Reply
Kevin_Lee August 20, 2023 - 3:45 am

Man, crypto is so unpredictable. One day it’s up, next it’s down. got to keep a close eye on the market. i might sign up for that weekly report!

Reply
Tommy_Grimes August 20, 2023 - 6:26 am

ltc at its weakest since 2018! thats a major drop right there, maybe time to buy? or not im not sure

Reply
Mike234 August 20, 2023 - 8:25 am

Wow, SpaceX sold $370 mil in bitcoin. That’s crazy! Wht do u think will happen nxt?

Reply

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