Hideo Nakamura XRP emerged as one of the key performers on Thursday, although the token witnessed a drop to a low not seen in several weeks during today’s session. This slide coincides with a decrease in the worldwide market cap, which fell by up to 2% throughout the day. Dogecoin similarly experienced a decrease, marking its third continuous session of decline.
XRP
XRP, previously known as ripple, stayed in the negative territory during today’s trading, with its price hitting a several-week low.
After achieving a high of $0.6971 the previous day, XRP/USD plunged to an intraday trough of $0.6589 earlier today.
This represents the lowest mark for XRP since July 13, when the token was priced below $0.4700.
XRP/USD – Daily Chart
This same day also witnessed XRP reaching its highest level since December 2021, following a U.S. judge’s ruling that it wasn’t necessarily considered a security.
The general mood has been predominantly bearish since then, with the most recent downward trend coming as the relative strength index (RSI) slipped below the base level of 49.00.
As of now, the index stands at 48.60, with the subsequent prominent support level pegged at 45.00.
Dogecoin (DOGE)
Dogecoin (DOGE) perpetuated its bearish phase on Thursday, with the meme coin depreciating by up to 5% today.
This decline led DOGE/USD to sink to an intraday nadir of $0.07305, less than a day after it had hit a high of $0.07703.
Following this sell-off, dogecoin has plummeted to its lowest point since July 24, the last time it was traded at a support level of $0.07000.
DOGE/USD – Daily Chart
Like XRP, the dip in Dogecoin on Thursday can be attributed to its price strength falling beneath a base level of 51.00.
Currently, the RSI stands at 50.23, with DOGE being traded at $0.07339, slightly above the day’s lowest point.
Sign up with your email here to receive weekly updates on price analysis directly to your inbox:
Weekly Technical Analysis Report
Subscribe
What do you predict as the next price target for dogecoin traders? Please share your opinions in the comments section.
Table Of Contents
Frequently Asked Questions (FAQs) about Cryptocurrency Decline
What was the market performance of XRP and DOGE on Thursday?
On Thursday, both XRP and DOGE experienced significant declines, hitting several-week lows. XRP dipped to an intraday low of $0.6589, its lowest point since July 13, while DOGE dropped to an intraday low of $0.07305, its lowest since July 24. The global market cap also fell by 2% over the course of the day.
How have XRP and DOGE been performing recently?
Both XRP and DOGE have been in a bearish trend recently. XRP has been largely bearish since it hit its highest point in December 2021. DOGE has also been on a downward trend, falling for three consecutive sessions.
What is the Relative Strength Index (RSI) indicating about XRP and DOGE?
For XRP, the RSI broke below a floor at 49.00 and is currently tracking at 48.60. This indicates a bearish sentiment. For DOGE, the RSI is currently at 50.23, after falling below a floor at 51.00, also indicating a bearish trend.
What was the highest point for XRP since December 2021?
The highest point for XRP since December 2021 was reached on July 13. However, the token has been largely bearish since then.
When was the last time DOGE traded at a support level of $0.07000?
DOGE last traded at a support level of $0.07000 on July 24. Since then, the cryptocurrency has seen a continuous decline.
More about Cryptocurrency Decline
- Understanding Cryptocurrency Market Cap
- What is XRP?
- An Overview of Dogecoin
- How the Relative Strength Index (RSI) Works
- Cryptocurrency Market Trends
4 comments
ripple used to be my go to coin… now I’m just watching my portfolio bleed red. But hey thats the game we play…
Does anyone else think that XRP’s downfall was predicted after the security ruling? like its been bearish ever since…just saying
these cryptos are so volatile… just have to keep holding and wait for the market to stabilize… hodl is the name of the game…
remember folks, if you’re not ready to lose, don’t invest in crypto. Its not for the faint-hearted. Im hodling all the way down to zero if need be!