XRP, the cryptocurrency formerly known as Ripple, plunged to a six-week low on Monday, as the global cryptocurrency markets moved further into the red. Its price fell by as much as 5% on Monday, with the global market cap slipping by over 3% in the day. XRP/USD dropped to an intraday low of $0.4333 to start the week, less than 24-hours after hitting a high of $0.4606.
The decline occurred as the relative strength index (RSI) broke out of a floor at 39.00. At the time of writing, the index is tracking at 36.04, with XRP at a level of $0.4365. Overall, the token is down 5.11% as of writing.
Solana (SOL) also declined, hitting a multi-week low. Following a high of $22.74 on Sunday, SOL/USD fell to a low of $21.01 earlier in the day. Monday’s drop in price sent SOL to its long-term support point at $21.00, resulting in its lowest level since April 26. The token has rebounded from earlier lows as the RSI found a floor of its own at the 44.00 mark. As of writing, price strength is tracking at 44.57, with a ceiling at 49.00 a potential target for bulls. If momentum rises and more bulls re-enter the market, SOL could climb back above $22.00.
The decline in these top cryptocurrencies comes days ahead of the upcoming U.S. inflation report. The global crypto market cap fell by over 3% to start the week, with many other digital currencies struggling as well. Investors have been closely watching inflation as an increasing number of assets have been impacted, making investments such as cryptocurrencies more volatile.
As the cryptocurrency market continues to remain highly volatile, investors are advised to exercise caution and do their due diligence before investing in digital assets.
