XRP remained near a multi-month high to start the week, despite cryptocurrency markets mostly tracking lower. The global market cap has fallen by 1.58% as of writing, due to today’s red wave. Litecoin was a notable token to fall, dropping by nearly 5%.
XRP
XRP, formerly ripple, remained near a multi-month high on Monday, despite today’s bearish sentiment.
XRP/USD rose to a peak of $0.5447 to start the week, which is marginally lower than Sunday’s high at $0.5466.
As a result of this, ripple remains close to its highest level since March 30, which saw markets peak at $0.5575.
Overall, the drop off from Sunday comes as traders opt to secure gains, which coincides with the relative strength index (RSI) dropping out of a support point.
Price strength fell below the floor at 69.00 earlier in the day, and is currently tracking at 67.75.
Should momentum continue in this direction, XRP bears will likely target a floor at $0.5090.
Litecoin (LTC)
On the other hand, litecoin (LTC) was one of Monday’s biggest losers, as prices fell by as much as 5%.
Following a high of $96.36 on Sunday, LTC/USD sank to an intraday bottom at the $91.79 level.
This drop sees litecoin fall for a second consecutive session, after a false breakout of a ceiling at $96.00
Looking at the chart, prices were relatively overbought, with the RSI hovering close to a ceiling at 62.00, prior to the decline.
Previous LTC bulls likely shifted their positions due to the proximity with the aforementioned resistance point.
As of writing, the index is now tracking at 52.00 after this sell-off, with a floor at 50.00 a potential landing zone.
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Will a breakout occur below the 50.00 level on the RSI? Let us know your thoughts in the comments.
