Last Friday, XRP, the former Ripple token, faced its third consecutive session of decreasing prices. As a result, prices reached their lowest point since late March, and the global market cap was trading at 2.39% lower than previously. Similarly, Cardano also encountered a two-week low, as prices approached a significant price floor.
In terms of XRP, following a previous high of $0.4838, XRP/USD unexpectedly fell to an intraday low of $0.4644. XRP exchanged hands at its minimum price point since March 27, where the token was established at $0.4428. This shift in momentum was seen to coincide with the 14-day Relative Strength Index (RSI) breaking out of a floor at 57.00. Presently, the index is at 42.24, which is admittedly close to a support point at 41.00. It is anticipated that if the price strength reaches this point, XRP is likely to hit a price floor at $0.4440.
Looking at Cardano, it followed a similar trend as it also faced a multi-week low last Friday. Prices took a downturn, reaching as low as $0.3974. This event occurred less than twenty-four hours following the token’s peak at $0.4087. These were the lowest levels that Cardano has reached since April 12, which followed a three-day losing streak. Cardano’s decline occurred as the RSI also moved below a floor of 52.00, landing at a reading of 49.18. The next visible point of support appears to be at 45.00, and should the sellers get a hold of this zone, it is likely that Cardano will shift to $0.3750. This level represents a long-term price floor, which was previously reached on April 6.
It is crucial to note that investors and traders should remain cautious in their approach to the crypto market. Reasons behind the unpredictability of the crypto market are manifold, ranging from news headlines to regulatory changes to sudden movements by large investors. The market could change direction at any given moment, potentially leading to considerable losses for those without a comprehensive understanding of the risks.
In conclusion, both XRP and Cardano are facing lows in their previous records. Investors need to recognize market volatility, changes in technical indicators, and how to interpret them to make the best investment decisions. Additionally, investors should remain informed of news developments or sudden fluctuations and changes in the crypto market to safeguard their investments.
