XRP Continues to Slide
XRP, formerly known as Ripple, has experienced a downward trend for the past six days. After reaching a high of $0.4889 on Wednesday, XRP/USD dropped to an intraday low of $0.4756 during today’s session. This puts the cryptocurrency close to a support level around $0.4670.
Bears have been in control of the market since the failed breakout at $0.5440. The relative strength index (RSI) currently stands at 35.31, just above the floor at 31.00. If the RSI reaches this point, there is a high chance that the price will fall to $0.4670.
Solana Faces Support Level
Solana (SOL) has also experienced a slight decline, nearing a key support level during today’s session. SOL/USD reached a low of $21.28 on Thursday, following a peak at $22.29 the day before. As a result, the cryptocurrency is approaching a price floor of $21.00.
The current price strength sits at 48.69, below its own support level at 49.00. If the index continues to move away from this point, there is a strong possibility that SOL will slip closer to $20.00.
Hot Take: XRP and Solana Continue Downward Trend
XRP and Solana have both seen consecutive declines in their prices recently. XRP has fallen for six straight days after failing to break out of resistance at $0.5440, while Solana is approaching its support level after hitting a low of $21.28.
Both cryptocurrencies face further downside potential if their respective indicators continue to weaken. XRP’s relative strength index (RSI) is approaching a critical level, while Solana’s price strength is below its own support level.
Investors will need to closely monitor these cryptocurrencies to see if they can reverse their current downward trends or if further declines are in store.
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