Litecoin (LTC)
Litecoin (LTC) experienced a significant drop of 15% on Friday, along with the rest of the cryptocurrency market.
- LTC/USD reached a low of $61.76 on Thursday, following a high of $74.73 earlier in the day.
- This decline brought LTC to its lowest point since December 19, with a low of $61.00.
- The sell-off caused the relative strength index (RSI) to fall below 30.00, indicating oversold conditions.
- Currently, the RSI is at 18.21, its weakest level since November 2018.
- Although LTC has recovered slightly, it is currently trading at $64.80.
XRP
Similarly, XRP (formerly ripple) also experienced significant declines on Friday, reaching a multi-month low.
- XRP/USD reached a high of $0.5852 on Thursday but dropped to an intraday low of $0.4681 later in the session.
- This drop brought XRP to its weakest point since May 16, with a price around the $0.4300 region.
- The decline caused XRP to marginally break out of a key support point at $0.4600, erasing gains made after the ripple ruling.
- Similar to bitcoin and LTC, XRP is now oversold, leading to a slight increase in buying pressure.
- The current trading price for XRP is $0.5087.
Hot Take
The cryptocurrency market experienced a significant sell-off, resulting in major losses for coins like Litecoin (LTC) and XRP. Both coins reached multi-month lows and entered oversold territory. While there has been some recovery, the overall sentiment remains bearish. It will be interesting to see if these coins can regain their previous levels of support or if further declines are on the horizon.
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