XRP and Cardano have both experienced significant drops in value over the past few days. XRP, formerly known as Ripple, fell for a third consecutive session, hitting its lowest point since March 27th. The token was trading at $0.4644, down from a high of $0.4838 on Thursday. Meanwhile, Cardano also fell to a two-week low, dropping to $0.3974 on Friday, its lowest point since April 12th. This comes after a three-day losing streak. Both tokens’ declines were triggered by their respective 14-day relative strength index (RSI) breaking out of a floor.
Looking at the daily chart for XRP, the recent shift in momentum coincided with the RSI breaking out of a floor at 57.00. As of writing, the index is tracking at 42.24, which is close to a support point at 41.00. If the price reaches this point, it is likely that XRP will hit a price floor at $0.4440. Similarly, Cardano’s decline came after the RSI moved below a floor at 52.00. It is currently at a reading of 49.18. The next visible point of support appears to be at 45.00, and should sellers claim this zone, cardano will likely move to $0.3750, which is a long-term price floor that was last hit on April 6th.
It is unclear whether these tokens will continue to decline over the weekend, but investors are advised to keep a close eye on these developments. While many investors may be concerned about the recent drops in value, it is important to remember that cryptocurrencies are volatile and can experience sudden fluctuations.
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