Cryptocurrency markets experienced a decline on Monday, with XRP falling to a six-week low. The global crypto market cap dropped by over 3% at the beginning of the week, just days before the upcoming US inflation report. Solana also experienced a decline, reaching a multi-week low. XRP, previously known as Ripple, fell by 5% on Monday, with the global market cap slipping by over 3% in the day. XRP/USD dropped to an intraday low of $0.4333, less than 24 hours after reaching a high of $0.4606. As a result of this decline, XRP reached its lowest point since March 25, breaking out of a floor at $0.4360 in the process.
The decline in XRP came as the relative strength index (RSI) broke out of a floor at 39.00. At the time of writing, the index is tracking at 36.04, with XRP at a level of $0.4365. Overall, the token is down 5.11% as of writing. Solana (SOL) also remained in the red, extending its recent declines to a third session. Following a high of $22.74 on Sunday, SOL/USD fell to a low of $21.01 earlier in the day. Monday’s drop in price sent SOL to its long-term support point at $21.00, resulting in its lowest level since April 26.
The token has rebounded from earlier lows, as the RSI found a floor of its own at the 44.00 mark. As of writing, price strength is tracking at 44.57, with a ceiling at 49.00 a potential target for bulls. If momentum does rise, and more bulls reenter the market, that could lead to SOL climbing back above $22.00.
As the crypto market experiences a decline, investors are keeping an eye on the upcoming US inflation report. The report is expected to show a rise in inflation, which could lead to a shift in the market. Investors are also keeping an eye on Bitcoin, which has experienced a decline in recent weeks. The token is currently trading at $32,000, down from its all-time high of nearly $65,000 in April.
Despite the decline in the crypto market, some investors remain optimistic about the future of digital assets. Several large companies, including Tesla and MicroStrategy, have invested in Bitcoin, and more companies are expected to follow suit. Additionally, some countries, including El Salvador, have adopted Bitcoin as legal tender.
In conclusion, the crypto market experienced a decline on Monday, with XRP and Solana reaching multi-week lows. The decline comes just days before the upcoming US inflation report, which could lead to a shift in the market. Despite the decline, some investors remain optimistic about the future of digital assets, and more companies and countries are expected to adopt cryptocurrencies in the future.