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Saturday, 22 April 2023

Biggest Movers: XRP, ADA Drop to Multi-Week Lows on Friday

by Earn Media

Biggest Movers: XRP, ADA Drop to Multi-Week Lows on Friday

Xrp plunged to a multi-week low in Friday’s session, as the token slipped for a third consecutive session. The move pushed prices to their lowest point since late March, with the global market cap trading 2.39% lower as of writing. Cardano also fell to a two-week low.

XRP

XRP, formerly ripple, was deep in the red on Friday, as prices fell for a third consecutive session.

Following a high of $0.4838 on Thursday, XRP/USD slipped to an intraday low of $0.4644 earlier today.

As a result of this drop, XRP fell to its lowest point since March 27, when the token was at a bottom at $0.4428.

Looking at the chart, this recent shift in momentum coincided with the 14-day relative strength index (RSI) breaking out of a floor at 57.00.

At the time of writing, the index is tracking at 42.24, which is close to a support point at 41.00.

Should price strength reach this point, then there is a good chance that XRP will hit a price floor at $0.4440.

Cardano (ADA)

Cardano (ADA) also fell to a multi-week low in today’s session, as prices moved closer to a key price floor.

ADA/USD dropped to a low of $0.3974 on Friday, less than 24 hours after trading at a peak of $0.4087.

This is the lowest level that cardano has hit since April 12, and comes following a three-day losing streak.

Similar to XRP, ADA’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.

This level is a long-term price floor, and was last hit on April 6.

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Do you expect further declines in cardano during the weekend? Let us know your thoughts in the comments.

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