XRP plunged by over 9% on Wednesday, as traders moved to secure profits following a recent ten-week high. This decline comes as overall market sentiment remains bearish, following last week’s actions by the U.S. Securities and Exchange Commission (SEC). Cardano was also back in the red today.
XRP
XRP, formerly ripple, dropped by over 9% in today’s session, as traders seemingly moved to secure recent gains.
XRP/USD rose to a ten-week high of $0.5614 on Tuesday, however today’s sell-off has sent the token to a bottom at $0.5009.
The decline comes as bulls were unable to maintain yesterday’s breakout of a key resistance level at $0.5490.
Looking at the chart, the shift in sentiment came as the relative strength index (RSI) retreated to a floor of its own at 52.00
At the time of writing, the index is tracking marginally above this point at 52.11, with a ceiling of 58.00 the possible target for bulls.
In the event it reaches this level, it is likely that XRP will once again be trading above $0.5500.
Cardano (ADA)
Cardano (ADA) was another notable token to move into the red on Wednesday, with the price remaining close to a key support point.
Following a high of $0.2895 on Tuesday, ADA/USD dropped to an intraday low of $0.2699 today.
As a result of the move, cardano remained near its long-term price floor at $0.2700, which was broken over the weekend.
Saturday’s drop sent ADA to its weakest point since January, however this decline was short lived, with bulls sweeping in to buy the dip.
Despite rebounding in recent days, the RSI continues to track below 30.00, which is a sign of current bearish pressure.
Bulls are likely looking at the $0.3000 level as a short-term target, however there will likely be a high level of volatility preventing this point from being hit.
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Will there be a price recovery in cardano this week? Let us know your thoughts in the comments.