Chainlink declined from a recent two-week high on Thursday, as market uncertainty rose around the latest U.S. inflation report. As consumer prices rose to a reading of 3.2% in July, traders so far seem unsure on how to process this data. XRP fell by nearly 5% today.
Chainlink (LINK)
Chainlink (LINK) was back in the red during today’s session, as bulls retreated following a recent three-day win streak.
After moving to a peak of $7.86 on Wednesday, LINK/USD slipped to a floor of $7.57 earlier in the day.
Thursday’s decline sees chainlink slip away from a move towards a long-term ceiling at the $8.00 level.
One reason for the drop off appears to be due to a collision with a ceiling of 58.00 on the relative strength index (RSI).
Currently, price strength is at a reading of 57.27, with the next visible floor at the 52.00 mark.
Should bears hit this target, LINK will likely be trading at $7.00.
XRP
Another notable token to fall today was XRP, which fell by as much as 5% during today’s session.
After peaking at $0.6623 during yesterday’s session, XRP/USD plunged to a bottom at the $0.6253 level.
Overall, XRP, formerly ripple, has been on the decline since its peak of $0.9479 on July 13, which was a 20-month high.
The latest drop coincided with the RSI failing to break out of a key resistance zone at the 46.00 region.
In the event momentum remains bearish throughout the week, XRP could be moving towards $0.5000.
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Are recent declines in XRP simply a matter of profit taking? Let us know your thoughts in the comments.