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$XRP remained near a multi-month high to start the week, despite cryptocurrency markets mostly tracking lower. The global market cap has fallen by 1.58% as of writing, due to today’s red wave. Litecoin was a notable token to fall, dropping by nearly 5%.
$XRP
$XRP, formerly ripple, remained near a multi-month high on Monday, despite today’s bearish sentiment.
$XRP/USD rose to a peak of $0.5447 to start the week, which is marginally lower than Sunday’s high at $0.5466.
As a result of this, ripple remains close to its highest level since March 30, which saw markets peak at $0.5575.
Overall, the drop off from Sunday comes as traders opt to secure gains, which coincides with the relative strength index (RSI) dropping out of a support point.
Price strength fell below the floor at 69.00 earlier in the day, and is currently tracking at 67.75.
Should momentum continue in this direction, $XRP bears will likely target a floor at $0.5090.
Litecoin ($LTC)
On the other hand, litecoin ($LTC) was one of Monday’s biggest losers, as prices fell by as much as 5%.
Following a high of $96.36 on Sunday, $LTC/USD sank to an intraday bottom at the $91.79 level.
This drop sees litecoin fall for a second consecutive session, after a false breakout of a ceiling at $96.00
Looking at the chart, prices were relatively overbought, with the RSI hovering close to a ceiling at 62.00, prior to the decline.
Previous $LTC bulls likely shifted their positions due to the proximity with the aforementioned resistance point.
As of writing, the index is now tracking at 52.00 after this sell-off, with a floor at 50.00 a potential landing zone.