Shiba inu was a notable mover on Monday, as the meme coin fell by as much as 5% to start the week. Today’s decline comes as traders moved away from high-risk assets, in favor of safe-havens like gold. XRP also dropped in today’s session, hitting a three-week low in the process.
Shiba Inu (SHIB)
Shiba inu (SHIB) fell to a multi-month low to start the week, as markets slipped due to growing tensions in the Middle East.
SHIB/USD dropped to an intraday low of $0.000006894 on Monday, less than 24 hours after price peaked at $0.000007221.
Today’s decline saw the meme coin fall to its weakest point since June 16, which is the last time the cryptocurrency slipped below a floor at $0.00000690.
The relative strength index (RSI) also dropped below a support point of its own at the 37.00 mark.
Currently, price strength is tracking at 34.90, and appears to be moving towards the 30.00 region.
Should it drop below this point, SHIB will enter the oversold zone, which could then prompt bulls to potentially buy the dip.
After reaching a high of $0.5218 on Sunday, XRP/USD plunged to a bottom at $0.4975 earlier in the day.
This resulted in the world’s fifth largest cryptocurrency moving to its weakest point since September 18.
Monday’s move occurred as the RSI retreated towards a support level at the 43.00 mark for the first time in three weeks.
As of writing, the index is now at a reading of 43.60, with ripple trading at $0.5014, following a three-day losing streak.
In the event that the RSI falls under 43.00, XRP will likely edge below $0.5000 in the upcoming days.
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Do you expect XRP bears to extend today’s losses? Let us know your thoughts in the comments.