Altcoins News
By Maheen Hernandez
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What the RSI Reading Actually Means. The monthly RSI reading of 41.64 sounds technical, but the basic point is pretty simple: XRP…
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The 2020 Parallel Traders Keep Bringing Up. The comparison to March 2020 is probably the most relevant historical reference right now.
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Market Cap Takes a $13 Billion Hit. XRP's market cap dropped from $82.5 billion to around $69 billion — a decline of roughly 15%.
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XRP's monthly RSI just hit 41.64. That's a record low — worse than March 2020, when the token cratered to $0.11 during one of crypto's ugliest sell-offs.
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The drop was first flagged by Austin, a well-known figure in the XRP community, who caught the RSI sliding to 42.64 when XRP's price dipped to $1.18. Since then, things got worse.
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The monthly RSI reading of 41.64 sounds technical, but the basic point is pretty simple: XRP hasn't been this weak, by this measure, ever. Not during the 2018 bear market.
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Traditionally, an RSI below 30 is considered oversold — the kind of level that sometimes attracts buyers looking for a bounce. XRP isn't there yet. At 41.
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There's still a chance the monthly RSI reading shifts before June closes out. If XRP climbs back above $1.
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The comparison to March 2020 is probably the most relevant historical reference right now. Back then, XRP hit a similar RSI low as prices collapsed.
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That's the bull case traders are quietly pointing to. The bear case is that past patterns don't always repeat, and current market conditions are complicated in ways that make a…
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Related: XRP Analyst CharuSan Sees $300 on Institutional Liquidity Demand, Not Market Cap
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The token's current price of around $1.10 to $1.11 puts it back at levels last seen in early February.
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Bitcoin's recent weakness is part of the picture. Strategy, the firm associated with Michael Saylor, sold 32 BTC, and that sale contributed to broader negative sentiment.
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The total crypto market cap contraction of $330 billion over the week puts XRP's losses in context. It's not an isolated token problem.
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See also: XRP Hits 15-Week Low at $1.18 as Binance Inflows Drop to Year Low
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