Biggest Movers: DOGE Down 10%, XRP Extends Declines
Dogecoin was down by as much as 10% to start the week, as the token retreated from Sunday’s high. The meme coin raced to a three-week high over the weekend, however bulls appeared to have abandoned their positions, opting to secure profits. Xrp, formerly known as ripple, fell for a third straight session on Monday.
Dogecoin (DOGE) was 10% lower on Monday, as traders moved to secure profits following recent gains.
Following a high of $0.1057 on Sunday, DOGE/USD slipped to an intraday bottom of $0.09302 to start the week.
The drop saw the token move closer to a key support point of $0.090, less than 24 hours after hitting a three-week high.
As can be seen from the chart, the move comes as the 14-day relative strength index (RSI) failed to break out of a ceiling of 60.00.
Currently, the index is tracking at 55.20, with the next visible point of support at the 52.00 mark.
Despite the current decline in price, momentum still remains bullish, with the 10-day (red) moving average still positioned for an upwards cross.
XRP, formerly known as ripple, was also in the red to start the week, with the token falling for a third straight day.
XRP/USD slipped to an intraday low of $0.3758 during Monday’s session, pushing prices nearly 7% lower than Sunday’s high of $0.4079.
Today’s bottom was the weakest point for XRP since last Thursday, Nov. 24, when price was at a low of $0.3670.
Honing in on the chart, it appears that bears have regained confidence, following a failed breakout of a key ceiling on the RSI.
The index failed to move beyond a ceiling of 50.85, with price strength now tracking at the 44.69 level.
A upwards crossover between the 10-day (red), and 25-day (blue) moving averages still remains possible, which could mean future rallies may be incoming.
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What is behind Monday’s bearish sentiment in cryptocurrency markets? Let us know your thoughts in the comments.