Biggest Movers: SHIB Plunges to Multi-Month Low on Monday
Shiba inu started the week by dropping to its lowest point since June, as a red wave swept through cryptocurrency markets. This has pushed the global market cap 1.20% lower at the time of writing. XRP fell by as much as 5%, as Ripple’s battle with the Securities and Exchange Commission (SEC) continued.
Shiba Inu (SHIB )
Shiba inu (SHIB) edged lower on Monday, as the meme coin fell to its weakest point in over two months.
SHIB/USD dropped to an intraday low of $0.000007028 on Monday, following a high of $0.000007413 the day prior.
This was the weakest point that shiba inu has traded at since June 20, when the price bottomed out at $0.00000698.
Looking at the chart, the decline came as the relative strength index (RSI) fell below a support point at the 34.00 level.
At the time of writing, the index is tracking at 30.42, with the next visible floor around the 28.00 region.
Overall, SHIB has now fallen lower for four consecutive days, and seems to be heading towards the $0.00000680 zone.
XRP, formerly ripple, fell by as much as 5% on Monday, as markets continued to react to the latest news surrounding a lawsuit with the SEC.
The Securities and Exchange Commission said it would appeal a decision by a U.S. judge not to find Ripple Labs guilty of violating securities laws.
XRP/USD dropped to a low of $0.4682 on the news, which came following a high of $0.5007 the day prior.
As a result of the decline in price, XRP slipped to its weakest point since mid-August, falling below a floor on the RSI in the process.
Price strength now sits at 26.82, which is deep in oversold territory, with a lower floor of 23.00 still a possible target for traders.
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Could XRP extend declines in the coming days? Let us know your thoughts in the comments.