Ripple (XRP) And Solana (SOL) Decreased, However XRP Is Still Trading 32% Higher Than A week Ago

Ripple (XRP) And Solana (SOL) Decreased, However XRP Is Still Trading 32% Higher Than A week Ago

XRP and Solana have both lost around 6% over the past 24 hours, falling amid a general reduction in risk traction in the markets and the two largest cryptocurrencies.

Despite the apparent depth of the pullback, XRP remains 32% above levels from a week earlier, and the current retreat is well within Fibonacci technical correction from the rally of the past eight days.

Solana and Polkadot are rolling into the abyss - 1

A drop below $0.78 would signal a deeper correction and open a quick path to $0.75. If all of February's gains are entirely nullified in the coming week and quotes pull back to below $0.60, it would be safe to speak of a new depressed period with a long-term downside potential of 50% to $0.3.

The technical picture in Solana and Polkadot is worse, as a shadow hangs over them. The rise from January 28th to February 7th looked like a technical rebound after being oversold since November. But this growth momentum is quickly fading. We can say for this coin that without positivity for the overall market, it will continue to lose ground faster than BTC and ETH.

Alex Kuptsikevich

Alex Kuptsikevich

Financial market professional with 16-years' experience and Senior financial analyst at FxPro. Author of daily reviews on the impact of economic events with comments regularly featured in top international and Russian media. Covers fundamental analysis, global markets, foreign exchange market, gold, oil, cryptocurrencies.

Alex Kuptsikevich is a regular contributor to both digital and print media including CNBC, Forbes, Reuters, MarketWatch, BBC and Coindesk.