Crypto Market Blues: XRP, Litecoin (LTC), SEI Suffer Big Loses

Crypto Market Blues: XRP, Litecoin (LTC), SEI Suffer Big Loses

Key Insights

  • The entire crypto market is in the red, with Bitcoin and Ethereum down 6% and 7% respectively.
  • Some of the biggest gainers from earlier this week, such as SEI and Litecoin, have turned into the biggest losers.
  • SEI has lost more than 20% of its value in the past 24 hours and is now struggling to stay above the $0.1476 support level.
  • Litecoin is down 14% in the past 24 hours and is now at the $60 zone.
  • XRP is down 13% in the past 24 hours and is below the $0.54 zone.

The entire crypto market has gone red over the last 24 hours, for some reason.

Ethereum is registering about 6% in 24-hour losses at the time of writing, with Bitcoin nursing bigger wounds at about -7% in daily loss.

The crypto market's fear and greed index shows a significant amount of fear and the global crypto market cap is on the verge of plunging below the $1 trillion mark.

To put things simply, the crypto market doesn't look good by any means.

Just take a look at this:

The crypto market's performance
The crypto market's performance

However, what happens when some of the market's leaders only days or weeks ago, suddenly become the biggest losers?

Take SEI for example, which gained about 2,600% in 24 hours this week following its beta launch and Binance listing, and Litecoin disappointing its investors after its halving event.

As it turns out, these cryptocurrencies are now leading the rest of the market in bearishness, with Litecoin and XRP taking the lead with more than 13% losses.

SEI Takes A Fresh Beating

SEI took the market by storm on Tuesday this week.

The SEI project's parent company, Sei Labs, announced that SEI was going to hit the mainnet sometime on August 15 (Tuesday this week).

On Wednesday, SEI had an amazing price rally of more than 3,000% after being listed on significant exchanges including Coinbase, Bybit, Binance, and Bybit.

Fast forward to Friday, and SEI has already registered more than 20% in losses.

SEI's performance
SEI's performance

CoinMarketCap shows that the cryptocurrency's price has normalized to a 24-hour loss of about 11%.

SEI Chart
SEI Chart

TradingView charts show that SEI has erased most of the gains it has made this week, and is currently struggling somewhere atop the $0.1476 support.

The RSI on the 30-minute chart shows that the cryptocurrency is slightly under the influence of its bears, and may have quite a bit of a struggle, initiating a bounce.

The SEI foundation also recently reported that the number of wallets eligible for the SEI airdrop has increased from the original 500,000 to almost 1.5 million.

SEI may decline further down
SEI may decline further down

This airdrop expansion may trigger a massive sell-off that can further damage the price action of SEI.

Crypto Investors' Confidence In Litecoin Wanes

Buyer confidence in altcoins has declined, even after the Litecoin halving event that took place about two weeks ago.

CoinMarketCap data shows that this lack of buyer confidence is even stronger in Litecoin.

Litecoin's price performance
Litecoin's price performance

Not only is Litecoin struggling with a 14% decline over the last 24 hours, but it is also down by an amazing 22.49% over the last week.

Litecoin has come a long way from its $115 high in early-July, to where it now sits in the $60 zone.

Litecoin's price action | source: <a href="" rel="noopener" target="_blank"><u>TradingView</u></a>
Litecoin's price action | source: TradingView

Over the last 24 hours, Litecoin started to decline heavily, breaking through several important price levels like $71 and $67.

In the end, the cryptocurrency now sits at $64 at the time of writing and is showing heavily oversold conditions on the RSI.

Litecoin also appears to be on the verge of forming a death cross between its 50-day (blue) and 200-day (red) moving averages.

Litecoin's possible price movement
Litecoin's possible price movement

However, the likely course of action would be a price retest of the $75.5 zone, where the bulls will have a chance to initiate a breakout.

If they are unsuccessful, the bears will sink the price of Litecoin further down to the $47.27 zone.

XRP Revisits 2022

XRP's price performance is no better than the others on this list.

CoinMarketCap data shows that the cryptocurrency is in a +13% dip over the last 24 hours as well, with a +20% dip over the last week.

XRP's price performance
XRP's price performance

XRP leading the bearish charge is counter-intuitive because this cryptocurrency was the star cryptocurrency of July after Ripple beat the SEC (partially) in court.

As it turns out, TradingView data shows that XRP has revisited one of the strongest resistance zones of 2022.

XRP's initial decline
XRP's initial decline

In early May, when the bear market was still in full force, XRP slipped below $0.54 and spent more than a year after that, trying to get back above this zone.

With Ripple's victory in court, XRP finally had all the momentum it needed and was able to break through to hit $0.96.

As it turns out, however, XRP has dropped far below again and is now the object of some very serious concerns.

XRP's open interest
XRP's open interest

XRP's decline in open interest from more than $600 million to about $352.2 million.

In all, XRP's daily RSI shows oversold conditions, and XRP may have some serious issues with getting back up above the $0.54 zone again.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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