XRP, previously known as Ripple, is making headlines as it continues to surge and hit a fresh five-month high on Tuesday. Despite the recent downturn in cryptocurrency markets, XRP prices have climbed for a fourth consecutive session. The token has moved to its highest point since November, making it an exciting time for investors and traders alike.
XRP/USD surged to an intraday high of $0.5029 on Monday, less than 24 hours after hitting a low of $0.4573. The move propelled XRP to its strongest point since November 6, breaking out of a ceiling at $0.4950 in the process. The 14-day relative strength index (RSI) moved to a one-week high with a current reading of 68.87. While this is marginally below resistance at 69.00, it is still close to a recent seven-month high of 74.00.
Looking at the chart, it is evident that earlier gains in XRP have already begun to ease, with bulls seemingly securing gains around this ceiling. However, the potential for further growth cannot be ignored.
During the recent red wave, Monero (XMR) took a notable hit as prices moved to a five-day low. XMR/USD slipped to a bottom at $149.85 earlier in the session after starting the week on a high note at $163.98. The drop caused monero to fall by as much as 7%, edging closer to a long-term support point at $146.00 in the process.
Despite the drop, bulls have pushed the index higher, and price strength is now tracking at 50.08, which comes as XMR moved away from earlier lows. Currently, monero is tracking at $154.03, with a move towards a ceiling at $156.00 a strong possibility.
As XRP continues to surge and Monero struggles, it’s clear that the cryptocurrency market is experiencing significant volatility. Investors and traders must remain vigilant and stay on top of market trends to make informed decisions. With the market cap down 2.35%, it’s essential to keep an eye on price movements and potential resistance points. While XRP may be hitting new highs, it’s crucial to remember that market trends can shift at any moment, making it necessary to exercise caution when making investment decisions.
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