Biggest Movers: XRP Hits 4-Month High, ALGO up 17% on Thursday
XRP moved to a fresh four-month high on Thursday, which comes as volatility in the crypto markets eased, following the latest U.S. Federal Open Market Committee meeting. The token rose past a key hurdle in today’s session, hitting its highest point since May. Algorand was another notable mover, with prices climbing by as much as 17%. XRP
XRP raced to a four-month high on Thursday, after hovering close to this milestone during yesterday’s session.
XRP/USD rose to a high of $0.4461 on Thursday, as prices moved past a resistance point of $0.4200.
This surge in price sees XRP hit its highest point since May 12, when the token was trading above the $0.5200 point. XRP/USD – Daily Chart
Today’s climb sees prices rise by over 10%, and comes as the 14-day relative strength index rose to a multi-month high of its own.
As of writing, the index is currently tracking at 69.29, which is its strongest point in over nine months.
History shows that when price strength climbs to these levels, bears often reenter, as they view prices as being overbought.
As a result, we could see a possible reversal in the coming days. Algorand (ALGO)
Algorand (ALGO) was also in the green in today’s session, as prices rose by as much as 17% on Thursday.
Today’s rally saw ALGO/USD hit an intraday peak of $0.3842, which comes less than a day after trading at a low of $0.3102.
This high is the strongest point that algorand has traded at since mid-August, which is the last time prices also collided with a resistance point of $0.3800. ALGO/USD – Daily Chart
Following this earlier collision, ALGO has moved lower, and as of writing, is currently trading at $0.3711.
The token is also currently in overbought territory, tracking at 67.05, which is the highest point it has hit since April.
If ALGO were to move above this current threshold, we would likely need to see price strength move even deeper into overbought territory.
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Where do you think algorand is heading? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC, ETH Remain Near Multi-Month Lows Following Fed Rate Hike MARKET UPDATES | 11 hours ago Biggest Movers: XRP Remains Close to 4-Month High, as LTC Rebounds on Wednesday MARKET UPDATES | 1 day ago
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