Biggest Movers: XRP Hits Fresh 4-Month High, Token Climbs 50% This Week
Xrp was once again higher on Friday, as the token hit a 4-month high for a third consecutive session. The token formerly known as ripple has risen by over 50% in the last seven days, despite the current market volatility. Cronos was also a notable mover today, climbing by nearly 15%. XRP
XRP was higher for a second consecutive session on Friday, as the token moved to a fresh four-month high.
Following a low of $0.3398 to start the week, XRP/USD rose to an intraday peak of $0.5523 earlier today.
As a result of today’s surge, which saw the price climb by over 10%, XRP climbed to its highest point since May 9. XRP/USD – Daily Chart
Looking at the chart, the move comes as the token raced past its long-term ceiling of $0.5000, sending the 14-day relative strength index (RSI) to a recent high.
As of writing, the index is currently tracking at 72.57, which is its strongest point since August 2021.
Since earlier highs, XRP has moved lower, as previous bulls appear to have liquidated their positions, securing gains in the process.
Should bears see this as an opportunity to reenter the market, we could see XRP begin to reverse course. Cronos (CRO)
Cronos (CRO) was another notable gainer in today’s session, as the token rose past a key resistance level.
CRO/USD surged to a high of $0.1226 on Friday, which saw prices move beyond their recent ceiling of $0.1145.
Today’s peak is the strongest point that cronos has hit in the past ten days, pushing CRO close to a ceiling of $0.1260. CRO/USD – Daily Chart
In addition to the breakout of the recent resistance level of $0.1145, there has also been a breakout of a ceiling of 50.50 on the RSI indicator.
As you can see from the chart, the 10-day (red) moving average also looks to be closing in with its 25-day (blue) counterpart, which could lead to an upwards crossover.
Overall, the token is currently trading nearly 14% higher from the same period last week.
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Will we see momentum in cryptocurrency markets rise this coming weekend? 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 Falls as Global Economic Slowdown Heightens MARKET UPDATES | 11 hours ago Biggest Movers: XRP Hits 4-Month High, ALGO up 17% on Thursday MARKET UPDATES | 1 day ago
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