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XRP hits 4-month high, ALGO rises 17% on Thursday – Market Update Bitcoin News

XRP hit a new four-month high on Thursday. This is because crypto market volatility eased following the latest US Federal Open Market Committee meeting. The token climbed over a key hurdle in today’s session, hitting its highest level since May. Algorand also made a noteworthy move, with prices he up 17%.

XRP hit a four-month high on Thursday after nearing this milestone in yesterday’s session.

XRP/USD climbed to a high of $0.4461 on Thursday as the price broke out of the $0.4200 resistance point.

This price surge has pushed XRP to its highest level since May 12, when the token was trading above $0.5200.

Biggest movers: XRP hits 4-month high, ALGO gains 17% on Thursday
XRP/USD – daily chart

Today’s rally marks prices gaining more than 10% as the 14-day Relative Strength Index climbs to its own multi-month high.

At the time of writing, the index is currently tracking 69.29, its strongest point in over nine months.

History shows that when price strength rises to these levels, the bears often re-enter as they see the price as overbought.

As a result, we could see a possible reversal in the coming days.

Algorand (ALGO)

Algorand (ALGO) was also green in today’s session as its price rose by as much as 17% on Thursday.

Today’s gains have pushed ALGO/USD to an intraday peak of $0.3842. This is less than a day after trading at the low of $0.3102.

This high is the strongest point Algorand has traded since mid-August, the last time the price hit the $0.3800 resistance point.

Biggest movers: XRP hits 4-month high, ALGO gains 17% on Thursday
ALGO/USD – daily chart

After this previous crash, ALGO has fallen and is currently trading at $0.3711 at the time of writing.

The token is currently in overbought territory, tracking 67.05, its highest since April.

If ALGO crosses this current threshold, we will have to see the price strength move even deeper into the overbought territory.

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Where do you think Algorand is going? Let us know your thoughts in the comments.

Elliman Dumbbell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage director and retail trading educator. Currently, he works as a commentator on various asset classes including cryptocurrencies, stocks and FX.




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XRP hits 4-month high, ALGO rises 17% on Thursday – Market Update Bitcoin News

Source link XRP hits 4-month high, ALGO rises 17% on Thursday – Market Update Bitcoin News

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