x
Xrp rose for a fifth straight session on Thursday, as the token moved close to a two-week high. The rise comes as cryptocurrencies rebounded from recent losses, with the global market cap up 1.38% as of writing. Cardano also surged, hitting an 11-day peak.
Xrp, formerly ripple, was once again a big mover in cryptocurrency markets, climbing by as much as 5% on Thursday.
Following a low of $0.4389 on Wednesday, XRP/USD rose to a peak of $0.4713 earlier in today’s session.
As a result of this surge, the token moved to its strongest point since April 30, when price was above $0.4800.
XRP/USD – Daily Chart
From the chart, it appears that this latest rise comes as the relative strength index (RSI) moved beyond a key resistance level at 55.00.
At the time of writing, price strength is at the 55.71 mark, with the next visible ceiling at the 61.00 point.
If bulls were to take the RSI to this point, there is a good chance that XRP could recapture the $0.4800 level.
In addition to XRP, cardano (ADA) also rose significantly, hitting an 11-day high in today’s session.
ADA/USD jumped to an intraday high of $0.3798 earlier today, which follows on from Wednesday’s low at $0.3658.
This has resulted in the token climbing for a third consecutive day, reaching its strongest level since May 7.
ADA/USD – Daily Chart
Overall, cardano is up by as much as 7% in the past week, this coming as the 10-day (red) moving average begins to gain momentum.
Should the trend line continue to climb in its current direction, a crossover with its 25-day (blue) counterpart is highly likely.
For this to happen the RSI will need to break out of a ceiling at 47.00.
Register your email here to get weekly price analysis updates sent to your inbox:
