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XRP was a big mover on Wednesday, despite cryptocurrency markets mostly consolidating in today’s session. Traders have moved to secure recent gains, ahead of September’s Federal Reserve interest rate decision. Polygon was also in the green, hitting a two-week high in the process.
XRP, formerly ripple, was a notable gainer in today’s session, as the token raced to a multi-week high.
Following a low of $0.5092 on Tuesday, XRP/USD raced to an intraday peak at $0.5233 earlier in the day.
As a result of the surge in price, XRP climbed to its highest point since August 31, when price peaked at $0.5285.
XRP/USD – Daily Chart
Looking at the chart, the move came as the relative strength index (RSI) broke free of a ceiling at 48.00.
At the time of writing, the index is tracking at 50.66, with bulls possibly targeting a ceiling at 58.00.
In the event traders reach this target, there is a strong chance XRP will move above $0.5500.
In addition to XRP, polygon (MATIC) also surged to a multi-week high on Wednesday, despite market uncertainty ahead of the Fed announcement.
MATIC/USD peaked at $0.5486 earlier in today’s session, after rebounding from a low of $0.536 the day before.
The move pushed polygon to its strongest level since September 8, when the token reached a high of $0.5586.
MATIC/USD – Daily Chart
Earlier gains have since faded, and this appears to be due to the RSI failing to break out of its ceiling at the 49.00 mark.
Currently, price strength sits at 47.34, however momentum remains largely bullish, ahead of a potential moving average crossover.
The 10-day (red) and 25-day (blue) trend lines are on the cusp of an upwards cross, which could trigger a fresh price surge.
