Skip to main content

Biggest Movers: XRP Gains Intensify, as Token Hits 11-Month High

Xrp climbed to its highest level since last May, as bullish sentiment returned to cryptocurrency markets. The token rose by as much as 17% in Wednesday’s session, with the global market cap over 5% higher. Cardano also rallied, rising by over 11%.

XRP

XRP maintained its bull run on Wednesday, as prices rose by as much as 17% in today’s session.

Following a fall to a low of $0.4866 on Tuesday, XRP/USD raced to an intraday high of $0.5804 earlier in today’s session.

As a result of the move, XRP hit its strongest point since May 9, breaking out of a long-term ceiling at $0.5550 in the process.

The surge came as the 14-day relative strength index (RSI) also broke free of a recent ceiling at the 70.00 mark.

At the time of writing, the index is now tracking marginally below yet another point of resistance, this time at the 75.00 mark.

Overall, earlier gains have somewhat diminished, as bulls appear to have secured profits, near this current point of uncertainty.

Cardano (ADA)

In addition to XRP, Cardano (ADA) also rallied in today’s session, with the token climbing by nearly 11%.

ADA/USD moved to an intraday peak of $0.3894 earlier on Wednesday, following a low of $0.3511 the day prior.

This climb pushed cardano to its strongest point since February 23, when price hit a high of $0.3951.

Looking at the chart, today’s move appears to have come as the RSI broke out of a ceiling at the 58.00 mark.

As of writing, the index is tracking at 59.75, with the next visible point of resistance at 63.00

Should this target be hit, there is a strong chance that ADA will be trading above $0.4000.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect cardano to move higher in upcoming days? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/5BnzYvw
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more