Skip to main content

Biggest Movers: SOL Snaps Losing Streak as XRP Climbs 5% Higher 

SOL Snaps Losing Streak, as XRP Climbs 5% Higher 

Solana ended a three-day losing streak on Wednesday, as the token moved back above the $26.00 mark. The decline came following Friday’s move above $32.00, which took the price to an eight-month high. XRP has also rebounded today, and looks to be heading for its recent high over $0.9400.

Solana (SOL)

Solana (SOL) was one of Wednesday’s notable movers, as the token ended a three-day losing streak.

Following a low of $25.12 on Tuesday, SOL/USD raced to an intraday high of $26.57 earlier in today’s session.

The move is the first time solana has trended higher since consolidating a recent eight-month high.

From the chart, today’s rebound seems to have occurred as a result of the relative strength index (RSI) bouncing from a floor at 66.00

At the time of writing, the index is at 69.40, with an upcoming resistance point of 71.00 a possible destination for bulls.

Should this ceiling be broken, there is a good chance that solana could head back towards $30.00.

XRP

Sentiment remained largely bullish in XRP, formerly ripple, as traders once again attempted to push prices above $0.8200.

XRP/USD jumped to a peak of $0.8155 earlier in today’s session, before slipping to a current point at $0.7999.

Since climbing to $0.9479 last week, volatility in the token has skyrocketed, with both new buyers, and profit takers, battling for positions.

Market uncertainty has marginally faded, as a result of the RSI breaking out of a ceiling at 73.00. It is now tracking at 75.07.

Despite the next visible point of resistance being at 89.00, price is already overbought, which could lead to a prolonged sell-off.

As of writing, XRP remains largely unchanged at the $0.8000 mark.

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

Could XRP hit $0.9000 before the end of July? Let us know your thoughts in the comments.



from Bitcoin News https://ift.tt/sX1mxtN
Labels:

Comments

Post a Comment

Popular posts from this blog

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

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

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