XRP Hits 4-Month High, ALGO Up 17% On Thursday – Market Updates Bitcoin News
XRP moved to a new four-month high on Thursday, which comes as volatility in crypto markets eased, following the latest meeting of the US Federal Market Committee. The token surged past a key hurdle in today’s session, reaching its highest point since May. Algorand was another notable mover, with prices rising by as much as 17%.
XRP rallied to a four-month high on Thursday, after hovering near that milestone during yesterday’s session.
XRP/USD rose to a high of $0.4461 on Thursday as prices moved past a resistance point at $0.4200.
This surge in price saw XRP reach its highest point since May 12, when the token traded above the $0.5200 mark.
Today’s rise sees prices rise by over 10%, and comes as the 14-day relative strength index rose to its own multi-month high.
At the time of writing, the index is following 69.29, which is the strongest point in over nine months.
History shows that when price strength climbs to these levels, the bears often come back in as they view prices as overbought.
As a result, we could see a possible reversal in the coming days.
Algorand (ALGO)
Algorand (ALGO) was also in the green in today’s session, as prices rose by as much as 17% on Thursday.
Today’s rally saw ALGO/USD hit an intraday high of $0.3842, which comes less than a day after trading at a low of $0.3102.
This high is the strongest point at which algorand has traded since mid-August, which is the last time prices also collided with a resistance point of $0.3800.
Following this earlier collision, ALGO has moved lower and is currently trading at $0.3711.
The token is also currently in overbought territory, tracking at 67.05, which is the highest point it has hit since April.
If ALGO were to move above this current threshold, we would likely need to see price strength move even deeper into overbought territory.
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