Xrp moved to its highest point since November, as markets reacted to news suggesting a verdict could be near in Ripple’s case with the Securities and Exchange Commission (SEC). Cardano was also higher on Wednesday, hitting a one-month high.
XRP rose to its highest point since November, as markets continued to react to the latest news surrounding Ripple’s case with the SEC.
Following a low of $0.4199 on Tuesday, XRP/USD raced to an intraday high of $0.4914 earlier in today’s session.
This is the strongest point that the token has reached since November 6, when prices were retreating from a high above $0.50.
Overall, earlier gains have since eased, which comes as bulls failed to sustain a breakout on the 14-day relative strength index (RSI).
At the time of writing, the index is tracking at 65.14, which is below the aforementioned ceiling at 70.00.
The 10-day (red) moving average remains in an uptrend despite the marginal decline, which sees XRP currently trading at $0.4459.
Cardano (ADA)
Cardano (ADA) was once again higher in today’s session, as the token jumped to a one-month high.
ADA/USD moved to a peak of $0.387 on Wednesday, which comes a day after falling to a low at $0.349.
Today’s surge saw bulls push cardano to its highest level since February 23, when price was at a peak of $0.393.
Looking at the chart, it appears that the climb coincided with the 10-day (red) moving average crossing over its 25-day (blue) counterpart.
In addition to this, the 14-day RSI is now tracking at 60.93, which is its highest reading since mid-February.
A ceiling at 53.00 may await for bulls should momentum continue in this current direction, which could put a stop to the run.
Register your email here to get weekly price analysis updates sent to your inbox:
Could cardano begin to change direction in the upcoming days? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons, CryptoFX / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer