XRP Surges to Multi-Week High
XRP, formerly known as Ripple, experienced significant gains in today’s trading session, reaching a multi-week high. After hitting a low of $0.5092 on Tuesday, XRP/USD soared to an intraday peak of $0.5233. This surge propelled XRP to its highest point since August 31, when it peaked at $0.5285.
The breakout in price was accompanied by the relative strength index (RSI) breaking free from its ceiling at 48.00. Currently, the RSI is at 50.66, indicating that bulls might target a ceiling at 58.00. If this target is achieved, there is a strong possibility that XRP will surpass the $0.5500 mark.
Polygon (MATIC) Reaches Multi-Week High
Despite market uncertainty ahead of the Fed announcement, Polygon (MATIC) also experienced a surge to a multi-week high. MATIC/USD reached a peak of $0.5486 in today’s session after bouncing back from a low of $0.536 the previous day.
Although earlier gains have faded, this can be attributed to the RSI failing to break out of its ceiling at the 49.00 mark. Currently, the price strength stands at 47.34, but momentum remains largely bullish as there is potential for a moving average crossover.
The 10-day (red) and 25-day (blue) trend lines are on the verge of crossing upwards, which could trigger a fresh surge in price.
Hot Take: XRP and Polygon Surge to Multi-Week Highs
XRP and Polygon both experienced significant surges, reaching multi-week highs in today’s trading session. XRP broke free from its previous lows and achieved its highest point since August, while Polygon rebounded strongly after a brief dip.
With the RSI indicating bullish momentum for both cryptocurrencies, traders are optimistic about further price increases. The potential targets for XRP and Polygon are $0.5500 and the next resistance level respectively.
The upcoming days will be crucial in determining whether these cryptocurrencies can maintain their upward trajectory or face a correction.
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