XRP Rises as SEC Drops Lawsuit Against Ripple Management
XRP experienced a significant gain on Friday after the Securities and Exchange Commission (SEC) decided to drop its lawsuit against Ripple’s CEO Brad Garlinghouse and chairman Chris Larsen. This news caused XRP to reach a two-week high, with the XRP/USD pair peaking at $0.5291. This is the highest point for XRP since October 5 when it reached $0.5325.
However, the gains have since eased as the relative strength index (RSI) failed to surpass 57.00. Currently, the RSI stands at 56.32, with the next support level at 50.00. Additionally, the 10-day moving average is trending upwards, suggesting a potential upward crossover in the coming days.
Solana Surges Higher After Breaking Long-Term Ceiling
Solana (SOL) also experienced a significant surge in today’s session after finally breaking its long-term ceiling at $25.00. Following a low of $24.17 on Thursday, SOL/USD jumped to an intraday high of $27.29 today. This is the highest point for Solana since July 20 when it reached $27.35.
As a result of this strong sentiment, SOL has entered overbought territory with an RSI reading of 74.60. The current resistance level for SOL is at 75.00, and if bulls prevail, Solana could potentially reach $28.00.
Hot Take: Positive Momentum for XRP and Solana
XRP and Solana both experienced positive momentum in today’s market. The drop of the SEC lawsuit against Ripple’s management team provided a boost for XRP, allowing it to reach a two-week high. Similarly, Solana surged higher after breaking its long-term ceiling. Both cryptocurrencies have the potential for further gains in the near future as the RSI and moving averages indicate a positive trend. It will be interesting to see if XRP and Solana can sustain this momentum and continue their upward trajectory in the coming days.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.
