XRP Surges to a 2-Month High
XRP, formerly known as Ripple, experienced significant gains on Tuesday, with the token rising by up to 10% in a single day. After hitting a low of $0.5267 on Monday, XRP/USD reached a peak of $0.581 earlier today. This surge propelled XRP to its highest point since August 18th, when the price was on the verge of breaking into the $0.60 range.
The upward movement appears to be triggered by the crossover of the 10-day moving average (red) over its 25-day counterpart (blue), as indicated by the chart. However, for this momentum to be sustained, bulls will need to surpass a relative strength index (RSI) ceiling of 72.00. Currently, the RSI is at 71.70.
Cardano Hits Multi-Month High
In addition to XRP’s surge, Cardano (ADA) also experienced a rally and reached a multi-month high during Tuesday’s session. The cryptocurrency soared to an intraday peak of $0.2911 after starting the week at $0.2626. This price surge has brought Cardano to its strongest level since August 13th and follows six consecutive days of gains.
The strength in price has pushed Cardano into overbought territory with an RSI reading of 75.70, the highest it has been since January. This breakthrough allowed bulls to surpass a price ceiling of $0.280.
Hot Take: XRP and Cardano Show Strong Performance
XRP and Cardano have both shown impressive performances recently, with XRP reaching its highest point in two months and Cardano hitting a multi-month high. These gains are indicative of a bullish sentiment in the overall cryptocurrency market, as evidenced by the nearly 10% increase in the global crypto market cap and Bitcoin trading at a 17-month high. The upward movement of XRP and Cardano can be attributed to technical indicators such as moving averages and relative strength index. As investors continue to monitor these tokens, it will be interesting to see if the momentum can be sustained or if a correction is on the horizon.
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