Biggest Movers: XRP Nears 5-Month High to Start the Week, Despite Crypto Market Consolidation
Xrp moved back towards a five-month high on Monday, as prices surged for a third straight session. The token formerly known as ripple was one of the very few gainers to start the week, as markets mostly consolidated. Polygon edged closer to a multi-week low to start the week. XRP
XRP, formerly ripple, rose for a third consecutive session on Monday, as prices neared a five-month high.
Following a low of 0.4438 on Sunday, XRP/USD raced to an intraday high of $0.4877 earlier in today’s session.
As a result of the move, XRP moved closer to a recent high of $0.4940, which is the strongest point the token has hit since November 6. XRP/USD – Daily Chart
Looking at the chart, this latest rally comes as the relative strength index (RSI) moved towards a ceiling at 70.00.
As of writing, the index is tracking at 66.91, and should it pass the 70.00 mark, then XRP will likely hit a fresh multi-month high.
A long-term ceiling at the $0.5000 mark could potentially be a target for current bulls in the market. Polygon (MATIC)
Polygon (MATIC), moved lower to start the week, with the token falling towards a recent support point.
MATIC/USD fell to a bottom at $1.08, which comes a day after prices were trading at a high of $1.12.
Overall, polygon is now on the brink of colliding with the $1.05 floor, which was last hit on March 12. MATIC/USD – Daily Chart
From the chart, it looks like a downward cross has taken place between the 10-day (red), and 25-day (blue) moving averages.
In addition to this, the RSI is now tracking at 43.62, which is marginally above a resistance level of 43.00.
Should momentum continue to fall, there is a strong possibility that MATIC will move below $1.00.
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Do you expect polygon to move lower in upcoming days? Let us know your thoughts in the comments. Eliman Dambell
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Bitcoin, Ethereum Technical Analysis: BTC Consolidates Near $28,000, as First Citizen Agrees to Acquire Silicon Valley Bank MARKET UPDATES | 11 hours ago Biggest Movers: XRP Climbs 5%, as LTC Nears Multi-Week High on Saturday MARKET UPDATES | 2 days ago
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