Biggest Movers: XRP Hits 4-Month High, ALGO up 17% on Thursday


XRP reached a new four-month high Thursday. This comes after volatility in crypto markets decreased following the U.S. Federal Open Market Committee meeting. Today's session saw the token surpass a critical hurdle and reach its highest level since May. Algorand was another noteworthy mover with prices rising by up to 17 strong>

XRP

After hovering near this milestone yesterday, XRP climbed to a four month high on Thursday.

The XRP/USD traded at $0.4461, a record high on Thursday. Prices moved above the resistance level of $0.4200.

This price surge has seen XRP reach its highest point since May 12, 2012, when it traded above $0.5200.

Today's price rise is more than 10%. It also comes as the relative strength index for 14 days rose to a multimonth high.

The index currently tracks at 69.29 as of writing. This is the highest point it has been in more than nine months.

Historical evidence shows that bears reenter when prices rise to such high levels because they consider them overbought.

We could therefore see a possible reverse in the next few days.

Algorand (ALGO).

Algorand (ALGO), was also in green today, with prices rising by as high as 17% on Thursday.

Today's rally saw ALGO/USD reach an intraday peak at $0.3842. This is less than one day after it traded at $0.3102.

This is the highest algorand price has traded at since mid August. It is also the last time prices collided with $0.3800.

ALGO traded at $0.3711 after the earlier collision.

The token is currently in overbought territory at 67.05. This is its highest point since April.

We would need to see price weakness move further into the overbought zone if ALGO moves above this threshold.


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What do you think the future of algorand looks like? We'd love to hear your opinions in the comments.

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Statistics

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External Links

irs.gov

investopedia.com

forbes.com

cftc.gov

How To

The best way to buy gold (or silver) online

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By: Eliman Dambell
Title: Biggest Movers: XRP Hits 4-Month High, ALGO up 17% on Thursday
Sourced From: news.bitcoin.com/biggest-movers-xrp-hits-4-month-high-algo-up-17-on-thursday/
Published Date: Thu, 22 Sep 2022 15:11:56 +0000

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