Biggest Movers: DOGE, XRP Rebound Following Recent Declines

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Following two days of declines, dogecoin rebounded earlier in today’s session, moving away from a key level of support. The meme coin, which has been hovering close to a one-month low, surged, as bulls seemingly bought the dip. The token formerly known as ripple (xrp) was also higher.

Dogecoin (DOGE)

Dogecoin (DOGE) was a notable gainer in today’s session, as the meme coin rebounded following recent losses.

So far this week, DOGE/USD has been trading around a floor of $0.0580, however prices rallied beyond that point today.

The world’s tenth largest cryptocurrency rose to a high of $0.06068 earlier today, as bulls seemingly have their sights set on a resistance point.

DOGE/USD – Daily Chart

Looking at the chart, this ceiling is the $0.0620 mark, which was last hit ten days ago, on October 10.

Currently, the 14-day relative strength index (RSI), has reached a resistance level of its own, and is currently tracking at this point of 47.50

Should dogecoin bulls intend to take prices higher, we would first need to see a breakout of this current hurdle.

XRP

XRP, formerly ripple, was another big mover on Thursday, as price bounced from its own support point.

Following a low of $0.4501 on Wednesday, XRP/USD raced to an intraday peak of $0.4638 earlier today.

Today’s move sees XRP snap a two-day losing streak, bouncing from a support of $0.4500 in the process.

XRP/USD – Daily Chart

Recent declines have also led to the 10-day (red) moving average (MA) dropping below its 25-day (blue) counterpart.

Although prices have since rebounded today, this shift in moving averages could be a signal for greater drops in price to come.

Momentum in XRP has shifted in the last two weeks, as it was hovering close to a five-month high previously.

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Could bulls continue to send xrp higher this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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