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

Must read

California fraud cases highlight the need for a regulatory crackdown on crypto

The California Department of Financial Protection and Innovation (DFPI) announced last month that it had issued desist and refrain orders to 11 entities for...

Putin gives Snowden citizenship, Interpol elicits help in Do Kwon search and FTX US buys Voyager: Hodler’s Digest, Sept. 25-Oct. 1

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption...

NFT space bridges passions for tennis legend Maria Sharapova

Tennis legend Maria Sharapova appeared at the Binance Blockchain Week Paris 2022 to share her interest in nonfungible tokens (NFTs).During an exclusive interview with...

What is the economic impact of cryptocurrencies?

<div :i18n="{"back_to_top":"Back to top","sponsored":"Sponsored","blockshow_promo_text":"","by":"By","editor":"Editor's choice","go_to_flashnews_cat":"","press_release_badge":"Press release","press_releases":"Press Releases","press_releases_hide_items":"Hide","press_releases_load_more":"Load more","load_more":"Load more articles","loading":"Loading","paid":"This publication is sponsored.","comments":"Comments","youtubeBannerButtonLabel":"Subscribe","youtubeBannerChannelUrl":"https://www.youtube.com/user/cointelegraph","youtubeBannerHeadlineAlt":"Cointelegraph on Youtube","hot":"Hot stories","pr_description":"Cointelegraph does not...

XRP moved to a fresh four-month high on Thursday, which comes as volatility in the crypto markets eased, following the latest U.S. Federal Open Market Committee meeting. The token rose past a key hurdle in today’s session, hitting its highest point since May. Algorand was another notable mover, with prices climbing by as much as 17%.

XRP

XRP raced to a four-month high on Thursday, after hovering close to this milestone during yesterday’s session.

XRP/USD rose to a high of $0.4461 on Thursday, as prices moved past a resistance point of $0.4200.

This surge in price sees XRP hit its highest point since May 12, when the token was trading above the $0.5200 point.

Biggest Movers: XRP Hits 4-Month High, ALGO up 17% on Thursday
XRP/USD – Daily Chart

Today’s climb sees prices rise by over 10%, and comes as the 14-day relative strength index rose to a multi-month high of its own.

As of writing, the index is currently tracking at 69.29, which is its strongest point in over nine months.

History shows that when price strength climbs to these levels, bears often reenter, as they view prices as being overbought.

As a result, we could see a possible reversal in the coming days.

Algorand (ALGO)

Algorand (ALGO) was also in the green in today’s session, as prices rose by as much as 17% on Thursday.

Today’s rally saw ALGO/USD hit an intraday peak of $0.3842, which comes less than a day after trading at a low of $0.3102.

This high is the strongest point that algorand has traded at since mid-August, which is the last time prices also collided with a resistance point of $0.3800.

Biggest Movers: XRP Hits 4-Month High, ALGO up 17% on Thursday
ALGO/USD – Daily Chart

Following this earlier collision, ALGO has moved lower, and as of writing, is currently trading at $0.3711.

The token is also currently in overbought territory, tracking at 67.05, which is the highest point it has hit since April.

If ALGO were to move above this current threshold, we would likely need to see price strength move even deeper into overbought territory.

Register your email here to get weekly price analysis updates sent to your inbox:

Where do you think algorand is heading? 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.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More articles

Latest article

California fraud cases highlight the need for a regulatory crackdown on crypto

The California Department of Financial Protection and Innovation (DFPI) announced last month that it had issued desist and refrain orders to 11 entities for...

Putin gives Snowden citizenship, Interpol elicits help in Do Kwon search and FTX US buys Voyager: Hodler’s Digest, Sept. 25-Oct. 1

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption...

NFT space bridges passions for tennis legend Maria Sharapova

Tennis legend Maria Sharapova appeared at the Binance Blockchain Week Paris 2022 to share her interest in nonfungible tokens (NFTs).During an exclusive interview with...

What is the economic impact of cryptocurrencies?

<div :i18n="{"back_to_top":"Back to top","sponsored":"Sponsored","blockshow_promo_text":"","by":"By","editor":"Editor's choice","go_to_flashnews_cat":"","press_release_badge":"Press release","press_releases":"Press Releases","press_releases_hide_items":"Hide","press_releases_load_more":"Load more","load_more":"Load more articles","loading":"Loading","paid":"This publication is sponsored.","comments":"Comments","youtubeBannerButtonLabel":"Subscribe","youtubeBannerChannelUrl":"https://www.youtube.com/user/cointelegraph","youtubeBannerHeadlineAlt":"Cointelegraph on Youtube","hot":"Hot stories","pr_description":"Cointelegraph does not...

What is wrapped Ethereum (wETH) and how does it work?

Traders who use the Ethereum network are familiar with the ERC-20 technical standard and have most likely traded and invested in tokens that utilize...