XRP Nears 5-Month High to Start Weekend – Market Updates Bitcoin News
Xrp, the token formerly known as ripple, rose to a near five-month high on Saturday, despite the current red wave sweeping through the markets. The token traded marginally above a ceiling of $0.525, as bulls attempted to recapture recent highs. Cosmos was also higher, approaching a breakout of a key resistance point.
XRP surged toward a five-month high to start the weekend, despite crypto markets mostly trading lower on Saturday.
After a low of $0.4855 in yesterday’s session, XRP/USD rallied to a high of $0.5279 less than 24 hours after the previous low.
This surge saw the token marginally break out of a key resistance point at $0.525, climbing for a sixth straight day in the process.
Looking at the chart, since today’s previous peak, the gains have slowed somewhat and at the time of writing prices are trading at $0.5184.
The decline comes as earlier bulls chose to lock in gains, closing out their positions as opposed to holding on as XRP entered an area of uncertainty.
One of those points was the 67.45 ceiling on the 14-day Relative Strength Index (RSI), which is the highest point XRP has reached since September 26.
Cosmos (ATOM)
Cosmos (ATOM) was also in the green on Saturday, colliding with a major point of resistance in the process.
ATOM/USD climbed to an intraday high of $13.33 to start the weekend, a day after hovering at a low of $12.70.
This week the cosmos has largely consolidated, trading between $12.00 and $13.15, but bulls have now moved to rally beyond this point today.
As can be seen from the chart, the RSI is now tracking at 48.49, which is marginally below a ceiling of 50.00.
Should this ceiling be breached, ATOM/USD, which is the world’s twenty-first largest crypto token, is likely to climb above the $13.15 resistance point.
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Could we see the cosmos break this resistance point this weekend? Let us know your thoughts in the comments.
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