Biggest Movers: XRP Nears 5-Month High to Start Week, Despite Crypto Market Consolidation – Market Updates Bitcoin News
Xrp moved back towards a five-month high on Monday as prices rose for a third straight session. The token formerly known as ripple was one of the few winners to start the week, as markets largely consolidated. Polygon neared a multi-week low to start the week.
XRP, formerly Ripple, rose for a third straight session on Monday as prices neared a five-month high.
After a low of 0.4438 on Sunday, XRP/USD rallied 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.
Looking at the chart, this latest rally comes as the Relative Strength Index (RSI) moved towards a ceiling of 70.00.
At the time of writing, the index is tracking at 66.91, and should it cross the 70.00 mark, XRP is likely to reach a new 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 low of $1.08, which comes a day after prices traded at a high of $1.12.
Overall, Polygon is now on the verge of colliding with the $1.05 floor, which was last hit on March 12.
From the chart, it looks like a bearish cross has taken place between the 10-day (red) and 25-day (blue) moving averages.
In addition to this, the RSI is now tracking 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 the polygon to move lower in the coming days? Let us know your thoughts in the comments.
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