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Sunday, 5 March 2023

Biggest Movers: XRP, ADA Rebound From 2-Month Low on Saturday

by Berkeley Lovelace

Biggest Movers: XRP, ADA Rebound From 2-Month Low on Saturday

Xrp rebounded from a two-month low to start the weekend, as prices moved back above a key support point. The token, which fell to its lowest point since January on Friday, rose by as much as 2% on Saturday. Cardano also recovered yesterday’s losses.

XRP

XRP rose higher to start the weekend, as the token formerly known as ripple rebounded from a two-month low.

XRP/USD jumped to an intraday high of $0.3795 earlier in the day, which comes after bottoming out at $0.3664 on Friday.

Yesterday’s drop saw XRP fall to its weakest point since January 11, when prices were at a low of $0.3477.

Looking at the chart, Saturday’s recovery has sent the token back above a long-term floor at $0.3720, which was broken yesterday.

Overall, the rebound appears to have taken place as the relative strength index (RSI) bounced from a floor at 43.00

At the time of writing, the index is tracking at 43.48, with the next visible ceiling at the 45.00 mark.

Cardano (ADA)

In addition to XRP, cardano (ADA) was another token to rebound from a multi-month low on Saturday.

Following a low of $0.3367 on Friday, ADA/USD moved to a peak of $0.3443 to start the weekend.

Similar to xrp above, yesterday’s move saw cardano fall to its lowest level since January 11.

Overall, ADA is now trading over 1.3% higher than this bottom, climbing back above a recent support point in the process.

Cardano is now trading at $0.3418, which is higher than the aforementioned floor at $0.3400.

The rebound in price comes despite the 14-day RSI continuing to track near an eight-week low of its own at 38.76.

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Do you expect cardano to move higher in the coming days? Let us know your thoughts in the comments.

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