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Thursday, 9 March 2023

Biggest Movers: XRP Hits 2-Week High, SHIB Marginally Higher

by Berkeley Lovelace

Biggest Movers: XRP Hits 2-Week High, SHIB Marginally Higher

Xrp rose higher for a third straight session on Wednesday, as prices moved to a two-week high. The rise comes despite market sentiment remaining largely bearish, with the global market cap trading 1.29% lower as of writing. Shiba inu also climbed higher in today’s session.

XRP

XRP, formerly ripple, was once again a notable mover, as prices rose for a third straight session on Wednesday.

XRP/USD raced to an intraday high at $0.3952 earlier today, which comes less than 24 hours after trading at a low of $0.3729.

Following the rally, the token has now risen to its highest point since February 21, as it closes in on a ceiling at $0.40.

Looking at the chart, this comes as the relative strength index (RSI) of 14 days marginally broke out of a ceiling at 57.00.

As of writing, the index is tracking at 57.98, which is its strongest reading since the start of February.

Shiba Inu (SHIB)

Shiba inu (SHIB) jumped back into the green on Wednesday, as prices reentered a key support point.

Following a low of $0.00001065 on Tuesday, SHIB/USD surged to a peak at $0.00001132 earlier in the day.

The move saw the meme coin move back above a price floor at $0.00001100, following a breakout to start the week.

Overall, it appears that this rise in price comes as the RSI moved away from a recent floor at 36.00.

As of writing, the index is tracking at 39.63, with a ceiling at 42.00 a possible target for bulls.

In order for this rally to turn from something brief into something more sustained, this ceiling will need to be broken.

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Could shiba inu extend gains through the remainder of the week? Let us know your thoughts in the comments.

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