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Tuesday, 28 March 2023

Biggest Movers: XRP Nears 5-Month High to Start the Week, Despite Crypto Market Consolidation

by Earn Media

Biggest Movers: XRP Nears 5-Month High to Start the Week, Despite Crypto Market Consolidation

Xrp moved back towards a five-month high on Monday, as prices surged for a third straight session. The token formerly known as ripple was one of the very few gainers to start the week, as markets mostly consolidated. Polygon edged closer to a multi-week low to start the week.

XRP

XRP, formerly ripple, rose for a third consecutive session on Monday, as prices neared a five-month high.

Following a low of 0.4438 on Sunday, XRP/USD raced 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 at 70.00.

As of writing, the index is tracking at 66.91, and should it pass the 70.00 mark, then XRP will likely hit a fresh 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 bottom at $1.08, which comes a day after prices were trading at a high of $1.12.

Overall, polygon is now on the brink of colliding with the $1.05 floor, which was last hit on March 12.

From the chart, it looks like a downward cross has taken place between the 10-day (red), and 25-day (blue) moving averages.

In addition to this, the RSI is now tracking at 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 polygon to move lower in upcoming days? Let us know your thoughts in the comments.

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