Top Performers: XRP Surges to Highest Level in a Month, SOL Regains $20 Threshold
XRP made a substantial move in the crypto market on Friday, reaching its highest point in a month during today’s session. The week concluded on a bullish note, with the global market cap showing an almost 1.5% increase at the time of this report. Solana (SOL) also demonstrated remarkable strength by reclaiming the $20.00 milestone.
XRP, formerly known as Ripple, stood out as one of the most notable gainers today, surging by an impressive 5% earlier in the day.
After hitting a low of $0.5036 just yesterday, XRP/USD quickly ascended to a peak of $0.5455 during Friday’s trading session.
This marks XRP’s highest price point since August 29, the last time it reached a resistance level of $0.5490.
XRP/USD – Daily Chart
Upon analyzing the chart, it becomes apparent that this surge coincided with the 14-day relative strength index (RSI) breaking through its own resistance at 56.00.
As of the latest data, the RSI stands at 58.67, with the next notable support level hovering around 60.00.
Should the 60.00 resistance be breached, there is a strong possibility that XRP may exceed the $0.5500 mark.
In addition to XRP’s impressive performance, Solana (SOL) also experienced a substantial rally on Friday, surpassing the $20.00 threshold.
SOL/USD reached a peak of $20.32 earlier today, rebounding from Thursday’s low of $19.22.
This surge represents Solana’s highest level in nine days, following three consecutive days of bullish momentum.
SOL/USD – Daily Chart
Overall, this uptrend coincided with the 10-day (red) moving average crossing above its 25-day (blue) counterpart.
Bulls in the market are now likely eyeing a higher resistance level at $21.00, which would mark a four-week high.
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Frequently Asked Questions (FAQs) about Cryptocurrency Surge
What caused XRP’s recent price surge?
XRP’s price surge can be attributed to renewed bullish sentiment in the crypto market, with the token climbing by as much as 5% in a single day. This increase in value followed a low point of $0.5036 and brought XRP to its highest price point in a month, reaching $0.5455 during Friday’s trading session. The surge was accompanied by a rise in the 14-day relative strength index (RSI), which surpassed its own resistance level at 56.00. As of the latest data, the RSI stands at 58.67, with the next significant support level near 60.00. If this resistance is surpassed, there is a strong possibility that XRP may exceed $0.5500.
What factors contributed to Solana’s price increase?
Solana (SOL) also experienced a substantial rally on the same day, moving back above the $20.00 mark. SOL/USD reached a peak of $20.32, rebounding from its previous day’s low of $19.22. This surge marked Solana’s highest price point in nine days, following three consecutive days of bullish momentum. The uptrend coincided with the 10-day (red) moving average crossing above its 25-day (blue) counterpart. Market bulls are likely targeting a higher resistance level at $21.00, which would represent a four-week high for Solana.