On Friday, XRP experienced a substantial surge in value, prompted by the Securities and Exchange Commission’s (SEC) decision to drop its legal action against Ripple’s top executives. Previously, the commission had accused CEO Brad Garlinghouse and chairman Chris Larsen of violating securities regulations. Additionally, Solana saw significant gains, registering a 10% increase during the day.
XRP reached a two-week high on Friday, following the SEC’s announcement that it was discontinuing its case against Garlinghouse and Larsen.
The XRP/USD pair reached a peak of $0.5291 earlier in the day, rebounding from a low of $0.4831 the day before.
This surge has propelled Ripple to its highest level since October 5, when it reached a peak of $0.5325.
Although the earlier gains have moderated, this is due to the relative strength index (RSI) failing to breach the 57.00 threshold.
At the time of this writing, the price strength stands at 56.32, with the next significant support level at 50.00.
Furthermore, the 10-day moving average (in red) has begun to trend upward, increasing the likelihood of a bullish crossover in the coming days.
Solana (SOL) experienced a remarkable surge in today’s trading session, successfully breaking through its long-standing resistance at $25.00.
After hitting a low of $24.17 on Thursday, SOL/USD surged to an intraday high of $27.29 earlier today.
Friday’s performance represents the highest point Solana has reached since July 20, when it reached a peak of $27.35.
Due to this strong sentiment, SOL has entered into overbought territory, with the RSI currently standing at 74.60.
A notable resistance level awaits current bullish traders at 75.00, and if they manage to overcome it, Solana could target the $28.00 mark.
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What are your thoughts on whether Solana bulls will start taking profits this weekend? Share your insights in the comments below.
Frequently Asked Questions (FAQs) about Cryptocurrency Market Update
What is the reason behind XRP’s recent surge in value?
XRP experienced a significant surge in value due to the Securities and Exchange Commission (SEC) dropping its lawsuit against Ripple’s top executives, including CEO Brad Garlinghouse and chairman Chris Larsen.
What were the key price levels for XRP and Solana during this market update?
XRP/USD reached a peak of $0.5291, rebounding from a low of $0.4831. Solana (SOL) surged to an intraday high of $27.29 after trading at a bottom of $24.17.
When was the last time Ripple’s XRP reached a similar price level?
Ripple (XRP) reached a similar price level last on October 5 when it peaked at $0.5325.
What technical indicators were discussed for XRP and Solana?
For XRP, the Relative Strength Index (RSI) failed to breach the 57.00 threshold, with the price strength standing at 56.32. The 10-day moving average (in red) began trending upward. For Solana (SOL), the RSI stood at 74.60, indicating overbought conditions.
What resistance levels should Solana (SOL) traders be aware of?
Solana (SOL) traders should keep an eye on the 75.00 resistance level. If surpassed, Solana could target the $28.00 mark.
How can readers stay updated on weekly price analysis?
Readers can receive weekly price analysis updates by registering their email for the “Weekly Technical Analysis Report” newsletter.
More about Cryptocurrency Market Update
- SEC Drops Lawsuit Against Ripple’s Management
- XRP/USD Daily Chart
- Solana (SOL) Daily Chart
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