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XRP Hits Fresh 4-Month High, Token Climbs 50% This Week – Market Updates Bitcoin News

XRP Hits Fresh 4-Month High, Token Climbs 50% This Week – Market Updates Bitcoin News

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Xrp was higher again on Friday as the token hit a 4-month high for the third consecutive session. The token, formerly known as ripple, has gained more than 50% in the past seven days despite the current market volatility. Cronos was also a significant mover today, rising almost 15%.

XRP was higher for a second straight session on Friday as the token rose to a new four-month high.

After hitting a low of $0.3398 earlier in the week, XRP/USD rose to an intraday high of $0.5523 earlier today.

Today’s rally saw XRP rise to its highest level since May 9th, which saw the price rise by more than 10%.

Biggest movers: XRP hits 4-month high, Token up 50% this week
XRP/USD – Daily Chart

Looking at the chart, the move comes as the token breached the long-term upper limit of $0.5000 and sent the 14-day Relative Strength Index (RSI) to its recent high.

At the time of writing, the index is currently tracking at 72.57, its strongest point since August 2021.

Since the previous highs, XRP has moved lower as the previous bulls seem to have realized their positions, securing profits in the process.

If the bears see this as an opportunity to get back into the market, we could see XRP start to reverse course.

Kronos (CRO)

Cronos (CRO) was another major gainer in today’s session as the token broke above a key resistance level.

CRO/USD rose to a high of $0.1226 on Friday, taking prices above the recent high of $0.1145.

Today’s high is the strongest point Cronos has reached in the past ten days, pushing the CRO close to the $0.1260 ceiling.

Biggest movers: XRP hits 4-month high, Token up 50% this week
CRO/USD – Daily Chart

In addition to the recent breakout of the $0.1145 resistance level, the RSI indicator also has an upper limit of 50.50.

As shown on the chart, the 10-day (red) moving average also appears to be approaching its 25-day (blue) counterpart, which could lead to a bullish move.

Overall, the token is currently trading almost 14% higher compared to the same period last week.

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Will we see momentum in the cryptocurrency market pick up this coming weekend? Let us know what you think in the comments.

Elijah Dambell

Eliman brings an eclectic perspective to market analysis, he was previously a brokerage manager and retail trainer. He is currently a commentator on various asset classes including Crypto, Stocks and FX.




The authors of the picture: Shutterstock, Pixabay, Wiki Commons

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