XRP rallied to a six-week high in today’s session, as the token extended a recent bull run to a sixth day. Prices have risen by as much as 10% in that period, with the latest surge sending the cryptocurrency above $0.50. Solana was also higher, hitting a multi-week high of its own.
XRP
XRP, formerly known as ripple, was one of the biggest movers in cryptocurrency markets on Tuesday, as it rose above $0.50.
XRP/USD raced to a peak of $0.5049 earlier in today’s session, after starting the week trading at a low of $0.4779.
As a result of this surge, the token moved to its strongest point since April 19, when it hit a high of $0.5390.
Today’s rally has also led to the 14-day relative strength index (RSI) hitting its highest reading since March 31.
At the time of writing, the index is tracking at 67.55, which is marginally below a ceiling of 68.00.
In the event this upcoming ceiling is broken, there is a reasonable chance that XRP moves closer to March’s high.
Solana (SOL)
Solana (SOL) was also in the green, as it moved close to a key resistance level of $21.50.
After trading at a low of $20.30 during Monday’s session, SOL/USD bulls took the token to a high of $21.37 today.
This surge saw SOL hit its highest level since May 8, when the token was trading above $21.80.
Following recent gains, solana is now trading 7% higher than at the same point last week, with today’s rally sending the RSI to a ceiling at 55.00.
As of writing, the index is hovering marginally below this point, which has resulted in a drop from today’s peak.
Bulls will firstly need to overcome the ceiling at 55.00, and should they achieve this, SOL will likely move above $22.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect a breakout in the coming days? Let us know your thoughts in the comments.
#MarketUpdates, #Analysis, #Ripple, #SOL, #Solana, #XRP
