Biggest Movers: XRP Nears 5-Month High to Start the Week, Despite Crypto Market Consolidation – Market Updates Bitcoin News
2 min read
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, 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.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect polygon to move lower in upcoming days? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read disclaimer
