XRP Hits 4-Month High, ALGO Rises 17% Thursday – Bitcoin News Market Updates

XRP moved to a new four-month high on Thursday, as volatility eased in crypto markets following the latest meeting of the US Federal Open Market Committee. The token broke through a key hurdle in today’s session, reaching its highest point since May. Algorand was another notable mover, with prices rising as much as 17%.

XRP raced to a four-month high on Thursday after hovering near that milestone during yesterday’s session.

XRP/USD rose to a high of $0.4461 on Thursday as prices broke through a resistance point at $0.4200.

This surge in price shows XRP reaching its highest point since May 12, when the token traded above the $0.5200 mark.

Biggest movers: XRP hits 4-month high, ALGO up 17% on Thursday
XRP/USD – Daily Chart

Today’s rally represents a price gain of more than 10% and comes after the 14-day relative strength index rose to its own multi-month high.

At the time of writing, the index is currently tracking at 69.29, its strongest point in over nine months.

History shows that when price strength rises to these levels, bears often return as they view prices as overbought.

As a result, we may see a possible reversal in the coming days.

Algorand (THING)

Algorand (ALGO) was also in the green in today’s session, with prices up as much as 17% on Thursday.

Today’s rally saw ALGO/USD hit an intraday high of $0.3842, which comes less than a day after trading at a low of $0.3102.

This high is the strongest point the algorand has traded at since mid-August, which is the last time prices also faced the $0.3800 resistance point.

Biggest movers: XRP hits 4-month high, ALGO up 17% on Thursday
ALGO/USD – Daily Chart

Since that earlier bump, ALGO has moved lower and at the time of writing is currently trading at $0.3711.

The token is also currently in overbought territory, tracking at 67.05, the highest point it has reached since April.

If ALGO moves above this current threshold, we should likely see price strength move even deeper into overbought territory.

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Where do you think algorand is headed? Let us know your thoughts in the comments.

Ilia Dambel

Elliman brings an eclectic perspective to market analysis, having previously been a brokerage director and retail educator. He currently acts as a commentator across various asset classes including crypto, equities and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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