XRP reached a new four-month high Thursday. This comes after volatility in crypto markets decreased following U.S. Federal Open Market Committee’s latest meeting. The token rose past a key hurdle in today’s session, hitting its highest point since May. Algorand also saw notable moves, as prices climbed by up to 17%
XRP raced to a four-month high on Thursday, after hovering close to this milestone during yesterday’s session.
On Thursday, the XRP/USD reached a new high of $0.4461 as prices moved beyond $0.4200’s resistance.
This sudden price rise has XRP reaching its highest level since May 12, 2012, when the token traded at $0.5200.
Today’s climb sees prices rise by over 10%, and comes as the 14-day relative strength index rose to a multi-month high of its own.
At the time of writing, index tracking is at 69.29. That is its highest level in nine months.
The history shows that bears tend to reenter when the price of oil rises above these levels. They view them as overbought.
We could therefore see an eventual reversal of the trend in the next few days.
Algorand, ALGO
Algorand (ALGO) was also in the green in today’s session, as prices rose by as much as 17% on Thursday.
Today’s rally saw ALGO/USD hit an intraday peak of $0.3842, which comes less than a day after trading at a low of $0.3102.
This is the highest algorand price has been at since mid August. It is also the lowest that prices have collided since $0.3800.
ALGO’s price has fallen following the collision and is trading as low at $0.3711.
The token’s current price is 67.05. This is its highest value since April.
We would need price strength to push ALGO further into the overbought zone if it were to exceed this threshold.
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