AnalysisAvalancheAVAXMarket UpdatesRipple
Xrp rose for a second consecutive session on Wednesday, as the token continued to move away from a recent price floor. Since hitting an eleven-month high a week ago, the token has mostly consolidated. Avalanche was also in the green, as prices hit a one-week high.
XRP, formerly ripple, was a notable gainer in today’s session, as prices continued to move away from a recent support point.
Following a low of $0.4972 on Tuesday, XRP/USD raced to an intraday high of $0.5256 earlier in today’s session.
This came as bulls continued to move away from a floor at $0.49500, following a breakout earlier in the week.
XRP/USD – Daily Chart
Looking at the chart, it appears that this took place as the 14-day relative strength index (RSI) bounced from a support of its own at 59.00 .
At the time of writing, the index is tracking at 61.24, with the next visible ceiling at the 63.00 mark.
As a result of this upcoming hurdle, earlier bulls have already moved to liquidate gains, with XRP now trading lower at $0.5137.
Avalanche (AVAX)
Another notable gainer on Tuesday was avalanche (AVAX), which moved to a one-week high.
AVAX/USD moved to a peak at $18.31 earlier in today’s session, after falling to a low of $17.29 the day prior.
The surge saw avalanche climb to its strongest point since March 23, and came following a move beyond a ceiling at $18.00.
AVAX/USD – Daily Chart
Since then, earlier gains have somewhat fallen as a result of the RSI hitting a wall at the 56.00 level.
Price strength is now tracking at 55.63, which has resulted in AVAX once again trading below $18.00.
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Do you expect avalanche to move back above $18.00 this week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
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