Biggest Movers: XRP Nears 5-Month High to Start the Week, Despite Crypto Market Consolidation

Biggest Movers: XRP Nears 5-Month High to Start the Week, Despite Crypto Market Consolidation

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

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. XRP/USD – Daily Chart

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. MATIC/USD – Daily Chart

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: Tags in this story Analysis, matic, Polygon, Ripple, XRP

Do you expect polygon to move lower in upcoming days? Let us know your thoughts in the comments. Eliman Dambell

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. Bitcoin, Ethereum Technical Analysis: BTC Consolidates Near $28,000, as First Citizen Agrees to Acquire Silicon Valley Bank MARKET UPDATES | 11 hours ago Biggest Movers: XRP Climbs 5%, as LTC Nears Multi-Week High on Saturday MARKET UPDATES | 2 days ago

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