Xrp climbed to its highest level since last May, as bullish sentiment returned to cryptocurrency markets. The token rose by as much as 17% in Wednesday’s session, with the global market cap over 5% higher. Cardano also rallied, rising by over 11%.
XRP maintained its bull run on Wednesday, as prices rose by as much as 17% in today’s session.
Following a fall to a low of $0.4866 on Tuesday, XRP/USD raced to an intraday high of $0.5804 earlier in today’s session.
As a result of the move, XRP hit its strongest point since May 9, breaking out of a long-term ceiling at $0.5550 in the process.
The surge came as the 14-day relative strength index (RSI) also broke free of a recent ceiling at the 70.00 mark.
At the time of writing, the index is now tracking marginally below yet another point of resistance, this time at the 75.00 mark.
Overall, earlier gains have somewhat diminished, as bulls appear to have secured profits, near this current point of uncertainty.
ADA/USD moved to an intraday peak of $0.3894 earlier on Wednesday, following a low of $0.3511 the day prior.
This climb pushed cardano to its strongest point since February 23, when price hit a high of $0.3951.
Looking at the chart, today’s move appears to have come as the RSI broke out of a ceiling at the 58.00 mark.
As of writing, the index is tracking at 59.75, with the next visible point of resistance at 63.00
Should this target be hit, there is a strong chance that ADA will be trading above $0.4000.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect cardano to move higher in upcoming days? Let us know your thoughts in the comments.