XRP Fresh 4-Month High, Token Up 50% This Week – Market Bitcoin News Updates

Xrp was higher again on Friday as the token hit a 4-month high for the third consecutive session. The symbol formerly known as Ripple has increased by more than 50% in the past seven days, despite the current market volatility. Kronos was a notable mover today, up nearly 15 percent.

XRP was higher for a second straight session on Friday as the token moved to a new four-month high.

Following a low of $0.3398 to start the week, XRP/USD rose to an intraday high of $0.5523 earlier today.

XRP reached its highest level since May 9 due to today’s surge, which saw the price increase by more than 10%.

Biggest movers: XRP fresh off 4-month high, token hits 50% this week.
XRP/USD – Daily Chart

Looking at the chart, the move comes as the token breaks through its long-term ceiling of $0.5000, sending the 14-day Relative Strength Index (RSI) to the near term.

As of writing, the index is currently tracking at 72.57, its strongest point since August 2021.

Since earlier highs, XRP has moved lower as previous bulls seem to have exhausted their positions, taking profits in the process.

If the bears see this as an opportunity to re-enter the market, we could see XRP start to reverse course.

Kronos (CRO)

Kronos (CRO) was another notable gainer in today’s session, with the token breaking above a key resistance level.

CRO/USD rose to $0.1226 on Friday, which saw prices move above the recent ceiling of $0.1145.

Today’s high is the strongest point Kronos has hit in the past ten days, pushing CRO closer to the $0.1260 ceiling.

Biggest movers: XRP fresh off 4-month high, token hits 50% this week.
CRO/USD – Daily Chart

In addition to the recent breakout of the $0.1145 resistance level, a loss of the 50.50 ceiling was also seen on the RSI indicator.

As you can see on the chart, the 10-day (red) moving average appears to be close to its 25-day (blue) counterpart, which could lead to an upward crossover.

Overall, the token is currently trading around 14% higher than the same period last week.

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Will momentum rise in cryptocurrency markets this coming weekend? Let us know your thoughts in the comments.

Ilya Dumbledore

Elliman brings a unique perspective to market analysis, having previously been a brokerage director and retail trade instructor. Currently he works as an analyst in various asset classes including Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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