XRPhit a four-month high on Thursday, as volatility in the crypto markets eased in the wake of the latest FOMC meeting. The token rose over a key hurdle in today’s session to hit its highest price since May, while Algorand was another notable mover, with prices up as much as 17%.
XRP rose to a four-month high on Thursday after hovering near this milestone in yesterday’s session.
XRP/USD /USD rose to a high of $0.4461 on Thursday as it moved above the $0.4200 resistance point.
This price surgehelped XRPreach its highest point since trading above $0.5200 on May 12.
Today’s gains come as the price rose more than 10% and the 14-day Relative Strength Index rose to its highest level in months.
As of this writing, the index is currently hovering at 69.29, which is the highest it has been in over 9 months.
It is a historical fact that when prices rise to these levels, they are often deemed overbought and the bears re-enter the market.
As a result, we could see a potential reversal in the coming days.
Algoland (ALGO) is also in the green in today’s session, as prices rose 17% on Thursday.
Today’s rally took ALGO/USD to an intraday peak of $0.3842, arriving less than a day after trading at a low of $0.3102.
This high is the strongest point that the algorand has traded since the previous mid-August when prices hit a resistance point of $0.3800.
Following this earlier collision, ALGO turned lower and is currently trading at $0.3711 at the time of writing.
The token is also currently in overbought territory, tracking at 67.05, which is its highest point since April.
If ALGO moves above this current threshold, we will likely need to see price strength move even deeper into overbought territory.
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