Xrp moved to multi-month highs on January 23 as market optimism increased regarding the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). Following comments by Ripple CEO Brad Garlinghouse last week, many bought tokens in hopes that the lawsuit would be concluded in the coming months; Dogecoin was another notable gainer on Monday.
XRPXRP, formerly Ripple, was one of the notable gainers on Monday, rising to a three-month high in today’s session.
XRP/USD ended the week with an intraday high of $0.431, up from Sunday’s low of $0.3979.
As a result of today’s price spike,XRProse to its strongest point since November 8.
The chart shows this move after a breakout of the $0.410 resistance level ceiling.
XRPis still trading above this point, but the earlier rally has eased and the price is now at $0.420.
Momentum has eased and traders appear to be securing profits as the 14-day Relative Strength Index (RSI), tracking at 68.64, approaches the 69.00 ceiling.
Dogecoin (DOGE)
in addition toXRPDOGECOIN (DOGE) has been stronger since the beginning of the week with the meme coin hovering near a key resistance level.
After hitting a low of $0.0861 on Sunday, DOGE/USD ran up to an intraday peak of $0.09289 earlier today.
The surge means that the Dogecoin briefly broke out of the $0.09200 resistance point and approached a six-week high in the process.
As can be seen on the chart, this breakout did not hold and the meme coin is now trading below $0.09000.
One of the reasons behind this afternoon’s decline is that price strength has encountered its own hurdles.
The RSI is currently tracking at 63.51, which is just below the ceiling at the 64.00 mark and appears to have panicked previous bulls.
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