Xrp moved to its highest point since November, as markets reacted to news suggesting a verdict could be near in Ripple’s case with the Securities and Exchange Commission (SEC). Cardano was also higher on Wednesday, hitting a one-month high.

XRP

XRP rose to its highest point since November, as markets continued to react to the latest news surrounding Ripple’s case with the SEC.

Following a low of $0.4199 on Tuesday, XRP/USD raced to an intraday high of $0.4914 earlier in today’s session.

This is the strongest point that the token has reached since November 6, when prices were retreating from a high above $0.50.

Overall, earlier gains have since eased, which comes as bulls failed to sustain a breakout on the 14-day relative strength index (RSI).

At the time of writing, the index is tracking at 65.14, which is below the aforementioned ceiling at 70.00.

The 10-day (red) moving average remains in an uptrend despite the marginal decline, which sees XRP currently trading at $0.4459.

Cardano (ADA)

Cardano (ADA) was once again higher in today’s session, as the token jumped to a one-month high.

ADA/USD moved to a peak of $0.387 on Wednesday, which comes a day after falling to a low at $0.349.

Today’s surge saw bulls push cardano to its highest level since February 23, when price was at a peak of $0.393.

Looking at the chart, it appears that the climb coincided with the 10-day (red) moving average crossing over its 25-day (blue) counterpart.

In addition to this, the 14-day RSI is now tracking at 60.93, which is its highest reading since mid-February.

A ceiling at 53.00 may await for bulls should momentum continue in this current direction, which could put a stop to the run.

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Could cardano begin to change direction in the upcoming days? Let us know your thoughts in the comments.

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Filed under: Bitcoin - @ March 22, 2023 4:00 pm