Saturday , August 13 2022

XRP Hits 1-Week High, as NEAR Falls Again – Market Updates Bitcoin News

During what can be described as a choppy trading session, it was XRP which was one of the most notable gainers, climbing to a one-week high. While ripple rose, NEAR was once again lower, falling by as much as 10% on Friday.

While crypto markets were mainly in the red, XRP was one of Friday’s biggest gainers, climbing by as much as 9%.

Following a low of $0.7106 earlier in the session, XRP/USD rallied to an intraday high of $0.7937 as the day progressed.

Today’s high comes after four consecutive days of gains, which have taken XRP to its highest point since April 6.

Biggest Movers: XRP Hits 1-Week High, as NEAR Falls Again
XRP/USD – Daily Chart

This week’s run began after a false breakout of the support level at $0.7115, and has now come close to hitting resistance at $0.8000.

Looking at the chart, passing this point could prove to be an issue, as the 14-day RSI indicator is now hovering below its own ceiling.

This level of 50 hasn’t been broken in almost two weeks, and should bulls look to move beyond $0.8000, price strength would need to increase.

NEAR Protocol (NEAR)

NEAR fell for a second consecutive session on Friday, as price uncertainty continues, following last week’s surge to $20.

Since hitting that point, which was then a four-month high, NEAR has since dropped, falling below its key resistance level of $17.

Prices are now consolidating between this resistance, and support of $15, with prices today trading at an intraday bottom of $15.73.

Biggest Movers: XRP Hits 1-Week High, as NEAR Falls Again
NEAR/USD – Daily Chart

Today’s drop in price has also pushed short-term momentum lower, with NEAR now down 15% since last Friday.

The 14-day RSI is now tracking at 56.02, which is its weakest point since March 22, and this comes following a break of its 58.65 floor.

Despite current momentum appearing to be bearish, bulls will likely continue to hold off this onslaught until the $15 support point is broken, which may open the door to further shorts.

Could we see NEAR slip below $15 in the upcoming days? Let us know your thoughts in the comments.

eliman@bitcoin.com'
Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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