XRP, ATOM Rebound From Recent Declines – Market Updates Bitcoin News


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Xrp rebounded from recent drops in price on Friday, as the token surged by nearly 10% in today’s session. Cosmos was another notable gainer, as it snapped a four-day losing streak. Overall, cryptocurrency markets were mostly higher, with the global market cap up nearly 5% as of writing.

XRP was one of today’s big gainers, as prices of the token rose by nearly 10% earlier in today’s session.

Following a low of $0.4380 on Thursday, XRP/USD raced to an intraday peak of $0.5117 during the day.

Yesterday’s drop saw the token slip to a ten-day low, which was marginally below a floor of $0.4460.

xrpusd 2022 10 14 16 01 01 44e4d
XRP/USD – Daily Chart

As of writing, XRP is now trading at its highest point since Monday, when prices were above a key resistance point of $0.5280.

Looking at the chart, today’s surge comes as the 14-day relative strength index (RSI) rose beyond its own ceiling at 57.00.

Currently, the index is tracking at 58.07, with bulls seemingly targeting a higher resistance of 60.00.

Cosmos (ATOM)

Cosmos (ATOM) was another notable gainer on Friday, as the token rebounded from a four-day losing streak.

The world’s twenty-second largest cryptocurrency climbed to a high of $12.24 earlier in the day.

Friday’s peak saw ATOM/USD almost 12% higher than the low from the previous day of $10.80.

atomusd 2022 10 14 16 00 56 f8680
ATOM/USD – Daily Chart

As a result of Thursday’s drop, ATOM fell below its floor at the $11.90 point, however bulls reentered the market at this point, as this typically has happened at this mark.

The 10-day (red) moving average is now nearing its 25-day (blue) counterpart, which could trigger a potential upwards crossover.

As of writing, the RSI is moving closer to a resistance of 43.00, which could be the main hurdle for potential bulls looking to enter the market.

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Could cosmos hit $13.00 this coming weekend? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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