XRP, MATIC rebound on Tuesday after recent declines – Market Updates for Bitcoin News

Xrp edged higher in Tuesday’s session as prices continued to move away from a long-term support point. Overall, crypto sentiment remained largely bearish, with the global market cap down 0.34% at the time of writing. Polygon was also in the green at the time of writing.

XRPbefore ripple, was a notable rally on Tuesday as the token continued to move away from a recent support point.

After a low of $0.3648 earlier in the week, XRP/USD rose to an intraday high of $0.3751 earlier in the day.

The move led to XRP rebounding from a long-term price threshold at $0.3650, following a recent four-day losing streak.

XRP/USD – Daily chart

From the chart, it looks like this happened when the 14-day Relative Strength Index (RSI) broke its own ceiling at 43.00.

At the time of writing, the index is now tracking at 43.97, with the next visible point of resistance at 45.00.

If that ceiling is hit, there’s a good chance XRP will trade at or above the $0.3800 mark.

Polygon (MATIC)

Polygon (MATIC) also rallied in today’s session, a day after bulls rejected a breakout at a key price level.

MATIC/USD moved to a high of $1.17 on Tuesday, coming off a low of $1.12 the day before.

As a result of this move, the multi-cornered bulls pushed prices even further from the recent $1.10 threshold.

MATIC/USD – Daily chart

Overall, this bounce appears to coincide with the RSI moving away from a recent threshold at 39.00.

Price strength is currently being tracked at 41.17, with the closest point of resistance at the 45.00 mark.

The bulls could probably target this point and if they reach it, MATIC could move above $1.20.

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Do you expect the range to maintain this upward trend in the coming days? Let us know your thoughts in the comments.

Elliman Dumbell

Elliman was previously a director of a London-based brokerage while also teaching online trading. He currently comments on a variety of asset classes including crypto, equities and FX, while also being a startup founder.

Image credits: Shutterstock, Pixabay, Wiki Commons

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