Cardano (ADA) reached its highest level in seven months on April 14, as cryptocurrency markets continued to be bullish. The global crypto market cap rose by 2.25% on Friday, with Bitcoin moving above $31,000. XRP was another notable gainer, as the token hit a two-week high.
Cardano (ADA) rose for an eighth straight session on Friday, with today’s gains sending the token to a seven-month high. ADA/USD raced to an intraday peak of $0.4441 earlier in today’s session, after trading at a low of $0.4115 on Thursday. Friday’s surge in price saw Cardano climb to its strongest point since September 27, when prices hit a high of $0.4631.
Looking at the chart, today’s jump came following a breakout of a key resistance level of $0.4230. In addition to this, the relative strength index (RSI) also moved beyond its own ceiling at 65.00, and is currently tracking at 71.06. An upcoming ceiling at 72.00 now awaits ADA bulls, and should they fail to move past this point, earlier gains may fade.
XRP, formerly Ripple, was once again in the green, as the token continued to move away from a recent price floor. Following a low of $0.5092 on Thursday, XRP/USD rose to a high of $0.5438 earlier in the day. As a result of today’s move in price, XRP moved to its highest level since March 29, when the token hit a then eleven-month high of $0.5848.
From the chart, it appears that one catalyst for the move was the 14-day RSI bouncing from a floor at 57.00. Price strength is now tracking at 62.97, which is marginally below a point of resistance at the 63.00 mark. At the time of writing, XRP is trading at $0.5274, which is slightly lower than its earlier peak.
It is important to note that cryptocurrency investments are highly volatile and subject to market risks. The recent bullish trends in the crypto market should not be taken as a guarantee of future profits. It is essential for investors to conduct thorough research and seek professional advice before investing in any digital asset.
In conclusion, the recent surge in Cardano and XRP prices is a positive sign for the cryptocurrency market. However, investors should remain cautious and keep a close eye on market trends to make informed investment decisions.