Xrp hit a multi-month high on Jan. 23, as market optimism grew regarding a lawsuit between Ripple and the United States Securities and Exchange Commission (SEC). Following comments last week from Ripple CEO Brad Garlinghouse, many bought the token in anticipation of the lawsuit ending in the coming months. Dogecoin was another notable gainer on Monday.
XRPformerly Ripple, was one of the notable gainers on Monday, as the token rose to a three-month high in today’s session.
XRP/USD reached an intraday high of $0.431 at the start of the week, after Sunday’s low of $0.3979.
As a result of today’s price increase, XRP has reached its strongest point since November 8.
Looking at the chart, the move took place following a breakout of a top at the $0.410 resistance level.
At the time of writing, XRP it still trades above this point, however previous gains have eased, with the price now at $0.420.
Momentum has subsided, and traders appear to be locking in gains as the 14-day RSI, sitting at 68.64, nears a top at 69.00.
Dogecoin (DOGE)
In addition to XRPdogecoin (DOGE) started the week stronger, with the meme coin hovering near a key resistance level.
Following a low of $0.0861 on Sunday, DOGE/USD reached an intraday high of $0.09289 earlier today.
This rise caused dogecoin to briefly break a resistance point at $0.09200, closing at a six-week high in the process.
As can be seen from the chart, this breakout did not hold, and the meme coin is now trading below $0.09000.
One of the reasons behind the afternoon dip is the fact that the price strength has hit a snag of its own.
Currently, the RSI sits at 63.51, which is slightly below a ceiling at the 64.00 mark, and seems to have scared off previous bulls.
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Do you expect dogecoin to break above this resistance level this week? Let us know your thoughts in the comments.
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