XRP soared by as much as 70% higher on Friday, as markets continued to react to a court ruling that the token is not a security. On Thursday, U.S. judge Analisa Torres ruled that XRP is not “necessarily a security on its face.” Solana also surged on the news, climbing by nearly 30%.
XRP
XRP, formerly ripple, was undoubtedly one of the biggest movers in the market on Friday, surging by nearly 70%.
Following a low of $0.4728 on Thursday, XRP/USD raced to an intraday peak of $0.8875 during today’s session.
Traders continued to long for the token as exchanges like Coinbase and Kraken moved to relist XRP on their platform.
Overall, this rally has pushed XRP to its strongest point since Christmas day of 2021, when price peaked at $0.9975.
From the chart, the move began after the relative strength index (RSI) moved past a ceiling at 75.00.
The index went on to reach a high of 88.00, however as traders have begun to secure gains, price strength is now at 80.59.
Solana (SOL)
In addition to XRP, solana (SOL) also soared higher in today’s session, rising by nearly 30% in the process.
SOL/USD moved to a peak of $30.06 earlier in the day, which comes less than 24 hours after the price was at a low of $22.23.
As a result of this, solana hit its highest level since last November, following a breakout of a ceiling at $26.00.
The token is now trading at $27.78, which appears to be a result of profit takers closing previous positions.
Additionally, the RSI is deep in overbought territory, which will likely tempt further short selling in the coming days.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect solana to move above $30.00 again this week? Let us know your thoughts in the comments.
