Februar 27, 2024

XRP and MATIC Bounce Back: Prices Rebound Following Recent Lows

• XRP and Polygon (MATIC) rose in Tuesday’s session, recovering from recent lows.
• XRP/USD moved away from a long-term support point, while MATIC/USD bounced off a price floor of $1.10.
• The 14-day relative strength index (RSI) could be a key indicator to watch for further bullish sentiment in both tokens.

Overview

The cryptocurrency market was largely bearish on Tuesday, with the global market cap down 0.34% as of writing. Despite this, XRP and Polygon (MATIC) managed to rise higher in the day’s session, recovering from recent lows and showing signs of bullish sentiment.

XRP Moves Away From Long-Term Support Point

XRP rose higher in Tuesday’s session, as prices continued to move away from a long-term support point at $0.3650 following a four-day losing streak. The move resulted in an intraday high of $0.3751 as the 14-day relative strength index (RSI) broke out of its own ceiling at 43.00, currently tracking at 43.97 with the next visible resistance point at 45.00 should this ceiling be hit again.

Polygon Rebounds Off Price Floor

Polygon also saw strong gains on Tuesday after bulls rejected a breakout at the key price level of $1.12 the day prior and moved to an intraday peak of $1.17 – pushing prices further away from its recent floor of $1.10 and indicating bullish sentiment throughout the token’s market performance as well as RSI moving away from a recent floor at 39.00 now tracking 41