XRP and Ethereum Classic Up Over 10% Despite Market Pullback

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Last Updated on 15 August 2021 by CryptoTips.eu

Despite the downturn of the crypto market today 15 August, XRP and Ethereum Classic experience a surge in prices.

XRP, which is presently the sixth largest cryptocurrency globally, experienced an 11.38% growth in the last 24 hours. Trading at a price of $1.26 currently, the surge took the price to $1.38 on Sunday, which is the highest peak it has seen since May 2021.

XRP has distinguished itself in the last week with its price gaining almost 60% in the last 7 days at the time of writing this story. This is in spite of the legal struggle that Ripple is going through which doesn’t seem to affect the price of the token.

Meanwhile, Ethereum Classic, the 16th largest cryptocurrency by market cap also gained over 10% today, making the two cryptocurrencies stand out among the top 20. Other top cryptocurrencies including Bitcoin have pulled back, with Bitcoin dropping to $45,000 again after going as high as $47,000 yesterday.

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A pullback on the horizon for XRP

The market has been favourable to XRP, with its price reaching over 120% increase since July 20. However, the price is likely to experience a pullback soon as analysts say it may be due for one soon. The Relative Strength Index suggests that the asset is overbought. At the time of this report, the RSI is at 83.32.

This means it is well overbought, as an RSI of 70 is considered overbought. It is expected therefore that the price may drop any moment from now.

Ethereum Classic may go higher

Although, Ethereum Classic has also gained significantly after dropping from its May 6 high of $134, it may rise further even though the RSI is at 76. This is because the price is still showing strength as it continues to rise. This however should be taken with caution as the 76 RSI suggests it is already overbought.

ETC currently trades at $71.29, having dropped over 50% from the May high. Other top assets showing strength are Solana, Bitcoin Cash and Dogecoin which have gained 6.32%, 5.14% and 5.94% respectively.