XRP and Dogecoin Surge to Three-Month Highs as Crypto Markets Consolidate

• XRP surged to a three-month high on Monday, rising to its strongest point since November 8.
• Dogecoin was another notable gainer, briefly breaking out of a resistance point at $0.09200.
• Momentum has eased, with traders seemingly securing gains as the 14-day relative strength index (RSI) nears a ceiling at 69.00.

Cryptocurrency markets saw a wave of positive sentiment on Monday, with XRP and Dogecoin leading the charge. XRP, formerly ripple, surged to a three-month high, hitting an intraday high of $0.431 to start the week. This move came off the back of last week’s comments from Ripple CEO Brad Garlinghouse, with many buying the token in anticipation of a lawsuit between Ripple and the United States Securities and Exchange Commission (SEC) ending in the coming months. Dogecoin was also among the notable gainers on Monday, briefly breaking out of a resistance point at $0.09200, closing in on a six-week high in the process.

However, momentum has eased, with traders seemingly securing gains as the 14-day relative strength index (RSI), which is tracking at 68.64, nears a ceiling at 69.00. The RSI is a momentum indicator which measures the velocity and magnitude of directional price movements. When it moves above 70, it signals that the market is overbought.

Overall, the crypto markets appear to be consolidating following the recent surge in price. XRP is currently trading above its $0.410 resistance level, while Dogecoin is hovering close to the key resistance level. As the SEC lawsuit continues to play out, traders will be watching to see how this affects the price of XRP and other cryptocurrencies.