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Why XRP, XLM, ALGO, CHZ and RSR Are Outperforming the Rest of the Crypto Market

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Written by
Valdrin Tahiri

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Edited by
Geraint Price

23 September 2022 12:00 UTC
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  • XRP has broken out from a long-term descending resistance line.
  • RSR is in the process of breaking out from a descending wedge.
  • XLM has broken out from a short-term descending resistance line.
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Be[in]Crypto takes a look at the five cryptocurrencies that increased the most last week, more specifically, from Sept. 16 to Sept. 23.

These cryptocurrencies are: 

  1. XRP: 56.94%
  2. Chiliz (CHZ): 37.38%
  3. Reserve Rights (RSR): 35.44%
  4. Algorand (ALGO): 29.76%
  5. Stellar (XLM): 25.42%
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XRP price trend reversal incoming

In June and Sept., XRP bounced at a long-term ascending support line and the $0.32 horizontal support area (green icons). Afterward, it initiated a strong upward movement and broke out from a long-term descending resistance line (dashed). 

Additionally, the weekly RSI is in the process of breaking out from its bearish divergence trend line. 

If the upward movement continues, the closest resistance area would be at $0.60. A reclaim of both this area and an RSI breakout above its trend line would confirm that a bullish trend reversal has begun.

XRP movement
XRP/USDT Chart By TradingView

CHZ price may fall soon

CHZ has been increasing since reaching a low of $0.018 on June 18. It seems that it is in wave five of this five-wave upward movement. CHZ has currently reached the 0.618 Fib retracement length of waves 1 to 3 (white). This is an area that could potentially act as the top. 

If the price is successful in moving above it, the next important Fib resistance would be at $0.32. 

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The daily RSI has already generated bearish divergence, a sign that a retracement could soon follow.

CHZ Divergence
CHZ/USDT Chart By TradingView

RSR price turning bullish

RSR had been decreasing inside a descending wedge since June 7. The descending wedge is considered a bullish pattern, meaning that an eventual breakout from it would be expected. 

RSR began an upward movement on Sept. 11 and is currently in the process of breaking out from the wedge. 

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The six-hour RSI has already broken out from its descending trend line, supporting the validity of the breakout. 

If the upward movement continues, the closest resistance area would be at $0.11.

RSR Wedge
RSR/USDT Chart By TradingView

ALGO price starts breakout

ALGO has been trading in a range between $0.28 and $0.37 since May. Both the bottom and top of this range have been validated numerous times. 

Currently, ALGO is in the process of breaking out from the resistance line. The daily RSI has already broken out, so it is likely that the price will follow suit. 

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If ALGO breaks out, the next closest resistance would be at $0.52.

ALGO Range
ALGO/USDT Chart By TradingView

XLM price creates bullish divergence

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XLM had been decreasing underneath a descending resistance line since the beginning of June. This downward movement led to a low of $0.098 on Sept. 7. 

After the daily RSI generated bullish divergence (green line), XLM broke out from the line on Sept. 2. If the upward movement continues, the closest resistance area would be at $0.15.

XLM resistance line
XLM/USDT Chart By TradingView

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.