Pepe rose by as much as 13% in today’s session, with the coin breaking out of a key resistance level as a result. The surge came as cryptocurrency markets attempted to bounce back from Tuesday’s drubbing. XRP was another notable gainer, moving 5% higher on Wednesday.
Pepe (PEPE), which is known for being a deflationary meme coin, rose by over 13% in today’s session.
Following a low of $0.0000009764 on Tuesday, PEPE/USD made a move to a peak of $0.000001257 earlier today.
As a result of the move, pepe briefly broke out of a price ceiling at $0.000001200, however was unable to sustain the move.
At the time of writing, the coin is currently trading at $0.000001135, which comes as the relative strength index (RSI) sits below its own ceiling.
The index is tracking at 49.15, which is marginally below a key level of resistance at the 53.00 mark.
Should bulls push past this point, there is a good chance that PEPE will make another move above $0.000001200.
In addition to PEPE, XRP also made strong gains during Wednesday’s session, with price jumping by as much as 5%.
XRP/USD rose to an intraday high of $0.5371 earlier in the day, which comes following Tuesday’s low at $0.4982.
Today’s rally saw the token formerly known as ripple briefly break through a ceiling at $0.5330.
Historically, this level has birthed significant bearish pressure, which seems to be why earlier bulls opted to liquidate positions.
This comes as the RSI also failed to break its own ceiling at the 63.00 level, and is currently tracking at 62.53.
In the event that bulls eventually surge beyond this point, the next target will likely be $0.6000.
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