Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 17th, 2020 – FX Empire
For the day ahead
Litecoin would need to move through the $47.72 pivot to support a run at the first major resistance level at $49.81.
Support from the broader market would be needed, however, for Litecoin to break back through to $49 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $49.9 would likely cap any upside.
In the event of another breakout, Litecoin would likely test resistance at $51 before any pullback. The second major resistance level sits at $51.98.
Failure to move through the $47.72 pivot level would bring the first major support level at $45.55 into play.
Barring another extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $43.46.
Looking at the Technical Indicators
First Major Support Level: $45.55
Pivot Level: $47.72
First Major Resistance Level: $49.81
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP fell by 2.31% on Friday. Following on from a 1.23% decline on Thursday, Ripple’s XRP ended the day at $0.24017.
Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.24797 before hitting reverse.
Falling short of the first major resistance level at $0.2499, Ripple’s XRP slid to a late morning intraday low $0.23783.
Ripple’s XRP fell through the first major support level at $0.2425 and the second major support level at $0.2391.
Finding support in the late morning, Ripple’s XRP briefly revisited $0.2426 levels before falling back.
The first major support level at $0.2425 pinned Ripple’s XRP back on the day.
At the time of writing, Ripple’s XRP was flat at $0.24024, with no movement at the start of the day.