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

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.