Ripple, Litecoin Hovering Over Supports: XRP, LTC Analysis Oct 10
Despite that the crypto-leader is going through a surge, and the second by market cap is on a critical stage – Ripple price experienced its own unique value development over the days with a possible $0.3000 outbreak while Litecoin has been doing no major movement for days now.
Ripple against the US Dollar – XRP/USD
After its very significant weekend development, Ripple price was targeting the $0.3000 mark. The upward aim was signaled as XRP traded at around $0.2774, however a long time-running resistance zone at $0.2800 tanked the price and sellers sent the pair downwards.
However, considering the overhead resistances, we recommend booking profits on 50% of the existing long positions and holding the rest with a stop loss of $0.23500. The very near-term development showed until today a closing-in triangle of range bound but on Oct 10 the movement changed upwards which is a positive indicator for traders because of the fact that no trades should be positioned if the price is moving in the middle of a ranging-level.
On the downside, we expect a strong support at $0.25000 levels. A breakdown and close below this level will be negative for the cryptocurrency.
Litecoin against the US Dollar – LTC
The same ‘up-down’ lackluster trading movement is still taking place for Litecoin. For almost a month now the cryptocurrency is range-bounding between $57.729 and $44.160, showcasing no interest on buying or trading.
Over the weekend, Litecoin could not even cross the 20-day exponential moving average, which is a bearish sign. If the cryptocurrency breaks below $50, a fall to $44 is likely.
It did yesterday break below the $50.000 mark and spiked for a couple of minutes downwards to $48.00 while now the pair LTC/USD is hovering just above the major $50.00 on a hurdle between sellers and buyers. We are not recommending any trade on Litecoin until we get a breakout above $58.