Ethereum, Litecoin, and Ripple's XRP – Daily Tech Analysis – October 24th, 2020 – FX Empire


For the day ahead

Litecoin would need to move back through the $55.22 pivot to support a run at the first major resistance level at $57.27.

Support from the broader market would be needed, however, for Litecoin to break out from Friday’s high $57.04.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Litecoin would likely test the second major resistance level at $59.10.

Failure to move back through the $55.22 pivot level would bring the 23.6% FIB and the first major support level at $53.40 into play.

Barring an extended sell-off on the day, however, Litecoin should steer well clear of the second major support level at $51.34.

Looking at the Technical Indicators

First Major Support Level: $53.40

Pivot Level: $55.22

First Major Resistance Level: $57.28

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 0.92% on Friday. Partially reversing a 2.39% gain from Thursday, Ripple’s XRP ended the day at $0.25499.

It was a mixed start to the day. Ripple’s XRP rose to an early morning intraday high $0.2596 before hitting reverse.

Falling short of the first major resistance level at $0.2639, Ripple’s XRP fell to a late afternoon intraday low $0.25050.

Finding support at the first major support level at $0.2511, Ripple’s XRP revisited $0.255 levels before easing back.

At the time of writing, Ripple’s XRP was down by 0.05% to $0.25486. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.25495 to a low $0.25486.

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Ripple’s XRP left the major support and resistance levels untested early on.



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