Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 5th, 2020 – FX Empire


For the day ahead

Litecoin would need to move through the $82.50 pivot to support a run at the first major resistance level at $86.98.

Support from the broader market would be needed, however, for Litecoin to break out from $85 levels.

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

In the event of another extended breakout, Litecoin could test resistance at $90 before any pullback. The second major resistance level sits at $94.39.

Failure to move back through the $82.50 pivot level would bring the first major support level at $75.09 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of the 38.2% FIB of $71. The second major support level sits at $70.61.

Looking at the Technical Indicators

First Major Support Level: $75.09

Pivot Level: $82.50

First Major Resistance Level: $86.98

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP slumped by 12.07% on Friday. Reversing a 0.19% gain from Thursday, Ripple’s XRP ended the day at $0.55380.

Tracking the broader market, Ripple’s XRP rose to an early morning intraday high $0.63459 before hitting reverse.

Falling short of the first major resistance level at $0.6442, Ripple’s XRP slid to a late intraday low $0.5430.

The sell-off saw Ripple’s XRP fall through the 23.6% FIB of $0.6274 and the day’s major support levels.

In spite of a late move back through to $0.55 levels, Ripple’s XRP failed to break back through the third major support level at $0.5733.

At the time of writing, Ripple’s XRP was up by 2.77% to $0.56915. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.54832 before rising to a high $0.57051.

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

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