Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 10th, 2021


For the day ahead

Litecoin would need to avoid a fall through the $371 pivot to support a run at the first major resistance level at $407.

Support from the broader market would be needed, however, for Litecoin to break through to $400 levels.

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

In the event of an extended breakout, Litecoin could test resistance at $440. The second major resistance level sits at $426.

Failure to avoid a fall through the $371 pivot would bring the first major support level at $352 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$350. The Second major support level sits at $315.

Looking at the Technical Indicators

First Major Support Level: $352

Pivot Level: $371

First Major Resistance Level: $407

23.6% FIB Retracement Level: $304

38.2% FIB Retracement Level: $250

62% FIB Retracement Level: $164

Ripple’s XRP

Ripple’s XRP fell by 1.80% on Sunday. Following on from a 1.01% loss on Saturday, Ripple’s XRP ended the week down by 1.65% to $1.53661.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.59738 before hitting reverse.

Falling short of the first major resistance level at $1.6152, Ripple’s XRP slid to a mid-morning intraday low $1.44500.

Ripple’s XRP fell through the first major support level at $1.5292 and the second major support level at $1.4930.

More significantly, Ripple’s XRP also fell through the 23.6% FIB of $1.5426 before revisiting $1.5490 levels.

A second sell-off saw Ripple’s XRP fall back through the 23.6% FIB and the first major support level and second major support level.

Recovering from a return to $1.45 levels, Ripple’s XRP moved back through to $1.53 levels to reduce the deficit.

At the time of writing, Ripple’s XRP was up by 2.95% to $1.58199. A mixed start to the day saw Ripple’s XRP fall to an early morning low $1.52458 before rising to a high $1.58199.

While leaving the major support and resistance levels untested early on, Ripple’s XRP broke through the 23.6% FIB of $1.5426.



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