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XRP Remains Close to 4-Month High, as LTC Rebounds on Wednesday – Market Updates Bitcoin News


XRP remains near a 4-month high on Wednesday, following the recent break of a key resistance level. The token was higher than $0.4000 for the second straight session, the first time since June. Litecoin also edged higher, after the price recovered from recent losses.

XRP continues to trade close to four-month highs on Wednesday, as bullish sentiment remains strong in the token.

Following the previous low of $0.3774 in today’s session, XRP/USD rallied to as high as $0.4215 on hump day.

The move comes after the token broke out of a critical price ceiling of $0.4000 on Tuesday, hitting its highest level since June 1 in the process.

XRP/USD – Daily Chart

Although the price has dropped since then and trades at $0.4044, many still believe that further rallies are possible.

Some believe that the bulls are targeting the $0.4500 point, which looks to be a long-term resistance in XRP.

However, with the 14-day relative strength index (RSI) tracking at 62.45, the current price could be overbought, leading to a wave of bears, as opposed to the bulls.

Litecoin (LTC)

Litecoin (LTC) are also in the green today and prices have rebounded after recent declines.

After dropping to a two-month low of $50.01 earlier in the week, LTC/USD rallied to an intraday high of $54.17 on Wednesday.

The drop resulted in the token dropping below the critical support point of $52.00, however, the bulls have returned to the market, sending the price higher.

LTC/USD – Daily Chart

Historically, once above the aforementioned floor, bulls have often taken the price to a ceiling of $60.00.

For this to happen on this occasion, we will need to see LTC climbed above another ceiling, this time in the RSI.

As of writing, the index is tracking at 43.18, however it is rapidly approaching the 44.20 resistance, which will need to be crossed if litecoin moves higher.

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Do you expect litecoin to bounce back above $60.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, formerly a brokerage director and retail trading educator. Currently, he works as a commentator on various asset classes, including Crypto, Stocks and FX.




Image credits: Shutterstock, Pixabay, Wiki Commons

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