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XRP Holds 4-Month High As LTC Rebounds Wednesday – Market Update Bitcoin News

XRP held a near four-month high on Wednesday after the recent breakout of a significant resistance level. is. Litecoin also rose after the price rebounded from recent losses.

XRP continued to trade near a four-month high on Wednesday as bullish sentiment remains strong within the token.

After hitting a low of $0.3774 in today’s session, XRP/USD raced to a peak of $0.4215 on the day of the hump.

The move comes after the token topped the $0.4000 key price cap on Tuesday, hitting its highest since June 1 in the process.

XRP/USD – daily chart

The price has since fallen and is currently trading at $0.4044 at the time of writing, although many believe it could go higher.

Some believe the bulls are eyeing the $0.4500 point, which appears to be a long-term resistance point for XRP.

However, the price may be overbought right now as the 14-day Relative Strength Index (RSI) tracks 62.45, which could lead to an influx of bearish rather than bullish.

Litecoin (LTC)

Litecoin (LTC) also gained in today’s session, with the price rebounding from recent declines.

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

The drop has pushed the token below its key support point of $52.00, but the bulls have re-entered the market and pushed the price higher.

LTC/USD – daily chart

Historically, once the aforementioned lower bound is crossed, the bulls typically set the price towards the $60.00 upper bound.

For this to happen this time, we need to see LTC rise above another peak, this time within the RSI.

At the time of writing, the index is tracking 43.18 but is rapidly approaching the 44.20 resistance.

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Do you think Litecoin will rise above $60.00 this week? Let us know your thoughts in the comments.

Elliman Dumbbell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage director and retail trading educator. Currently, he works as a commentator on various asset classes including cryptocurrencies, stocks and FX.

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XRP Holds 4-Month High As LTC Rebounds Wednesday – Market Update Bitcoin News

Source link XRP Holds 4-Month High As LTC Rebounds Wednesday – Market Update Bitcoin News

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