Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 17th, 2021

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For the day ahead

Litecoin would need to move through the $300 pivot to bring the first major resistance level at $320 and the 23.6% FIB of $322 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $310 levels.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $350. The second major resistance level sits at $345.

Failure to move through the $300 pivot would bring the first major support level at $276 into play.

Barring another extended sell-off, however, Litecoin should steer clear of the 38.2% FIB of $265. The Second major support level sits at $255.

Looking at the Technical Indicators

First Major Support Level: $276

Pivot Level: $300

First Major Resistance Level: $320

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP fell by 2.69% on Sunday. Partially reversing a 6.22% rally on Saturday, Ripple’s XRP ended the week down by 5.63% to $1.45004.

A mixed start to the day saw Ripple’s XRP rose a late morning intraday high $1.61324.

Ripple’s XRP broke through the 23.6% FIB of $1.5426 and the first major resistance level at $1.6077 before a hitting reverse.

The reversal saw Ripple’s XRP slide to a late intraday low $1.34207.

Falling back through the first major resistance level and 23.6% FIB, Ripple’s XRP also fell through the first major support level at $1.3467.

Finding late support, Ripple’s XRP broke back through the first major support level to end the day at $1.45 levels.

At the time of writing, Ripple’s XRP was down by 0.72% to $1.43695. A bearish start to the day saw Ripple’s XRP fall from an early morning high $1.45016 to a low $1.43964.

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

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