Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 20th, 2021

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For the day ahead

Litecoin would need to move through the $211 pivot to bring the 38.2% FIB of $265 and the first major resistance level at $276 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $250 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 $300. The second major resistance level sits at $365.

Failure to move through the $211 pivot would bring the 62% FIB of $174 and the first major support level at $122 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$100 levels. The second major support level sits at $56.81.

A sustained fall through the 62% FIB would form a near-term bearish trend from 10th May’s swing hi $413.91.

Looking at the Technical Indicators

First Major Support Level: $122

Pivot Level: $211

First Major Resistance Level: $276

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP slumped by 33.23% on Wednesday. Reversing a 6.46% gain from Tuesday, Ripple’s XRP ended the day $1.06226.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.64397 before hitting reverse.

Falling short of the first major resistance level at $1.7067, Ripple’s XRP slumped to an early afternoon intraday low $1.05989.

The extended sell-off saw Ripple’s XRP fall through the day’s major support levels.

Significantly, Ripple’s XRP also fell through the 23.6% FIB of $1.5426 and the 38.2% FIB of $1.2807.

Steering clear of the 62% FIB of $0.8573, however, Ripple’s XRP found support to revisit $1.28 levels before sliding back.

The 38.2% FIB had pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was up by 0.38% to $1.06626. A mixed start to the day saw Ripple’s XRP rise to an early morning high $1.09524 before falling to a low $1.05989

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

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