Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 31st, 2021

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For the day ahead

Litecoin would need to avoid a fall back through the $169 pivot to bring the 62% FIB of $174 and the first major resistance level at $183 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $181.20 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $200. The second major resistance level sits at $195.

A fall back through the $169 pivot would bring the first major support level at $157 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$150. The second major support level sits at $143.

A sustained fall through the 62% FIB of $174 would form a near-term bearish trend from 10th May’s swing hi $413.91.

Looking at the Technical Indicators

First Major Support Level: $157

Pivot Level: $169

First Major Resistance Level: $183

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP rallied by 9.01% on Sunday. Reversing a 7.48% slide from Saturday, Ripple’s XRP ended the week up by 14.14% to $0.90521.

A bearish start to the day saw Ripple’s XRP slide to an early morning intraday low $0.79936 before making a move.

Steering clear of the first major support level at $0.7707, Ripple’s XRP rallied to a late afternoon intraday high $0.93292.

Ripple’s XRP broke through the 62% FIB of $0.8573 and the first major resistance level at $0.9167.

A bearish end to the day, however, saw Ripple’s XRP ease back to end the day at sub-$0.91 levels.

At the time of writing, Ripple’s XRP was up by 2.07% to $0.92392. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.89890 before rising to a high $0.92756.

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

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