Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 12th, 2020

For the day ahead

Litecoin would need to avoid a fall back through the $72.40 pivot to support another run at the first major resistance level at $74.87.

Support from the broader market would be needed, however, for Litecoin to break back through to $74.80 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $75.09 would likely cap any upside.

In the event of an extended breakout, Litecoin could test the second major resistance level at $77.55 and resistance at $80.

Failure to avoid a fall back through the $72.40 pivot level would bring the 38.2% FIB and the first major support level at $69.72 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $67.25.

Looking at the Technical Indicators

First Major Support Level: $69.72

Pivot Level: $72.40

First Major Resistance Level: $74.87

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP slid by 3.72% on Friday. Following on from a 1.92% fall on Thursday, Ripple’s XRP ended the day at $0.55074.

Tracking the broader market, Ripple’s XRP fell to a late morning intraday low $0.5280 before finding support.

The sell-off saw Ripple’s XRP fall through the first major support level at $0.5535 and the second major support level at $0.5352.

Finding support at the 38.2% FIB of $0.5285, Ripple’s XRP bounced back to a late intraday high $0.5944.

Breaking back through the major support levels, Ripple’s XRP also broke through the first major resistance level at $0.5895.

A final hour sell-off, however, saw Ripple’s XRP slide back through the first and second major support levels.

Steering clear of the 38.2% FIB of $0.5285, Ripple’s XRP moved back through the second major support level to end the day at $0.55 levels. The first major support level at $0.5535 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 1.15% to $0.54441. A particularly bearish start to the day saw Ripple’s XRP slide from an early morning high $0.55212 to a low $0.48.

Ripple’s XRP fell through the 38.2% FIB, the first major support level at $0.5210 and the second major support level at $0.4913.