Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 5th, 2021

For the day ahead

Litecoin would need to move through the 23.6% FIB of $148 and the $148.47 pivot level to support a run at the first major resistance level at $155.79.

Support from the broader market would be needed, however, for Litecoin to break through to $155 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $158.99 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $170 before any pullback. The second major resistance level sits at $166.30.

Failure to move through the 23.6% FIB and the $148.47 pivot level would bring the first major support level at $137.96 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$135 levels. The second major support level sits at $130.64.

Looking at the Technical Indicators

First Major Support Level: $137.96

Pivot Level: $148.47

First Major Resistance Level: $155.79

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP jumped by 12.12% on Thursday. Following on from a 6.58% rally on Wednesday, Ripple’s XRP ended the day at $0.44619.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.38024 before making a move.

Steering clear of the first major support level at $0.3746, Ripple’s XRP rallied to a late intraday high $0.48151.

Ripple’s XRP broke through the first major resistance level at $0.4202 and the second major resistance level at $0.4424.

More significantly, Ripple’s XRP broke back through the 38.2% FIB of $0.4070.

Falling short of the third major resistance level at $0.4880, Ripple’s XRP slid back to end the day at sub-$0.45 levels.

The second major resistance level at $0.4424 provided support late in the day.

At the time of writing, Ripple’s XRP was up by 0.57% to $0.44873. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.44611 to a high $0.45697.

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