Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 8th, 2020

For the day ahead

Litecoin would need to avoid a fall through the $46.18 pivot to support a run at the first major resistance level at $47.32.

Support from the broader market would be needed, however, for Litecoin to break back through to $47 levels.

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

In the event of another breakout, Litecoin could test resistance at $48 before any pullback. The second major resistance level sits at $48.07.

Failure to avoid a fall through the $46.18 pivot level would bring the first major support level at $45.43 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$44 levels. The second major support level at $44.29 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $45.43

Pivot Level: $46.18

First Major Resistance Level: $47.32

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rose by 1.31% on Wednesday. Partially reversing a 2.12% decline from Tuesday, Ripple’s XRP ended the day at $0.24882.

It was also a mixed start to the day. Ripple’s XRP fell to an early morning intraday low $0.24105 before making a move.

Steering clear of the first major support level at $0.2377, Ripple’s XRP rose to a late afternoon intraday high $0.25127.

Falling short of the first major resistance level at $0.2565, Ripple’s XRP fell back to end the day at sub-$0.25 levels.

At the time of writing, Ripple’s XRP was down by 0.28% to $0.24813. A mixed start to the day saw Ripple’s XRP rise to an early morning high of $0.24905 before falling to a low $0.24813.

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