XRP/USD and LTC/USD daily price analysis
Johan Tomasson, senior analyst at dagx.live trading platform, said that Ripple (XRP) is retesting the breakout level of the symmetrical triangle. The previous resistance should now act as a strong support. If the price rebounds off this support, the bulls will again try to propel the price to $0.57259 and above it to $0.6250, thinks Tomasson. Both the moving averages are sloping up and the RSI is in positive territory, which suggests that the bulls have the upper hand.
Conversely, if the XRP/USD pair slips back into the triangle and breaks down of the 20-day EMA, it will signal weakness. Its next support is the 50-day SMA, below which a drop to $0.37835 is probable. For now, traders can retain the stop loss on the long position at $0.41. Tomasson from dagx.live will suggest to trail stops higher as the price moves northwards.
Though Litecoin (LTC) closed above $140.345, it could not sustain the higher levels and quickly gave back its gains. Currently, the bulls are trying to hold it above the ascending channel. The previous resistance line of the channel should now work as a strong support. If the price rebounds off this support, the bulls will again try to push it towards its target objective of $158.91 and above it $184.7949, thinks Tomasson.
If the bulls fail to defend the support, the LTC/USD pair will re-enter the channel. It has strong support at the 20-day EMA. If this support holds, the bulls will again try to resume the uptrend, but if the support gives way, a drop to the 50-day SMA is possible. Hence, traders can protect their remaining long positions with a stop loss placed just below the 20-day EMA, advises the specialist from dagx.live.