Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – December 7th, 2020

For the day ahead

Litecoin would need to avoid a fall through the $83.09 pivot to support a run at the first major resistance level at $85.81.

Support from the broader market would be needed, however, for Litecoin to break back through to $85 levels.

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

In the event of another extended breakout, Litecoin could test the second major resistance level at $87.99.

Failure to move back through the $83.09 pivot level would bring the first major support level at $80.91 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of the second major support level at $78.19.

Looking at the Technical Indicators

First Major Support Level: $80.91

Pivot Level: $83.09

First Major Resistance Level: $85.81

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP rallied by 6.24% on Sunday. Following on from a 5.93% rally on Saturday, Ripple’s XRP ended the week up by 2.69% to $0.62223.

Tracking the broader market, Ripple’s XRP rallied to an early morning intraday high $0.62911 before hitting reverse.

Ripple’s XRP broke through the first major resistance level at $0.6055 and the second major resistance level at $0.6251.

Of greater significance was a move through the 23.6% FIB of $0.6274 before hitting reverse.

The reversal saw Ripple’s XRP slide to an early afternoon intraday low $0.58001.

While falling back through the 23.6% FIB and resistance levels, Ripple’s XRP steered clear of the major support levels.

Finding support late in the day, Ripple’s XRP broke back through the first major resistance level at $0.6055 to wrap up the day at $0.62 levels. The 23.6% FIB of $0.6274 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.77% to $0.61746. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.62469 before falling to a low $0.61636.

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