XRP Nears 4-Month High As LTC Rises Again On Wednesday – Market Bitcoin News Improves

On Wednesday, XRP remained at a four-month high, following the recent formation of a key resistance level. The token was above $0.4000 for the second consecutive session, the first time since June. Litecoin also rallied after a surge in price following recent losses.

XRP continued to trade near four-month highs on Wednesday, as bullish sentiment remained strong in the token.

Following a low of $0.3774 earlier in today’s session, XRP/USD hit a hump day high of $0.4215.

The move comes after the token broke through a key price ceiling of $0.4000 on Tuesday, hitting its highest level since June 1 in the process.

XRP/USD – Daily Chart

Although prices have eased since then and are trading at $0.4044 as of writing, many still believe more rallies are to come.

Some believe that the bulls are targeting the $0.4500 point, which appears to be a long-term resistance point in XRP.

However, with the 14-day relative strength index (RSI) tracking at 62.45, prices may be currently overbought, leading to a flow of bears as opposed to bulls.

Litecoin (LTC)

Litecoin (LTC) was also in the green during today’s session, and after recent losses, the price showed an increase.

Following a two-month low of $50.01 to start the week, LTC/USD reached an intraday high of $54.17 on Wednesday.

The decline sent the token below the key support point of $52.00, but bulls re-entered the market, pushing prices higher.

LTC/USD – Daily Chart

Once historically, above the above floor, bulls take their price to the $60.00 ceiling.

In this case, for this to happen, we need to see LTC break above another ceiling, this time in the RSI.

As of writing, the index is tracking at 43.18, but is quickly approaching the 44.20 resistance, which litecoin needs to overcome if it is to move higher.

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Do you expect litecoin to bounce back above $60.00 this week? Let us know your thoughts in the comments.

Ilya Dumbledore

Elliman brings a unique perspective to market analysis, having previously been a brokerage director and retail trade instructor. Currently, he works as an analyst in various asset classes including Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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