Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – May 21st, 2021

For the day ahead

Litecoin would need to avoid the $204 pivot to bring the first major resistance level at $240 into play.

Support from the broader market would be needed, however, for Litecoin to break out from Thursday’s high $232.99.

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

In the event of an extended breakout, Litecoin could test resistance at the 38.2% FIB of $265. The second major resistance level sits at $270.

Failure to avoid the $204 pivot would bring the 62% FIB of $174 and the first major support level at $174 into play.

Barring another extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $138.

Looking at the Technical Indicators

First Major Support Level: $174

Pivot Level: $204

First Major Resistance Level: $240

23.6% FIB Retracement Level: $322

38.2% FIB Retracement Level: $265

62% FIB Retracement Level: $174

Ripple’s XRP

Ripple’s XRP rallied by 11.42% on Thursday. Partially reversing Wednesday’s 33.23% tumble, Ripple’s XRP ended the day $1.18153.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.93300 before making a move.

Steering clear of the first major support level at $0.8668, Ripple’s XRP rallied to an early afternoon intraday high $1.26853.

Falling short of the 38.2% FIB of $1.2807 and the first major resistance level at $1.4509, Ripple’s XRP fell back to end the day at sub-$1.20 levels.

At the time of writing, Ripple’s XRP was up by 1.44% to $1.19850. A bullish start to the day saw Ripple’s XRP rise from an early morning low $1.18164 to a high $1.20799.

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

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