Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 31st, 2020

For the day ahead

Litecoin would need to move through the 23.6% FIB and the $54.05 pivot to support a run at the first major resistance level at $55.84.

Support from the broader market would be needed, however, for Litecoin to break back through to $55 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $55.81 would likely cap any upside.

In the event of a breakout, Litecoin would likely test the second major resistance level at $57.59 before any pullback.

Failure to move through the 23.6% FIB and the $54.05 pivot level would bring the first major support level at $52.30 into play.

Barring another extended sell-off on the day, however, Litecoin should steer clear of sub-$50 levels. The second major support level at $50.51 should limit any downside.

Looking at the Technical Indicators

First Major Support Level: $52.30

Pivot Level: $54.05

First Major Resistance Level: $55.84

23.6% FIB Retracement Level: $45.30

38.2% FIB Retracement Level: $71

62% FIB Retracement Level: $100

Ripple’s XRP

Ripple’s XRP declined by 1.36% on Friday. Following on from a 1.29% fall on Thursday, Ripple’s XRP ended the day at $0.23930.

It was another mixed start to the day. Ripple’s XRP rose to an early morning high $0.24416 before hitting reverse.

Falling well short of the first major resistance level at $0.2464, Ripple’s XRP slid to a late morning intraday low $0.23101.

Ripple’s XRP fell through the first major support level at $0.2392 and the second major support level at $0.2360.

Finding support in the 2^nd half of the day, Ripple’s XRP moved back through to $0.2390 levels to reduce the deficit on the day.

The first major support level at $0.2392 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 0.13% to $0.23900. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.23929 to a low $0.23900.

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