Ripple [XRP] recovers from the intraday low, and the downside pressure is still strong. Meanwhile, Litecoin [LTC] is in a bear trap, losing more than 14% of its value in just a few hours.
With Bitcoin Cash setting a new yearly high at around $517, Ripple and Litecoin are having a hard time.
Ripple [XRP] Price Analysis
On Thursday, XRP collapsed at $0.4078 (well below $0.4100) in the morning. However, it recovered up to $0.4200, but it still is 10% lower than last week.
While yesterday it saw a high of $0.49, it sharply went down to $0.44, breaking major support near $0.45.
At the time of writing, XRP is trading at $0.402436 USD (-17.37%).
The charts show that the initial resistance is created by $0.4480, and once it is cleared, it can focus on $0.4550. However, the local support is created by $0.4100. A move under this handle might help open the way to the psychological $0.40 and the intraday low of $0.4078.
Litecoin [LTC] Price Analysis
Litecoin’s LTC is now down 14%, caught in a bear’s trap. LTC/USD was close to $111.00, experiencing intense selling pressure.
At the time of writing, LTC is trading at $114.63 USD (-15.54%).
Litecoin is now in a bearish dance, losing over 14% of the value in just a few hours, having an intraday low of $111.26, experiencing a massive sell-off on the crypto market.
Nonetheless, the fact that the coin is oversold on the intraday charts spells good news. FXStreet notes that “LTC bulls will need to push the coin back above $120.00 to mitigate the immediate downside pressure,” adding that the next resistance in the 4-hour chart is at $123.00, followed by the psychological $130.00.
Unfortunately, the next bearish aim of $110.00 could be opened up if the trends see a sustainable move under the intraday handle of $111.26.