XRP remained close to a four-month high on Wednesday, following a recent breakout of a key resistance level. The token was above $0.4000 for a second consecutive session, which happened for the first time since June. Litecoin also edged higher, after prices rebounded following recent losses.
XRP continued to trade close to a four-month high on Wednesday, as bullish sentiment remained strong within the token.
Following a low of $0.3774 earlier in today’s session, XRP/USD raced to a peak of $0.4215 on hump day.
The move comes after the token broke out of its key price ceiling of $0.4000 on Tuesday, hitting its highest point since June 1 in the process.
Although prices have since declined, and as of writing are trading at $0.4044, many still believe that further rallies could come.
Some believe that bulls are targeting the $0.4500 point, which appears to be the longer-term resistance point in XRP.
However, with the 14-day relative strength index (RSI) tracking at 62.45, prices may currently be overbought, leading to an influx of bears, opposed to bulls.
Litecoin (LTC) was also in the green in today’s session, and prices rebounded following recent losses.
Following a drop to a two-month low of $50.01 to start the week, LTC/USD rose to an intraday peak of $54.17 on Wednesday.
The drop led to the token falling below a key support point of $52.00, however bulls reentered the market, sending prices higher.
Historically, once above the aforementioned floor, bulls typically take prices towards a ceiling of $60.00.
In order for this to happen on this occasion, we will need to see LTC climb above another ceiling, this time within the RSI.
As of writing, the index is tracking at 43.18, however it is fast approaching a resistance of 44.20, which would need to be overcome if litecoin were to move higher.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect litecoin to climb back above $60.00 this week? Let us know your thoughts in the comments.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Source: Bitcoin News