Ripple and Litecoin Prices, Analysis and Charts
- Little rebound seen in major cryptocurrencies after recent heavy losses.
- Ripple and Litecoin may struggle to make any headway on ominous charts.
IG Client Sentiment shows how clients are currently positioned in Ripple and Litecoin and how sentiment has changed over the last week.
Ripple (XRP) and Litecoin (LTC) – No Bounce Back in Sight
The cryptocurrency downtrend remains in place with little or no recovery seen after the latest double-digit sell-off. Tokens that would normally see either short-covering or renewed bullish interest at lower levels are refusing to move significantly higher, leaving the market at risk of further sell-offs. Ripple and Litecoin, the third-and sixth-largest cryptocurrencies by market capitalization continue to trade with a negative bias with both under all three moving averages – 20-, 50- and 200-day - and recent support levels. Client positioning shows retail remain heavily long of both tokens despite their recent falls.
Ripple currently changes hands at $0.59, just above the recent low at $0.545. The chart shows a gap on the June 10 candle from $0.613 that needs to be filled before any upside momentum can start. The 20-day ma cuts across at the same level, the 50-day is currently at $0.65 and the 200-day at $0.66. Above here, $0.75 should prove stubborn resistance. On the downside the early April lows at $0.45 come into play.
Ripple Price Chart Four Hour Time Frame (April 30 – June 12, 2018)
Litecoin is in a similar situation trading below all three moving averages and the recent low print at $109.8 while the recent daily lows around $102 have just held. Further weakness should see the $100 psychological barrier at $100 under pressure which could lead to further double-digit losses. Resistance at $109.8 followed by $111.5 and $115.1.
Litecoin Price Chart Four Hour Time Frame (May 8 – June 12, 2018)
Cryptocurrency Trader Resources
If you are interested in trading Bitcoin, Bitcoin Cash or Ethereum we can offer you an informative Introduction to Bitcoin Trading Guide.
What’s your opinion on the latest cryptocurrency moves? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.
--- Written by Nick Cawley, Analyst.
