For the day ahead
Litecoin would need to move through the $54.99 pivot to support a run at the first major resistance level at $56.53.
Support from the broader market would be needed, however, for Litecoin to break back through to $56 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a breakout, Litecoin would likely test resistance the second major resistance level at $58.10 before any pullback.
Failure to move through the $54.99 pivot level would bring the 23.6% FIB of $54 and the first major support level at $53.42 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 $51.88 should limit any downside.
Looking at the Technical Indicators
First Major Support Level: $53.42
Pivot Level: $54.99
First Major Resistance Level: $56.53
23.6% FIB Retracement Level: $45.30
38.2% FIB Retracement Level: $71
62% FIB Retracement Level: $100
Ripple’s XRP
Ripple’s XRP fell by 1.29% on Thursday. Following on from a 2.84% decline on Wednesday, Ripple’s XRP ended the day at $0.24239.
It was a mixed start to the day. Ripple’s XRP rose to an early morning high $0.24707 before hitting reverse.
Falling well short of the first major resistance level at $0.2534 Ripple’s XRP slid to a mid-day intraday low $0.2400.
Finding support at the first major support level at $0.2411, Ripple’s XRP struck a late afternoon intraday high $0.24725.
Coming up short of the first major resistance level at $0.2534, Ripple’s XRP fell back to sub-$0.2450 levels and into the red.
At the time of writing, Ripple’s XRP was down by 0.03% to $0.24232. A range-bound start to the day saw Ripple’s XRP fall from an early morning high $0.24259 to a low $0.24232.
Ripple’s XRP left the major support and resistance levels untested early on.