Ripple (XRP) price is trading within an ascending channel on the 15’ timeframe chart. It has, however, been capped below the top trend line of the ranging channel. The price tested the resistance area at $0.86 but failed to breach it paving the way for downside corrections. Recently, a former US regulator of the Obama administration said that Ripple and Ethereum (ETH) have from issuance violated the United States securities regulations. Gary Gensler’s claims are, however doubtful and will need evidence to prove their authenticity. Regulations affect the performance of cryptocurrency prices, although recently, Ripple price seems to be unaffected by the comments.
Those regulation issues aside, let us dive into what matters right now; technical analysis of Ripple (XRP).
Ripple price has broken above the 50% Fib retracement level with the previous swing high of $0.89 and a low of $0.58 on the same chart. Consequently, the price was supported by the bottom trend line of the ascending channel. At the moment, XRP/USD is dancing with $0.84 while the 50 SMA is offering immediate resistance. Short-term trading signals are present, besides there is a bullish momentum forming on the chart. On the downside, the 100 SMA supported the price during the recent declines, moreover, it will stop further declines towards $0.83.
Verge Price Analysis
Verge (XVG) price, on the other hand, broke above the resistance level at $0.1 and even exchanged hands above $0.11. The sellers, however, sort for equilibrium after the recent surge that has brought attention to XVG/USD. The recent partnerships with the adult entertainment site Pornhub and Mindgeek shed some light on what the Verge team can achieve in a short time.
Moreover, TokenPay announced that it is finalizing the bank acquisition in Germany. Significantly for Verge (XVG), it is going to be one of the first cryptocurrencies to be accepted in the rather rigid banking sector. TokenPay announced to its community as well as the entire crypto market that they expect TPAY and XVG debit cards soon.
Verge is testing the upper trend line of the ranging channel, besides the price is flirting with $0.0787. The bears are gaining control as observed by the forming bearish momentum ongoing on the 4-hour chart. The moving averages will provide short-term support in the event of further declines. However, the 50% Fib retracement level with the previous swing high of $0.115 and $0.024 is a highlighted major support for XVG/USD close to $0.070.
Litecoin (LTC) Price Analysis
Litecoin (LTC) price has been capped below the current pivotal level at $150. The price is forming another ranging channel after breaking out of the ascending channel observed on the 4-hour chart. There is a bearish momentum that is forming on the same chart, although the 50 Simple Moving Average is working as the immediate support.
On the downside, the 61.8% Fib retracement level with previous swing high of $161 and a low of $112 is presenting itself as a strong support at $142. A slide below the support level at $140 will be stopped by another highlighted support area around $130. Indicators are showing mixed signals, for instance, the moving averages show a short-term bear signal while the MACD is pointing towards a growing bullish momentum in the near-term. The buyers are looking forward to $160, but $150 level will be a good step towards recovery.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.