Trade set up for Litecoin, Ripple | LTC and XRP Price Analysis

Sabyasaachi Karmakar -

The halving of Bitcoin rewards seems to be more trending this time than the last halving that took place four years back. Google trends for searches show that the keyword, ‘Bitcoin halving,‘ spiked more than 200% lately. Along with Bitcoin, the popularity of the other cryptocurrencies such as Ethereum or ETH, Litecoin or LTC, Ripple or XRP, have also increased significantly.

Litecoin is moving in a horizontal channel.

  • The four-hour chart shows that Litecoin is currently in a horizontal channel. The markets remain to be in a state of indecisiveness, and that could be a reason for LTCUSD to worry.
  • The hourly chart shows a ‘Bear Flag‘ formation, and if the pattern completes, LTCUSD could drop below $37.
  • If LTC starts dropping within the next few trading sessions, a potential for entering a short position will arise. The correct entry point will be the market price with the target buy at $38.
  • However, if Litecoin starts moving up from here, there lies a stiff resistance at $41.24.

Ripple shows the potential for substantial upside.

  • XRPUSD seems to be forming a double top pattern, a bullish indicator at the hourly charts. This could be a perfect time to enter a long position in Ripple.
  • Following the Double Top, Ripple has fallen, thereby confirming the pattern. If it keeps falling, the next support zone is at $0.17891.
  • The volume traded in Ripple continues to be substantially high, thereby ensuring liquidity in the market, as well as the presence of both buyers and sellers.