Litecoin and Ripple have been quite volatile lately. This volatility has an uncanny resemblance to the rising popularity of the Bitcoin before the halving takes place in May.
Litecoin has recently been on an uptrend. The day’s range for LTC is $38.00 — $43.75. It rose more than 8% since the last close.
Technical analysis for LTCUSD
LTCUSD Chart Published on TradingView.com
- The four-hour chart showed the formation of a Hammer, which is a reliable bullish indicator. The price rose significantly after that.
- The daily chart, however, shows that the price movement of LTC has entered a horizontal channel. It could remain this way for some time now.
- The Moving Averages are pointing to a Buy signal for Litecoin.
The other cryptocurrency that has enormous popularity is Ripple. The traded volume of XRP continues to be quite high. At a fraction of the cost of Bitcoin, the XRPUSD seems to be quite popular among retail investors as well as institutional investors.
Let’s take a look at the technical analysis for XRP
- The day’s range for Ripple is 0.17426 — 0.19364. XRP rose more than 6% in a matter of a few hours.
- The MACD indicator is giving a buy signal for Ripple.
Now, let us take a look at something much more interesting. The movement in prices for LTC and XRP is much in line with BTC. Both Litecoin and Ripple replicate any sudden changes in BTC. Here are the charts for the same:
LTCUSD Chart Published on TradingView.com
- Here is Litecoin’s price movement superimposed with Bitcoin, an LTCBTC chart to be precise.
- And here is Ripple with Bitcoin, an XRPBTC chart:
Both of the above images prove how closely these cryptos are associated. One thing to note here is that on the daily chart, Ripple XRP has shown a higher upside than Bitcoin.
