Here’s When the XRP & LTC Prices May Breakout
After setting new highs, Bitcoin price started to consolidate, indicating minimal involvement from bulls. As a result, altcoins that struggled to maintain the bullish trend have rebounded under the bearish influence. Meanwhile, the prices of two popular and original altcoins, XRP and Litecoin (LTC), appear to be sailing in a similar boat, forming similar chart patterns. Which will trigger the breakout first?
XRP Price Analysis
After rising nearly 500% Ripple price Considered one of the biggest beneficiaries of the U.S. election. Meanwhile, bulls have continued to show extreme fatigue since then, and as a result, prices have maintained a bearish consolidation, forming consistently lower highs and lows. However, the coin is showing huge bearish implications in the short term, but it is actually gearing up for a major shift in momentum.
Price is trading within a decisive symmetrical triangle in the short term and despite rejection by resistance, a rebound appears to be imminent. The Stochastic RSI has reached lower oversold territory, suggesting a bullish crossover may occur soon. In this way, the price is expected to break out of the triangle and secure immediate resistance at $2.5. However, continued gains within the resistance zone around $2.6 may remove bearish activity, pushing the price towards new yearly highs, possibly above $3.
Litecoin (LTC) Price Analysis
on the other hand, Litecoin Price Also trading within a decisive triangle, similar to XRP, but with the potential for a 6% to 8% retracement. Although the price failed to break above the triangle resistance, technicals suggest that the lows of the current pullback have not yet been reached.
As shown in the chart above, the Stochastic RSI has triggered a bearish crossover but has yet to hit lower support. Ahead of this, Litecoin price is believed to maintain a consistent downward trend within the triangle and reach lower support near $110 in the coming hours. However, a bounce may occur, but the trend may remain consolidated within the pattern, while a breakout may require more buyer power and volume.
