The breakout is accompanied by an increase in trading volume and signals strong bullish momentum. XRP expects a rise towards the 1.618 Fibonacci level near $3.00, which is now acting as major resistance. The potential upside target thereafter is the 2.618 Fib level near $4.67, representing a 75% increase from current price levels.
However, the weekly RSI is showing warning signs, recording an extremely overbought level of 92.37 – a level not seen in years. Historically, such metrics have preceded corrections or periods of consolidation.
Should a correction occur, immediate support lies in the $1.97-$2.00 area (the 1.0 Fibonacci level and the previous breakout point). Should bearish momentum strengthen, a deeper correction could test the triangle’s upper trendline at $1.60 or the 50-week EMA at $0.75.
Litecoin technical analysis
LTC/USD four-hour price chart – Sell-off seems likely
Litecoin is up over 80% since November, reaching $125 on December 2nd. Here, the LTC/USD pair moved within an ascending parallel channel and recovered towards the upper trendline after testing the lower trendline and vice versa.
The rally marks a continuation of the bullish momentum, further supported by increasing trading volumes and continued support from the 50-period EMA, now at $102.97.
