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XRP remained close to a four-month high on Wednesday after a recent break of a key resistance level. The token was above $0.4000 for a second consecutive session, which happened for the first time since June. Litecoin also rose slightly, after prices rebounded from recent losses.

XRP continued to trade near a four-month high on Wednesday as bullish sentiment remained strong within the token.

After a low of $0.3774 earlier in today’s session, XRP/USD hit a high of $0.4215 on the day of the bump.

The move comes after the token breached its key price cap of $0.4000 on Tuesday, hitting its highest level since June 1 in the process.

XRP/USD – Daily Chart

Although prices have since fallen and at the time of writing are trading at $0.4044, many still believe that further upside could be in store.

Some believe that the bulls are targeting the $0.4500 point, which appears to be the longer-term resistance point in XRP.

However, with the 14-day Relative Strength Index (RSI) tracking at 62.45, prices may currently be overbought, leading to an influx of bears, as opposed to bulls.

Litecoin (SLD)

Litecoin (SLD) was also in the green in today’s session, and prices rebounded from recent losses.

After dropping to a two-month low of $50.01 to start the week, SLD/USD hit an intraday high of $54.17 on Wednesday.

The decline led the token to fall below a key support point of $52.00, but bulls returned to the market, pushing prices higher.

SLD/USD – Daily Chart

Historically, once above the aforementioned floor, bulls typically take prices towards a high of $60.00.

For that to happen on this occasion, we’ll have to see SLD rise above another ceiling, this time in the RSI.

At the time of writing, the index stands at 43.18, but it is rapidly approaching a resistance of 44.20, which should be overcome if Litecoin is to rise.

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Do you expect Litecoin to rally above $60.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, having previously served as a brokerage director and retail educator. Currently, he acts as a commentator on various asset classes including Crypto, Stocks, and FX.




Image credits: Shutterstock, Pixabay, Wiki Commons

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