Support Holds for Ripple (XRP) and Litecoin (LTC) – Can They Reverse Up?

Ripple and Litecoin have been among the most bearish cryptocurrencies since the crash in May and June of last year. The cryptocurrency market has made some massive gains since then, but these two pieces lost their bullish times. Now that the market has turned bearish again over the past couple of months, Ripple and Litecoin remain weak, but at least they found support, so let’s see if they can make a bullish reversal soon.

Ripple Daily Chart Analysis – $0.80 Has Turned into a Support Area for XRP

XRP trades between $0.80 and $1

Ripple has been suffering from a lawsuit against the SEC in the US, as the regulator is trying to make XRP an example for the rest of the market. The lawsuit has been going on for a year, deterring traders and investors from buying XRP, but there are rumors that it may be coming to an end. Attorney Jeremy Hogan previously commented that the lawsuit is unlikely to last until the summer. He has expressed some hope that the lawsuit could be resolved in Ripple’s favor by April 2022.

If that happens, buyers of Ripple, which started in 2022 by issuing 1 billion XRP from escrow, will jump into the ODL lane, increasing liquidity. Although Ripple wins the case, the entire crypto market will rise, as it will be positive news for all cryptocurrencies. Meanwhile, Ripple’s volume has crossed $1 billion. XRP / US Dollar It failed to move above $1 in late December and reversed lower, but the area around $0.80 is still holding as support, so this looks like a good area to buy XRP and wait for the SEC’s lawsuit to expire.

Litecoin Daily Chart Analysis – LTC Finds Support at $140

Could LTC reverse at $140, or will we see $100?

Litecoin had a good run in October, rising from around $140 to $300 by early November, but the market turned bearish at that time and so did it. LTC / US Dollar, which had dropped to $130 by early December. Although the real support comes in at $140, which has been holding for about a month now.

Buyers tried to reverse the price, but the attempts were really weak, and LTC is still close to the support area. The volume of Litecoin also increased to $1.1 billion at the end of 2021. The number of merchants accepting LTC payments is also increasing, especially with the introduction of the LTC Visa debit card. But LTC is still flat, near $140. I suppose Litecoin will only start to the upside when the crypto market resumes the uptrend, so we are following the price action in the market.

LTC / US Dollar