Bitcoin, XRP, Litecoin Technical Analysis: Momentum Builds Across Major Cryptos
♦️Bitcoin ($BTC ) demonstrated resilience following a brief pullback last week, declining to $90,791 on Tuesday. By Friday, it had recovered to hover around $97,000. This rebound highlights renewed market confidence and sustained bullish momentum.
♦️Ripple ($XRP ) continues its impressive rally, crossing the $2 mark for the second time since January 2018. On-chain data highlights substantial whale and institutional activity, with a $250 million inflow into exchanges over the past three days. The chart below illustrates the surge in XRP inflows, highlighting the increasing demand. The bullish sentiment is driven by regulatory optimism surrounding XRP. This includes speculation about Trump potentially dismantling the SEC’s crackdown on XRP and a push for XRP-focused ETFs.
🔺Technical Analysis
The daily chart for XRP shows a significant price surge after breaking through the $0.60 resistance level. This rally has propelled the price above $2.40, with strong upward momentum. Since XRP has broken out after a long period of consolidation, the rally is likely to be sustained, potentially leading to long-term price elevation. The first target for this move is around $3.50, which is the January 2018 high.
♦️Litecoin ($LTC ) is exhibiting strong upward momentum, surging over 20% in the past day to reach around $123.79. Its market cap has risen above $9 billion, demonstrating strong market performance. The 24-hour trading volume of $2.58 billion reflects heightened market interest and activity.
🔺Technical Analysis
The daily chart for Litecoin shows that the price has broken out of a cup pattern, initiating a strong upward move. The price consolidation within the cup pattern formed a bullish setup. Moreover, the breakout from this pattern at $109 indicates that the price is approaching the March 2022 high of $134. A break above the March 2022 high could trigger the next move toward $400.