Bitcoin tested lows below $7500 late on 6th June 2019 as the bearish moment accentuated temporarily. However, XRP and Litecoin [BTC] continued to trade in the green. Litecoin [LTC] and XRP were two of the top gainers from the day with 5.52% and 3.7% rise respectively. The price of Litecoin [LTC] at 3: 30 hours UTC on 7th June 2019 is $110; that of XRP is $0.42.
Litecoin’s recent surge can be attributed to the halving event that is 60 days apart from today. The mining reward for Litecoin [LTC] will reduce from 25 to 12.5 after that event. Therefore, the expected decrease in supply is seen as a precursor to a rise in price.
Peter Brandt, chart analyst, and trader tweeted,
$LTCBTC has completed a significant buy signal.”
The buy signal he is referring to is the inverse head and shoulder pattern. It is a has been identified on the daily chart on Bitcoin scale. Litecoin [LTC] broke above the neckline of the shoulder on 6th June 2019. The price of LTC w.r.t BTC at 4: 15 hours UTC on 7th May 2019 is 0.0142 BTC. It is trading over 7% higher on a daily scale.
Nevertheless, the volume at the break-out is not significant enough at the moment. The target of the head and shoulders pattern will be around 0.016 BTC, which at current BTC price would correspond to $125.
XRP Split Between Fundamentals and TA
While BTC took losses during the final trading hours on 6th June, XRP broke continued to hold its gains above $0.4. The rise could be attributed to the rumors of Ripple’s acquisition of Money Gram. While officials from both the firms denied commenting on the issue. Mati Greenspan tweeted about the pump w.r.t. Bitcoin implicating a pump-and-dump on XRP. He said,
Used the opportunity to take some XRP profits. It was already a tad overweight in my portfolio. Thank you rumor mill.
Nevertheless, XRP Broke above the long term support line at $0.3 to test yearly highs at 0.49.
Moreover, the break away from the descending triangle to a bullish flag pattern formation with a flag which suggests an accented positive move. Peter Brandt highlighted this in his tweet,
“2. New recovery highs in XRP would be constructive with targets of .5688 and .6260.”
The price of XRP w.r.t to BTC at 4: 10 hours UTC on 7th May 2019 is 0.0000538 BTC. It is trading 4.5% higher on a daily scale.
While the fundamentals around Litecoin [LTC] looks reassuring, XRP’s rumor sell-off could break lower in the $0.3 range.
Do you think that XRP and Litecoin [LTC] will continue there bullish momentum? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com