The Analysis of XRP/USD and LTC/USD
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The Analysis of XRP/USD and LTC/USD

January 9, 2020      Cryptoknowmics

The price of XRP/USD was able to surge over the 50-day SMA on January 6. It seems the buyers are in control due to the beginning of the turning up of 20-day EMA and the jumping of RSI into the positive territory.

Nevertheless, we look forward to the buyers facing a powerful hurdle at $0.2326. The turning down of the price from this level could offer support at the 20-day EMA. There could be a low-risk buying chance following a bounce off the 20-day EMA.

On the other hand, the ability of the buyers to push the price over $0.2326 could initiate a rally to $0.31503. Therefore, traders may look forward to a bounce off the 20-day EMA or a breakout over $0.2326.

As for LTC/USD, the price rose to near $50 but failed to surge past the level. The price was moved towards the moving averages due to profit-booking by short-term traders. The ability of Litecoin to bounce off the 20-day EMA could make the buyers to try to move the price over $50.

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The price may continue to $60 and over it to $66, after surging beyond $50. Hence, the traders can go long with stops positioned at $38. On the other hand, a successful sinking of the price under the 20-day EMA will position the LTC/USD pair in a negative zone.

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