This post is intended to make a quick analysis of Litecoin (LTC) and Ripple (XRP) prices in the medium term against the US dollar.
According to Elliot wave theory, we are now going through correction wave 2 A, B, C with the current stage being a regular flat correction wave B. The low trading volume shows a decline in sellers' power which may indicate that this lateralization may last longer, moving averages are pointing downward and the RSI is indicating neutrality but moving towards an oversold position. Should this possibility materialize, we may see Litecoin's price falling below $ 69 support and coming to 58 support before coming back up in a possible wave 3 that will push the price above the $ 146 top observed in recent weeks
NOTE: It is also important to note that halving happened a few days ago and there is much dissatisfaction and criticism from analysts towards the Litecoin development team for the lack of updates.
Ripple has been down about 42% since June this year, on the weekly chart you can see a strong resistance around $ 0.28 that was broken looking for another possible resistance around $ 0.23 but the optimists were able to pull again the upward price of resistance presented earlier featuring a buyer trap. Moving averages point to a short position and the weekly MACD shows us a neutral position.
The daily chart shows us another perspective. Although moving averages are still pointing to a negative asset outlook, the MACD indicator and volume show weakness of sellers and possible reaction from buyers. The RSI indicator that has been in a oversold zone for a few days has risen sharply to a neutral zone and possibly seeks to stabilize in that zone. However, if in the next few days the pair falls below the $ 0.28 resistance, it is likely to resume its bearish move and seek resistance around $ 0.19.