Today’s cryptocurrency market update focuses on Litecoin and XRP. Litecoin price has been moving upwards for days now as we approach the block rewards reduction or halving event. Litecoin’s market cap increased by $2 billion in the last few days. This has seen the coin usurp Bitcoin Cash’s position. If this bullish trend continues should investors expect Litecoin to overtake XRP? As of June 12, this has been the likely outcome a strong few weeks for LTC price as we get nearer to the halving.
Litecoin Halving Set to Happen at Block 1,680,000 in Fifty-Five Days
In fifty-five days, at block 1,680,000, the Litecoin halving will be in play. This will reduce the reward of miners. That is the reward they receive get for mining. This move will reduce network’s its rate of issuance. When it happens, winners, who are currently awarded 25 LTC for each block they solve will be awarded with 12.5 LTC after the halving.
Cryptocurrency Market Update: Litecoin Price to Stay Bullish for An Extended Period
Via the 1-month chart of the LTC/USD pair, we can that there’s a potential for at least five months of upward action. If LTC price can trade above the setup pattern at $184.7, the bullish continuation will be confirmed which will add more credibility to a“flippening.” In this case LTC takes XRP’s number 3 position.
Support and resistance positions can be seen on the weekly chart. These price points are preventing LTC price from getting pushed either up or down.
Litecoin price is above $115 and to double this position, LTC must remain above support before breaking through resistances at $147.5, $184.5 and $225.5.
Litecoin price has been trading in an ascending parallel position on the daily chart created in mid-December of last year. Now, the coin has been resisted by the middle pattern of the channel. If Litecoin price moves above the current level it will be a step away from displacing XRP.
If Litecoin price stays above $100, this upward momentum is set to continue.
Cryptocurrency Market Update: XRP Price May Rally
For XRP price a buy signal will be seen if the monthly candlestick can trade above $0.44. There was a bullish crossover in the 1-week chart between the 7-week, 30-week and 50-week MA.
A bullish pattern is given by the MAs. This pattern will be confirmed after the 30-week MA move over the 50-week MA.
The weekly moving averages can be regarded as support positions as well, which indicates that if XRP drops its current market valuation the 30-week MA could hold this fall at $0.34.
Via the daily chart of the LTC/USD pair, there are two bullish patterns developing which could translate into a rally around the corner.
Firstly, a bull flag has formed forecasting a 33.5% upward move. The target is issued by the level of the flagpole, indicating that XRP could rise to $0.54.
Secondly, a golden cross was formed between the 50 and 200-day MAs signaling a bullish breakout. Investors see regard this pattern a highly the definitive and strong buy signal which could begin a bullish breakout.
Litecoin is closely following XRP and it won’t be surprising if both cryptos go head to head at some point. We can only wait and see if a flippening will happen.