Bitcoin Cash, Litecoin and Ripple Daily Analysis – 03/01/18

Ripple is on the move and is the cryptocurrency HODL this morning, while Bitcoin futures prices recover from yesterday’s lows to support a bounce in Bitcoin Cash. Litecoin’s trails in the early part of the day.
Bob Mason

Bitcoin Cash on the Move

What a difference a day makes and, while in the early hours of yesterday Bitcoin Cash was struggling to hold on to $2,300 levels, a move through to $2,400 in the middle part of the day was just the tonic, with Bitcoin Cash closing out Tuesday at $2,579.

Momentum has remained with Bitcoin Cash this morning, gaining a further 5.15% to $2,683.9 at the time of writing.

The upside has come in spite of the South Korean government formalizing the date on which the ban on the anonymous buying and selling cryptocurrencies will be enforced, that being during the 3rd week of January.

The lack of reference to a possible shut down of cryptocurrency exchanges was good enough for the cryptomarkets, though it’s yet clear what other rules and regulations will be rolled out to ensure that the KYC rules are appropriately followed by the respective exchanges.

Litecoin falls behind

Litecoin managed to bounce back from an intraday low $250 in the early part of the day, though it’s still struggling to hold on to Tuesday’s afternoon rally, which saw Litecoin move from $244.81 to a $262 high before easing back ahead of the close.

At the time of writing, Litecoin is down 0.02% to $253.28, though with Bitcoin and the gang in positive territory, Litecoin should find some support from the improved sentiment across the cryptocurrencies.

Bitcoin’s gains today will have held back a Litecoin rally, though as Bitcoin continues to give up its dominance over the cryptomarket, Litecoin could begin to move more independently. Much of this will depend on Litecoin’s marketing team.

As the Ripple team have demonstrated, the correct messaging can have a significant influence on value.

For the day ahead, Litecoin will need to move through to $260 levels to hold on, with any fall back to sub-$250 levels likely to see a move back to the low $240s. There’s a lot of competition out there and Litecoin’s going to need to deliver to investors, or things could get a little shaky.

Litecoin Chart by Trading View

Buy & Sell Cryptocurrency Instantly

Ripple takes back control

Tuesday may have started a little choppy for Ripple, but early morning fall to $1.93 didn’t last long, with Ripple finding strong support at $1.93 levels.

It’s been positive since the early hours of yesterday, with Ripple closing out Tuesday at $2.1999 before this morning’s 6.45% rally to $2.35.

In recent days, while Bitcoin Cash may have bounced back from its recent ranges, Ripple looks to be the leading dip and pop cryptocurrency and has garnered significant attention since surpassing Ethereum in the market cap rankings into 2nd place. Ripple is the cryptomarket’s HODL currency of the day and we may well see Ripple splash into unchartered seas through the day, with the $2.48 high certainly in sight.

The Ripple team has done a phenomenal job in bringing the currency up the rankings and, as its platform gets more widely recognized within the world of finance, Ripple will continue to progress.

It wasn’t long ago that Ripple was sitting at $0.23 levels, December being the turning point for investors and the team.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.