Bitcoin Cash, Litecoin and Ripple Daily Analysis – 04/12/17

Bitcoin Down but not out

The bounce back in the cryptocurrency market was certainly a strong one, but some fared better than others in recent days, with Bitcoin continuing to grab the headlines as it raced back to $11,000 levels.

Today’s gains have also been impressive, with Bitcoin rising 3.02% to $11,590, with Bitcoin Cash up 2.32% at $1,538 at the time of writing.

What impact Bitcoin’s transaction speeds will have on the battle between Bitcoin and Bitcoin cash remains to be seen, with hashrates continuing to reflect miner’s Bitcoin preferences. Forks and transactions speeds are factors, but until Bitcoin’s gains come to an end, Bitcoin Cash is always going to be coming in 2^nd.

Let’s not forget that Bitcoin Cash’s only visit into $2,000 levels was a short lived spike back on 12^th November. Quite a difference from its Big Brother and peers.

The day ahead will likely be a positive one for Bitcoin Cash, though we don’t expect any major breakout beyond its current ranges, with the Litecoins and Bitcoins of this world grabbing all the attention for now.

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Litecoin Holds above $100

Another record for Litecoin to draw in new investors, with Litecoin touching 107.49 late Sunday before easing back to $101 levels at the time of writing. That’s quite a move from $78 hit on 30^th November.

The market favourites for certainly look to be Bitcoin and Litecoin and with all of Bitcoin’s fork troubles, Litecoin may begin to become the market favourite before long. Bitcoin’s miner and core developer infighting could ultimately lead to Bitcoin’s undoing, with the ethos of decentralization leaving the technology with no leader to take it forward.

Litecoin doesn’t face similar issues and this may prove to be the decisive difference in the weeks and months ahead.

Having hit $107 levels at the end of the weekend, we can expect Litecoin to make another run at $103 – $105 levels, though we can expect strong resistance at current levels as investors take a pause.

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Ripple Continues to Lag its Peers

Things have not got much better for Ripple in recent days, despite hitting a weekend high $0.263959. The choppiness was far more evident in Ripple’s price movements over the weekend, with Ripple also hitting a weekend low $0.22565.

Positive press fails to provide any material upside and the lack of a breakthrough to $0.30 levels continues to be the key issue for Ripple investors looking for a rally.

At the time of writing, Ripple is up 1.04% at $0.2471, which is placing it ahead of Litecoin for the day, though there’s a distinct difference between the levels being reached by both Litecoin and Bitcoin and for now that is likely to be the negative.

We will expect some further gains for Ripple on the day, with a possible move to $0.25 levels, though ranges continue to remain tight and that’s not doing it any favours.

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