Bitcoin Cash, Litecoin and Ripple Daily Analysis – 07/02/18

Bitcoin Cash Struggles on

There was some good news for cryptocurrency investors on Tuesday, with the rumble and tumble of Monday and early Tuesday coming to an end, Bitcoin Cash managing to gain 6.97% to end the day at $947.

It was looking a little dire for Bitcoin Cash and the markets through Tuesday morning, with Bitcoin Cash having hit an intraday low 758.61, but holding off a move towards $600 levels was certainly a positive for Bitcoin Cash investors.

While concerns over the regulator landscape continue to impact the cryptomarkets, SEC and CFTC testimony to the Senate was relatively positive for the cryptocurrencies, though the soft stance certainly does not remove the prospects of a material shift in U.S oversight, which will be a negative, particularly if there is any control over the jurisdictions in which U.S investors are permitted to trade.

Interestingly, following Facebook’s decision to ban Initial Coin Offering ads, news has hit the wires of Canadian regulators and law enforcement agencies, including the FBI, calling on Google to ban ICOs ads and more, which would certainly be another blow for the ICO market that has enjoyed the world of social media to drive expansion and appetite for the cryptos.

At the time of writing, Bitcoin Cash was down 5.54% to $911.08, having eased back from an intraday high $970.63, with Bitcoin Cash having some wiggle room at current levels, the first major resistance level sitting at $1,040 and the first support level sitting at $861.80

For the day ahead, any upside will be limited as uncertainty over what lies ahead continues to influence, which suggests that the path of least resistance is down for now.

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Litecoin Doing Better than the Rest

Litecoin enjoyed a solid second half of the day on Tuesday, recovering from an intraday low $103.65 to end the day up 12.1% to $140.1.

There was certainly a shift in sentiment through the second half of the day, with market tension easing following the updated reports on the testimonies from SEC and CFTC Chairmen on the cryptomarkets.

For Litecoin investors, the chatter of Litecoin reaching the dizzying heights of $400 has returned, with the projection supported by the roll out of LitePay that is expected this week.

Investors will likely consider the LitePay platform to be the first viable alternative to fiat currency payment systems and, the cryptomarkets will finally see what kind of impact such a platform can have on the value of the cryptocurrency itself.

Bitcoin may have delivered the first platform, but transaction speeds and fees have left the platform struggling for new business and retail customers.

At the time of writing, Litecoin is down 2.3% to $138.24, recovering from an intraday low $130.6, with the outlook certainly looking positive for the Litecoin team.

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Ripple Recovers, But Pressure Remains

Following Monday’s 15.7% slide, Ripple managed to gain 8.28% on Tuesday to end the day at $0.74045, though Ripple looks to be a long way off pulling back to $1.00 levels.

Ripple slid to an intraday low $0.5729 on Tuesday before managing to bounce back and, while sentiment across the cryptomarket has improved, plenty of concerns remain over how the landscape will look in the coming months.

While the banning of ICO ads on Facebook and calls for bans to be imposed on Google are considered negative for the markets, it may ultimately favour the likes of Ripple and Litecoin who have or are about to have platforms out in the real world. Neither can be considered speculative from a product perspective, though success will be key and for now Ripple has far more successes than its peers.

At the time of writing, Ripple was down 3.5% to $0.73116 and, while Ripple continues to struggle, the longer term outlook remains positive for Ripple investors and the team.

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