Bitcoin Cash, Litecoin and Ripple Daily Analysis – 10/02/18

Bitcoin Cash Looking to Break $1,400

Bitcoin Cash enjoyed a week in positive territory, gaining 13% from Monday’s opening $1,157.2, though the gains masked events through the first half of the week, which saw Bitcoin Cash slump to a Tuesday low $758.61.

Bitcoin Cash and its peers initially responded to news on Tuesday that China’s central bank, the PBoC, was about to ban the trading of cryptocurrencies both onshore and offshore. The news hit the wires ahead of a heavily anticipated cryptocurrency Senate hearing that had the Chairman of the SEC and CFTC giving testimony.

With both Chairmen calling for a measured approach to the cryptomarket and the news from China being called fake news by the PBoC itself, there was certainly some relief in the market.

Bitcoin Cash rallied 72.42% from Tuesday’s low to Friday’s close, with the second half of the week seeing very little by way of regulatory chatter to rock the cryptomarkets for a 2^nd time.

Friday’s 2.31% gain may not have been spectacular, nor the week’s gains, but for the cryptomarkets, there seems to be a growing concern in certain jurisdictions of losing the entrepreneurialship associated with blockchain start-ups, the U.S being one jurisdiction in particular and that can only be good news.

Such sentiment from the Chairman of the SEC, which was also shared by some up and coming Democratic candidates, one of whom is accepting Bitcoin for campaign donations, is all a step in the right direction for the cryptomarket and its future.

With cryptocurrency investors in better spirits going into the weekend, Bitcoin Cash was up 3.65% to $1347.4 at the time of writing, with the traditional weekend rally looking set to kick off.

Whether the rally fizzles out remains to be seen, but if Bitcoin Cash can make a move through to $1,400 levels, it will be likely draw in new and old money.

As always, there is an ongoing risk that regulators may spoil the party, which will likely result in a more orderly move through the weekend for Bitcoin Cash and the majority of the cryptos.

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Litecoin Trails after a Solid Week

Litecoin certainly enjoyed a strong recovery through the week, gaining 14.09% to Friday’s $168.3 close, with Friday’s 12.88% rise a strong statement, when compared with Bitcoin Cash’s 2.31% gain on the day.

A move through to $160 levels doesn’t yet support those projecting Litecoin to rally to $400 levels, but it’s certainly a step in the right direction

Another positive for the Litecoin team is the daylight now between Litecoin and Stellar Lumens in the rankings, with Litecoin’s market cap rising to $9.16bn, Lumen’s sitting at $8.12bn at the time of writing.

There’s plenty of hype over Litecoin’s Litepay platform, with many considering this to be the first platform to really give fiat money a run for its money. If it delivers, $400 could turn out to be a low ball forecast, though don’t expect Litecoin to jump to these levels on the day of release. Investors will need to assess its acceptance in the market place, though the speculative investor will no doubt jump in regardless.

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Ripple Makes a Splash and Breaks $1.00

A sheepish first half of the day turned out to be a tear for Ripple’s XRP, which recovered from a Friday low $0.724 to close out the day at $0.98518, a 26% gain for the day.

It was the best of the three performance wise for the week and for the day, with Ripple ending the week up 20.97%, which included a 72% rally from Tuesday’s $0.57294 low to Frida’s close.

Amongst the cryptocurrencies, Ripple’s platform has certainly main inroads into the mainstream, having been adopted by numerous financial institutions, facilitating cross border payments. As the platform becomes more widely accepted, Ripple’s XRP will likely reflect the successes of both the platform and the Ripple team’s ability to roll out the product to market.

Following strong gains last week, the weekend has started kindly, with Ripple up 9.59% to $1.00845 at the time of writing, with only Stellar Lumens anywhere near amongst the majors, Lumens up 8.18% to $0.42.

A weekend rally looks on the cards and Ripple has arrived to the party early. The milestone will be for the cryptos to hold onto the gains through to Monday’s open.

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