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

Bitcoin Cash looking to join the party

Bitcoin Cash managed to get through a choppy weekend and start to the week relatively unscathed, which is a reflection of the level of support in place at $1,200 levels, with the fact that there was no further decline to sub-$1,000 levels placing Bitcoin in a good position today to make a run towards $1,700 levels and a possible move towards $2,000.

Bitcoin has taken a slight hit through the early part of the day, down 2.58% to $16,042, giving Bitcoin Cash some of the limelight, up 4.44% to $1,473.5 at the time of writing.

The resilience in Bitcoin Cash and ability to avoid more significant losses over the weekend supports the notion that Bitcoin and Bitcoin Cash can co-exist, though for how long remains to be seen. Bitcoin forks down the road could resolve key issues faced by Bitcoin users and possibly wipe out Bitcoin Cash down the road.

For now, it’s all to play for however and Litecoin has added a sparkle into the cryptocurrency markets this week, following the launch of the Bitcoin futures contracts on Sunday.

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Litecoin Spectacular

New highs galore for Litecoin over the past 24 hours, with an all-time high $275 hit early this morning in what has been a stellar run that kicked off at the end of last week, when Litecoin bounced back from sub-$100 levels.

The dip and charge has been a characteristic of Bitcoin and Bitcoin’s main competitor looks to be taking advantage of Bitcoin’s disadvantages, which include sizeable transaction fees and significantly slower transaction speeds, when compared with Litecoin.

With year-to-date gains in excess of 4,000% and 68% surge since Sunday night, it’s been quite a spectacular end to the year, assuming things don’t collapse in the remaining weeks of 2017.

We had considered the possible effects of the launch of the Bitcoin futures market on the cryptocurrency market in general. Bitcoin’s bounce off the back of forward contracts through Monday would have certainly provided additional support to Litecoin.

There are no signs of any shackles for now, with Litecoin up 15.74 to $253 at the time of writing, with the next milestone being $300, with momentum certainly in favour of Litecoin, while Bitcoin is on the back foot at the time of writing.

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Ripple is looking to make a move

Ripple may have been the laggard in recent days, but things are looking up for Ripple this morning, currently up 5.66% to $0.2622.

The move north began following news of Ripple placing 55bn of its close to 62bn XRPs into escrow, with 1bn tokens to be unlocked each month for Ripple’s use.

Shifting the tokens into escrow removers concern over Ripple flooding the market with its XRPs and the 1bn monthly release allows markets to assess market supply and price XRP more accurately without the possible impact of a market flood.

We will expect Ripple to continue on its upward trajectory through the day with any break through to $0.27 levels supporting a run towards $0.30.

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