Bitcoin Cash, Litecoin and Ripple Daily Analysis – 13/12/17

Bitcoin Cash Pulls Back

Bitcoin Cash has been on the back foot through the early part of the day, with a 4.79% decline to $1,523.3 at the time of writing.

A failure to break through $1,700 levels overnight has led to today’s declines, though we are seeing strong support at current levels that could fend off another slide to sub-$1,300 levels and provide the impetus for another run at $1,700 levels that could spur a move towards $2,000.

Bitcoin Cash has moved tentatively in recent days, which is in stark contrast to some of its peers, with a cryptocurrency frenzy seeing the likes of Ripple and Litecoin make sizeable gains through the first half of the week.

Bitcoin may be spoiling the party for now, with today’s decline considered minor in the grand scheme of things.

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Litecoin Rally on Pause

Litecoin made the headlines yet again, with Bitcoin’s rival hitting an all-time high $420 on Tuesday before easing back to the low $300s in the early part of today.

Sentiment towards the advantages of Litecoin over Bitcoin continue to fuel demand for Litecoin, with transaction times significantly faster than those on Bitcoin’s blockchain, whilst also being able to deal with a significantly higher number of transactions. The combination of the two has been in the news of late as Bitcoin exchanges reported a sizeable number of pending transactions.

This week’s rallies in Litecoin and other cryptocurrencies has raised concerns over a bubble ready to burst, but for Litecoin, this week’s gains are more from the advantages on offer than a final hoorah before a fall into the abyss.

At the time of writing, Litecoin was down 5.59% to $332.39. While we won’t expect a fall back to sub-$200 levels any time soon, support could kick in at $320 levels and any fall below that could see Litecoin test sub-$300 support levels later in the day.

Following the latest spike, Litecoin will likely face stern resistance, with some consolidation to be expected following the recent surge in value, though Litecoin could find itself on a rebound should Bitcoin manage to make a move.

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Ripple makes its move

Ripple finally managed to break free from its ranges on Tuesday, with a breakout beyond $0.27 giving it a much needed boost through the resistance levels on the day.

Following the solid gains on Tuesday, unlike its peers, there’s been further upside through the early part of today, with Ripple up 8.02% to $0.4244, whilst off from an intraday high $0.4636.

What a difference a day makes and the latest surge is all down to Ripple placing the lion’s share of its XRPs into escrow.

The news has certainly provided much needed interest, with Ripple having lagged behind its peers ahead of Tuesday’s rally.

For the day ahead, we will expect Ripple to test sub-$0.42 support levels, with any moves back towards its record high $0.48104 supporting a move towards $0.50, though with the rest of the majors in the red, today may not be the day for the move.

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