Bitcoin Cash, Litecoin and Ripple Daily Analysis – 14/12/17

Bitcoin finally breaks out

It’s been a long time coming, but perhaps worth the wait, with Bitcoin Cash surging 23.14% to $1,947 in the early part of the day in what is likely to be a move to $2,000 levels.

Bitcoin Cash had plenty of support through the first half of the week, managing to avoid a slide back to $1,200 levels and below. The lack of moves by Bitcoin certainly helped the cause for this morning’s rally, with the Bitcoin futures market failing to deliver a much talked about spike in Bitcoin value.

It will be too early to celebrate when considering the speed with which a Bitcoin rally can ensue, but as things stand Bitcoin Cash could be looking at a solid end to the year and closing the year at $2,000 levels would certainly be a positive one, affirming the view that Bitcoin and Bitcoin Cash can in fact co-exist, for now.

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Litecoin holds on

Following an impressive run to $400 levels before easing back, Litecoin has failed to make another run towards this week’s all-time high, with Litecoin trading within tight ranges through much of Wednesday and the early part of today.

The Bitcoin inadequacy driven rally looks to have run out of steam, with Bitcoin also having treaded water. For Litecoin to make a move, Bitcoin is going to need to break out of its current ranges, with Big brother having failed to break into unchartered territory for perhaps the longest spell since mid-November.

Litecoin and Bitcoin are expected to have a greater degree of correlation and, while Litecoin is unlikely to provide Bitcoin with direction, Bitcoin is capable of providing the necessary impetus for Litecoin.

We have seen strong support for Litecoin at current levels, but for Litecoin to be able to hold on to $300s, a move through to $350 is going to be needed in the near-term, or we could see Litecoin fall back to $290s.

At the time of the report, Litecoin is up just 0.09% at $313.17, with Bitcoin Cash and Ripple the big stories of the day.

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Ripple makes another splash

For those investors who managed to grin and bear the lack of momentum in Ripple leading into this week, the rewards have been exceptional.

We had seen prices wedged between $0.20 and $0.25 levels for quite some time, whilst the other cryptocurrencies grabbed the headlines. The shift this week has been an impressive on, with Ripple moving from a Sunday night $0.2323 to a record high $0.6254 this morning.

At the time of writing, Ripple is up 20.31% to $0.5521 for the day, with the gains for the current week sitting at 138%.

With Bitcoin having been stuck in a rut through the week, the altcoins have certainly enjoyed the week, with Bitcoin Cash and Litecoin also making strong gains, as the markets look towards the alternatives for buying opportunities.

Ripple’s technology has had plenty of press, but as we have seen with the other cryptocurrencies, a catalyst is needed to drive prices northwards and this week’s announcement of Ripple’s XRPs being placed into escrow seems to have done the trick.

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