Bitcoin Cash, Litecoin and Ripple Daily Analysis – 16/11/17

Bitcoin Cash – Losing the Battle against Bitcoin

For now, Bitcoin looks to have won the battle for the miners, with Bitcoin’s price recovering to $7,430 at the time of writing. Bitcoin’s recover comes at the expense of support for Bitcoin Cash, which has tumbled 11.86% today to $1,043.

Hashrates that reflect where the miners are have returned to normal levels, with Bitcoin Cash’s moment in the limelight over the weekend, where its hashrate was higher than that of Bitcoin, a distant memory.

With the latest stumble, we will expect Bitcoin Cash to find some support, though Bitcoin’s return to the top of the food chain will likely limit any material upside in Bitcoin Cash for now.

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Things could go from bad to worse if investors look to lock in gains and get out, which suggests that further declines may be on the way as Bitcoin Cash’s resilience gets tested. Sub-$1,000 before the end of the week is not an unreasonable forecast as things stand.

Litecoin Pulls Back into the Ranges

Things have not been particularly spectacular for Litecoin this morning, down 1.17% at $62.55 at the time of writing.

Attempts to break free from its current ranges on Wednesday failed, though the positive for Litecoin has been its price stability through the week, suggesting that there is possible upside ahead once the volatility eases.

Continued movements across the cryptocurrencies in the wake of Bitcoin Cash’s rally and the release of Bitcoin Gold have been a factor through the week and only now does it seem as through the dust is settling from the cancellation of the SegWit2X hard fork last week.

We will expect Litecoin to hold at current levels through the day, with direction titled slightly to the upside from its current value.

 

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Ripple – Going nowhere for now

Ripple also failed to break free on Wednesday, having made a run at $0.22. At the time of writing, Ripple was down just 0.23% at $0.2081.

As we have seen with Litecoin, it’s proven to be a challenge for Ripple to make a move out of its ranges towards $0.30, with Bitcoin grabbing all the attention in recent days on its rally back to $7430.

Despite today’s declines, the outlook continues to remain relatively upbeat and demand for Ripple is likely to build as the dust settles from the Bitcoin forks.

Any moves by Ripple beyond $0.21 levels will give it a fighting chance to have a good run at $0.30, with there likely to be strong support at $0.20 in the event of further declines through the day.

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