Bitcoin Cash, Litecoin and Ripple Daily Analysis – 22/01/18

Bitcoin Cash Struggles

An immediate crisis may have been averted last week, with the cryptomarkets recovering from Wednesday’s lows, but the threat remains real and is unlikely to disappear anytime soon.

Fresh news hitting the wires of the North Korean government hacking a South Korean cryptocurrency exchange, steeling millions of U.S Dollars is yet another reason why the South Korean government may go through with their threat and bring down one of the largest cryptomarkets.

Granted that the general sentiment is that investors will be able to circumvent and the North Korean government can hack exchanges elsewhere, but there will be some fallout nonetheless.

At the time of writing, Bitcoin Cash was down just 0.57% to $1,759.00, easing back from an intraday high $1,792.7 and a weekend high $2,110.00 hit late on Saturday, with the cryptocurrencies seeing the weekend trends continue.

For the rest of the day, Bitcoin Cash will need to hold on to $1,700 levels to avoid a fall back through to the low $1,600s, with the cryptocurrency board a sea of red at the time of writing.

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Litecoin Pulls Back from Weekend High

It’s been a choppy few days for Litecoin, which had struggled to hold on to recovery gains late last week and end the week at sub-$200 levels, falling back from $240 levels held at the start of the week.

While Litecoin managed to break through to $200 levels on Saturday, hitting a weekend high $214.88, the gains were short lived and its’ been downhill since, with Litecoin down 0.13% to $191.00 at the time of writing.

For Litecoin to avoid a pull back to sub-$180 levels, a move back through to $200 levels will be needed through the day, though with more bad news hitting the crypto news wires, investors are likely to still be relatively sensitive, which will likely limit any major rallies through the day.

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Ripple on the Move

Ripple’s dip to Friday close 76% rally last week was an impressive one and will certainly give Ripple a greater standing in the cryptomarkets.

Ripple’s greater support is likely to be attributed to the fact that Ripple’s blockchain technology has already been adopted by financial institutions and has gone mainstream, whilst others are in development stages or have made little progress in widening their client base.

At the time of writing, Ripple was up 0.58% to $1.3708, leading the way amongst the majors, with Ripple having eased back from a weekend high $1.63107 and an intraday high $1.429098.

For the day ahead, while there is some negative news hitting the wires, Ripple will be looking to break through to $1.45 levels, which would support a move back to $1.50, though its likely to be a choppy day, with today’s intraday low $1.324196 reflecting strong support levels at $1.32.

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