Bitcoin Cash, Litecoin and Ripple Daily Analysis – 22/11/17
Bitcoin Cash – Struggling against Bitcoin
Bitcoin Cash is up 1.72% at $1,191.4 at the time of writing, with the gains coming in spite of Bitcoin also moving northwards as the cryptocurrencies recovered from a testing session on Tuesday.
The negative sentiment towards a hack on Tether came in the wake of ECB President Draghi’s comments on Monday, where he said that he believes cryptocurrencies are too small to regulate, with cryptocurrencies unlikely to have a material impact on the economy.
Following Bitcoin Cash’s hash rate surpassing that of Bitcoin back on 12th November, hashrate divergence has certainly favoured Bitcoin since, with Bitcoin’s hashrate standing at 12.0833E compared with Bitcoin Cash’s 1.2198E. The numbers suggest that Bitcoin continues to be the version of choice for now, supported by Bitcoin’s latest run at $8,400.
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Litecoin stuck at $70
Litecoin has failed to break out beyond its current range, following the uptick from last weekend, which suggests that further upside is likely ahead. Lower ranges were tested earlier this morning, with Litecoin falling to an intraday low $69.22 before bouncing back sharply. This comes off the back of Tuesday’s drop to $68 before a bounce back.
There had been some negative sentiment towards cryptocurrencies on Tuesday, following news of a Tether hack, with the hackers now linked to another hack that took place back in 2015.
Loss of coins remains a concern, but of greater influence will be how the respective cryptocurrencies and exchanges address such events.
At the time of writing, Litecoin is up 1.24% at $70.87, with strong support for Litecoin at sub-$69 in evidence.
Ripple – Just got serious
News hit the wires on Tuesday of the appointment of Benjamin Lawksy to the Board of Directors. Lawksy was previously the superintendent of financial services in New York.
Lawsky’s appointment is considered to be a strategic move in support of Ripple’s blockchain technology that is being explored by banks and central banks for cross-border payments.
Having someone on the board who has served at such high levels of government office will certainly be expected to open doors for Ripple’s plans to revamp payment systems globally with its technology.
For investors, perhaps of interest will be Lawsky’s interest in joining the Ripple team, the move certainly a vote of confidence in the company and its aspirations.
At the time of writing, Ripple was up 1.01% at $0.2343, with the recovery from this morning’s fall to $0.2291, reflective of the strong support expected at sub-$0.23 levels, with an upward bias likely through the day.
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