Bitcoin Cash, Litecoin and Ripple Daily Analysis – 25/01/18

Bitcoin Cash Sees Green

There was finally some positives for the markets to take away from on Wednesday, with Bitcoin Cash not only closing out the day with a 2.91% gain, but also getting through the day without any major catastrophe.

With an intraday high $1,680 and an intraday low $1,550.4 hit at the start of the day, ranges were on the tighter side and on an upward trend.

The gains may not be considered spectacular, but are certainly a positive, with investors gradually dusting themselves off from a fortnight of heightened volatility attributed to cryptomarket panic over the South Korean government and its plans for the South Korean crypto exchanges.

For now it’s just the banning of anonymous trading, which is bad, but certainly not as bad as shutting down the whole market. And taxation? Well, that’s unlikely to be limited to the South Korean exchanges…

At the time of writing, Bitcoin Cash is up 1.82% to $1,681.8, having eased back from an intraday high $1,700, while sitting well above an intraday low $1,639.3 hit at the start of the day.

A move through to $1,700 levels and breaking beyond today’s intraday high would be another positive for the cryptomarkets and investor confidence, with the gains through the early part of the day broad based.

There will be some caution however, which will likely limit gains through the day as investors continue to find their feet after the choppy start to the year.

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Litecoin Slow but Steady

Litecoin’s immediate struggles seem to have been put behind it, thanks to the improved sentiment towards the cryptomarkets, with Litecoin managing to close out Wednesday with a 0.81% gain. It was far from the best performer on the day, but the very fact that prices have become more stable has supported the likes of Litecoin and will be a positive for the market in general.

Litecoin has largely fallen out of favour but, with a market cap of a market cap of $10.1bn, there’s still some interest, though this may also begin to wane as Litecoin makes its way down the rankings, with Cardano and Stellar Lumen now ranked at 5^th and 6^th, above Litecoin in 7^th.

At the time of writing, Litecoin was up 1.27% to $182.89, well above an intraday low $179.5, with a move through to $185 levels needed to support a more sustained path through to $190 and make a run at $200 by the weekend, assuming there is no negative chatter to slam the recovery.

Investors may accept another relatively flattish day, but with the likes of Stellar Lumen on the charge, up 7% this morning, time may be running out, with Litecoin’s founder having already jumped ship.

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Ripple Looks Ready for a Move

Ripple had a choppier day than most on Wednesday, hitting an intraday high $1.4258 before falling back down to $1.33965 by the close, to gain just 0.39% on the day.

Investors are still nervous and a 6.85% gain on the day was likely to be enough for some to pull out and monitor the news wires, with it being a little too quiet following the chaos of the last 14-days.

At the time of writing, Ripple is up 1.05% to $1.3666, having eased back from an intraday high $1.40796 as investors look elsewhere for greater returns.

A move back through to $1.40 levels is needed to draw investors in, with any fall back towards today’s intraday low $1.3057 likely to see Ripple sink back down to mid-$1.20 levels ahead of the weekend.

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