Bitcoin Cash, Litecoin and Ripple Daily Analysis – 27/12/17Ripple leads the way this morning, with Bitcoin managing to hold on to recent gains, while Bitcoin Cash and Litecoin struggle for direction. The markets are in the need of a boost following the recent volatility, with some positive press needed to fuel another rally across the majors.
Bitcoin Cash in the red
Bitcoin Cash started the day in the red today, down 0.97% to $2,886.6 at the time of writing. While on the back foot through the morning, it’s been a relatively positive week so far, with Bitcoin Cash having recovered from a Friday low of $1,567.
The losses come in spite of Bitcoin enjoying further gains through the early part of the day to $16,179.78, a far cry from the sub-$12,000 lows of a week ago.
With Bitcoin Cash’s peers are in positive territory at the time of writing, a breakout through to $2,950 in the early part of the day should support a bounce through to $3,100s, though trading volumes have been particularly light this morning, with any major upside likely to be a challenge today.
Litecoin Stuck in a Rut
There’s been little to shout about with Litecoin continuing to move sideways, after coming off a weekend high $321.85.
The ranges have been particularly tight when considering the volatility associated with the cryptocurrencies and the lack of a more material move north alongside its peers may see Litecoin at risk of a downward move, as investors look elsewhere for returns. Litecoin has certainly enjoyed plenty of support at current levels, though we will expect this to soften through the day, with trading volumes having been on the higher side this morning.
In contrast, Bitcoin has been on the move and recovered to $16,000 levels and, while Bitcoin may be enjoying some new found attention, it may take some time before Litecoin gets similar attention.
Ripple on the move
Ripple looks to have put the weekend sell-off behind it, with a gain of 5.76% to $1.13695 at the time of writing.
Things have been looking particularly upbeat for Ripple in recent weeks, with the moves out of the low $0.23 level ranges now a distant memory.
With a live platform that is being incorporated into the financial system to facilitate cross-border payments between financial institutions, things are looking particularly promising for Ripple going into the New Year.
As we repeatedly point out, the team has addressed concerns over the market being flooded by the Ripple team’s XRPs and, while Bitcoin in particular has received plenty of bad press of late, Ripple has managed to avoid such issues in spite of December’s solid gains.
For the day ahead, Ripple will need to break back through to $1.15 levels to keep the rally alive, with trading volumes having eased off through the morning. A failure to move ahead could see Ripple fall back down to sub-$1.10 levels, though as things stand momentum looks to be with Ripple that continues to make splashes in the cryptomarkets.