Bitcoin Cash, Litecoin and Ripple Daily Analysis – 28/12/17Ripple looks to be the pace setter in the early part of the day, with minor declines, while Bitcoin futures prices and negative news continues to weigh on the Bitcoins and Litecoin.
Bitcoin Cash in the red again
Following a fall to $2,667 on Wednesday, there have been no signs of a dip and pop this morning, with cryptocurrencies largely in the red at the time of writing.
Bitcoin Cash has seen the one of the largest declines amongst the majors, down 8.47% to $2,477.1 and further declines are likely through the day before support kicks in.
Big brother has certainly been a factor to Bitcoin Cash’s decline, with Bitcoin down 7.2% to $14,259 at the time of writing, though one does question whether accusations of insider trading have tarnished Bitcoin Cash of late.
With Bitcoin Cash continuing to struggle to break back through to $3,000 levels, investor sentiment could be tested at $2,400, with any move lower likely to get the markets a little jittery in the wake of the pre-holiday sell-off that saw Bitcoin Cash slump to a low of $1,567 last Friday.
Trading volumes have picked up this morning, but with the Cboe Bitcoin futures prices in decline, there’s little incentive for investors to jump in just yet.
Litecoin takes a hit
Litecoin joined the cryptocurrency victims on Wednesday, falling to a low of $252.81 before a day end $262.7 that was some way off the start of the day $280.14.
As we had anticipated, Litecoin’s tight ranges through the week ultimately weighed, with Litecoin down 7.33% to $245.02 at the time of writing.
Investors have become somewhat inpatient this week, whilst also being cognizant of the volatility that has hit the cryptomarkets this month, with quite sizeable moves being seen across the board.
We will expect Litecoin to find support at $240 levels, though with the negative sentiment in the markets today, a move to sub-$220 could see Litecoin fall back down to sub-$200 levels before a bounce back.
As we have seen in recent weeks, what Bitcoin can do, Litecoin can do better and with Bitcoin down 8.88%, Litecoin is hot on its heels. Perhaps the founder of Litecoin was wise to sell out when he did…
Ripple is the best of a bad bunch through the early part of the day, with a 2.64% decline to $1.175 relatively minor compared to the likes of Bitcoin and the Bitcoin clan.
In contrast to its peers, Ripple had a relatively positive session on Wednesday and, while in the red at the time of writing, looks to be holding on relatively well considering the negative sentiment that continues to linger in the cryptomarkets.
Ripple will certainly be less sensitive to the Bitcoin futures moves, with the markets more impressed with the Ripple team’s progress in the market place. The latest news being the announcement of SBI Ripple looking into using Ripple’s blockchain technology for credit card payments.
For now, Ripple is the cryptomarket HODL and has certainly had a good week relative to its peers.
Any dips are likely to pop with the outlook towards Ripple’s blockchain tech on the positive side, which has also contributed to less vol through this week.