Bitcoin Cash, Litecoin and Ripple HODL – Daily Analysis – 21/12/17

Bitcoin Cash Holds after a Rampant Wednesday

Not only did Bitcoin Cash break through $3,000 on Wednesday, but it also broke into $4,000 levels in what was a decisive moment for Bitcoin’s August offshoot.

Off the back of Wednesday’s rally, we’ve seen Bitcoin Cash ease back in the early part of the day, down 7.95% to $3,414, as some degree of profit taking hits Bitcoin Cash, with investors looking for which cryptocurrency is going to rally next.

This morning’s decline comes alongside Bitcoin recovering to $17,150 at the time of writing, with the push and pull relationship between the two on show this week.

For the day ahead, we will expect some consolidation as the markets look for direction through the day, which could be hinged on sentiment towards Bitcoin through the morning.

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Litecoin in Recovery Mode

It’s been a tough week for Litecoin, with Bitcoin’s troubles contributing to Litecoin’s fall from this week’s $380 high to a $275 low on Wednesday.

Things are a little brighter this morning, with Litecoin up 7.07% to $327.19 at the time of writing, the upside coming off the back of Bitcoin’s recovery to $17,000 levels through the morning.

For Litecoin to have any chance of competing against Ripple’s gains this morning however, we’re going to need to see Litecoin push through to $350 levels this afternoon but, with Bitcoin treading water after its early recovery, Litecoin could face quite a lot of resistance through the day.

On the news front, the founder of Litecoin was reported to have sold his Litecoins citing conflict of interest, which should be taken as a positive, though some may question whether the Litecoin founder knows something we don’t…

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Ripple Takes the Spotlight and looks to be the HODL of the Day

Ripple may have been on the back foot on Wednesday, falling to low-$0.63 levels, but it’s a very different story this morning, with Ripple surging 26.89% to $0.912 at the time of writing.

The dip and pop story that carried Bitcoin to just shy of $20,000 looks to have been passed on to a number of other cryptocurrencies, as investors face the decision of when to go in and when to jump ship. The uncertainty over whether the cryptocurrencies can rally beyond a few hours has certainly contributed to the volatility seen in the likes of Ripple.

Today’s intraday high $1.02048 is a significant landmark for the currency that was languishing at sub-$0.23 levels earlier in the month. The pullback from $1.0 levels was always likely and could see Ripple struggle to hold on to $0.90 levels if it doesn’t manage to bounce back to $0.95s in the early part of the day.

There’s certainly nothing wrong with Ripple’s current price, when considering today’s intraday high, for investors looking to get onto the Ripple bandwagon, but many will likely be sitting on the side lines hoping and waiting for the next dip.

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