Bitcoin Cash, Litecoin and Ripple Daily Analysis – 24/11/17
Bitcoin Cash – Takes a breather
Bitcoin Cash hit a high $1,777 early this morning, which is the highest level it’s reached since the $2,799 spike on 12th November.
This morning’s rally was attributed to Korean trading, which bounced on the news that South Korean regulators will not be looking to regulate Korean cryptocurrency exchanges and trading practices. The comments come off the back of ECB President Draghi’s comments on Monday, when the Draghi had said that cryptocurrencies were too small to warrant regulatory oversight.
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Bitcoin Cash has eased back from this morning’s high, with some profit taking likely to have contributed to the 2.94% fall on the day to $1,610.2 at the time of writing.
In spite of today’s decline, there’s plenty of support for Bitcoin Cash and with more leading cryptocurrency exchanges beginning to offer Bitcoin Cash, volumes are likely to improve further. Following Bitstamp’s announcement of including Bitcoin Cash from next month, Bitwalla also announced that it would allow Bitcoin Cash to be held.
We will expect Bitcoin Cash to make another run at $2,000 in the coming weeks, with this morning’s losses more of a temporary setback.
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Litecoin making its move
Litecoin managed to breakout from its $72 levels overnight, hitting a high of $77.96 before easing back to a $73.31 close. Unlike the other major cryptocurrencies that enjoyed a rally overnight, Litecoin has managed to weather the storm this morning, up 0.72% at $73.83 at the time of writing.
For now sub-$70 levels are a distant memory for Litecoin holders, but to hold off from a slide, Litecoin is going to need to break through the $78 level and make a run beyond $80 to raise the bar on its ranges.
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Ripple – Range Bound
The world of Ripple seems to be getting larger by the day. News hit the wires of Standard Chartered Bank and Axis Bank launching cross border payment services using Ripple’s blockchain technology.
As we see the list of financial institutions using Ripple tech get longer, we would expect Ripple to receive more interest and move away from its current levels.
For the day, Ripple is down 1.11% to $0.2353, easing back from its latest $0.25 high. We continue to expect Ripple to find strong support at $0.23 levels and look to make another run towards $0.30 in the coming days. A failure to break past $0.26 could see Ripple ease back to $0.22 levels in the days ahead.
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