Bitcoin Cash, Litecoin and Ripple Daily Analysis – 23/11/17
Bitcoin Cash – On the move
Bitcoin Cash has found a new lease of life today, surging 20.95% to 1571.6.
The good news for Bitcoin Cash was news of Bitsamp deciding to list Bitcoin Cash on its exchange allowing trading with the more commonly traded currencies. The evolution of Bitcoin Cash has been a rapid one and, while there remains plenty of debate over whether the Bitcoin and Bitcoin Cash can co-exist, the very fact that more exchanges are now listing suggests that the debate is over.
With the cryptoworld seeing technological advancements, as companies look to raise funds through initial coin offerings to deliver on more user friendly trading platforms, things could get even better for Bitcoin Cash. The only concern would be the possible downside effects of another Bitcoin hard fork and whether Bitcoin Cash would be able to command its position alongside Bitcoin as Bitcoin’s leading offshoot.
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Bitcoin Cash’s hashrate has converged marginally with that of Bitcoin, supported by the latest price rally, though for now hashrates continue to remain heavily in favour of Bitcoin.
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Litecoin heading south
Litecoin failed to break out beyond $72 levels this morning and has been on the decline in the early part of the day, though with strong support in place at sub-$70 levels, the decline has been relatively minor today, down just 1.62% to $71.14. The issue Litecoin will face is if it continues to sit in its current ranges and fails to make a move. We will expect support to fall away and for Litecoin to fall back to its previous low-$60 ranges in such an event.
The good news for Litecoin is sentiment towards its product and also current valuations that makes the cryptocurrency more accessible to want to be investors.
Trading platforms are on the rise and as financial institutions look to get on the band wagon, demand for the mainstream cryptocurrencies such as Litecoin is likely to be on the rise.
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Ripple – Range Bound
Ripple grabbed more headlines in the last day, with news hitting the wires of the UAE’s RAK Bank looking to ripple’s blockchain technology for its cross border payments to India’s Axis Bank. Despite the good news, Ripple has failed to break beyond $0.24 levels since its 16th November rally.
The lack of momentum suggests that further declines are likely through the day, though Ripple’s unlikely to fall to sub-$0.22 levels with Ripple’s blockchain technology continuing to grab the headlines.
At the time of writing, Ripple was down 0.75% At $0.2371
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This article was originally posted on FX Empire
