Bitcoin Cash, Litecoin and Ripple Daily Analysis – 17/02/18
Bitcoin Cash Holds On
It’s been an interesting week for Bitcoin Cash, with the first half of the week seeing some relatively minor moves as Litecoin grabbed the headlines ahead of a much talked about Sunday fork.
Friday was an altogether different story however, with Bitcoin Cash waking up from a deep sleep, rallying 12.3% to end the day at $1,523.5.
It’s a hotly debated subject and views differ significantly on whether Bitcoin or Bitcoin Cash will become the main alternative to fiat currency. Litecoin’s LitePay platform has certainly raised questions on whether there is a future for either but, with Coinbase’s commerce software that allows payments with Bitcoin, Bitcoin Cash and Litecoin, some of the pressure will be off Bitcoin and Bitcoin Cash for now.
It will boil down to both vendor and consumer preferences however and we may begin to get an idea of where the preference lies later this month…
After a 25.8% rally Monday through to Friday’s close, Bitcoin Cash is up 0.29% to $1,531.9 this morning, easing back from an intraday high $1,550.9, with the Saturday crypto rally in full swing at the time of writing.
Bitcoin Cash is behind for now, with the likes of Bitcoin and Stellar Lumen up 4.1% and 5.49% respectively, but sentiment has improved towards Bitcoin Cash, so a move through to $1,600 could be seen this afternoon.
For the day ahead, Bitcoin Cash’s first resistance level is $1,587, with any move through supporting a run to $1,650, with support expected to come in at $1,418.
As we have seen in previous weekends, Saturdays have been more bullish, with some profit taking weighing on the Sundays. If current levels can be held through to Monday’s open, a move through to $2,000 is possible through next week.
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Litecoin, the Fork and All
It was some week for Litecoin, rallying 52.8% Monday through to Friday’s closing $227.99, though Friday was a little more subdued, with a gain of just 3.07%.
It was a choppy day on Friday and there remains plenty of questions over whether the mid-week rally was more in anticipation of Sunday’s Litecoin hard fork or because of news hitting the wires at the start of the week of LitePay being rolled out on 26th February.
With Coinbase looking to get in on the act, with their very own commerce software, the majors are certainly looking ready to give fiat money a run for its money, the only question is which will become more mainstream, Bitcoin Cash, Bitcoin or Litecoin.
Performance alone suggests that the race is between Bitcoin Cash and Litecoin, but the Litecoin fork is another curveball that the market will need to consider…
At the time of writing, Litecoin was up 0.97% to $230.46, with Litecoin easing back from an intraday high $233 hit earlier this morning.
For the day ahead, with the crypto rally in motion, a move through to $238 would support a run towards $248, with a late jump a reasonable prospect when considering the prospect of Litecoin Cash coins for those holding Litecoin at the time of the fork.
Litecoin’s first support level sits at $214, though we won’t expect this to be tests through today.
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Ripple in Stealth Mode
It’s been a tough week for Ripple’s XRP, though when considering how the global equity markets performed in their relief rally, Ripple’s 15.5% gain Monday through to Friday’s closing $1.1099 was not a complete disaster.
News through the week of Western Union looking to test Ripple’s platform and the Saudi Monetary Authority signing a deal to use Ripple’s platform was certainly good news and provided much needed support.
Ripple managed to hold on to $1.00 levels by the end of the week, but one does wonder what investors and speculators are looking for, with Ripple seeing only a slight response to the news hitting the wires.
At the time of writing, Ripple is up 1.77% to $1.131, with interest elsewhere limiting Ripple’s upside.
For the day ahead, Ripple has already tested its first major resistance levels of $1.14 and $1.17 and, with an intraday high of $1.76 and bullish trend forming, suggests an imminent move through to $1.20 levels is possible.
Support will be seen at $1.07, with Ripple unlikely to give up $1.00 levels over the weekend, with sentiment having improved through the week.
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This article was originally posted on FX Empire
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