Ripple breaks away from the pack in the early part of the day, as Bitcoin eases back from its weekend high, with investors considering what impact the launch of the Bitcoin futures markets will have on the cryptocurrency market.
Bitcoin Cash holding steady
Bitcoin Cash has joined the rest of the cryptocurrency majors in the red at the time of writing, down 0.97% to $1,811.5, though its faring relatively well compared with the competition, with Litecoin seeing a more significant decline in the early part of the day.
Bitcoin rallied to a weekend high of $19,666 following the launch of the CME Group Bitcoin futures that saw Bitcoin January 2018 contracts hit $20,000 levels in the first day of trading.
The good news for Bitcoin Cash is that we have seen the currency remain relatively resilient to downward pressures, with current levels not too far off last week’s $2,100 spike.
For Bitcoin Cash to hold on to current levels however, a move through to $1,900 levels will be needed in the early part of the week, though as we have seen with Bitcoin and the other cryptocurrencies, the markets have another dimension to consider with the launch of the Bitcoin futures markets.
Litecoin looking for a bounce
While Bitcoin managed to get to within touching distance of $20,000 on Sunday, Litecoin continued to sit well below last week’s highs, with the markets having taken preference for Bitcoin ahead of this week’s CME Group Bitcoin futures launch.
As was the case following the Cboe launch the previous week, expectations were for Bitcoin to get a boost and this was certainly the case, supported by the CME futures contracts for January expiry hitting $20,000. It’s always going to be tough for Litecoin to compete against Bitcoin in such instances, with Bitcoin’s gains coming at the expense of Litecoin’s overnight.
For the day ahead, Litecoin will need to break back to $330 levels hit through the early part of the weekend to have a run back up to higher $300 levels, with any sideways moves likely to see Litecoin test sub-$300 support levels. It’s looking ready to make a move, though much will depend upon the CME Bitcoin futures markets and where Bitcoin is priced.
Ripple goes sideways
Following last week’s fanfare over Ripple placing 55bn XRPs into escrow, there was little else for investors to consider through the weekend, with focus being placed squarely on the launch of the CME Group Bitcoin futures market.
The decline since last week’s $0.8839 has been quite telling. At the time of writing, Ripple was up 1.67% at $0.7209, having recovered from an intraday low $0.66529 hit earlier this morning.
While Litecoin may be feeling pressure from Bitcoin, Ripple’s likely to be considered a safer play as the markets look to see what impact the launch of the futures markets have on the big-4 cryptocurrencies this week.
Having found strong support at sub-$0.70 levels, Ripple will need to make a move through to $0.75 levels to have another run at $0.80 levels, though there’s likely to be plenty of resistance following the sideways moves through the weekend.