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Bitcoin Cash and Ripple: Boosting Market Sentiment | Webinar

Bitcoin Cash and Ripple: Boosting Market Sentiment | Webinar

2018-11-07 13:04:00
Nick Cawley, Strategist
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Bitcoin, Bitcoin Cash, Ethereum, Ripple: Prices, Charts and Analysis

  • Bitcoin Cash (BCH) surges on hard fork news.
  • Ripple (XRP) positive news boosts price higher.

Cryptocurrency Market Showing Signs of Life

The cryptocurrency market expanded by around 8% over the week, due mainly to rallies in Bitcoin Cash and Ripple who both received positive news. Overall market turnover increase, albeit from low levels, and most of the major tokens now trade above their 20- and 50-day moving averages, a positive market set-up.

Bitcoin Cash (BCH) rose around 50% over the week as two large cryptocurrency exchanges said that they would adopt the upcoming BCH hardfork, due on November 15. Both Coinbase and Binance say that will support the fork, boosting BCH sharply higher.

Ripple (XRP) also rallied over the week on news that the company is looking to expand in the UAE and that Canadian exchange CoinField will begin XRP pair trading. News that cross-border payment system SWIFT was attracting the ire of the US over their dealings with Iranian banks also gave XRP a leg-up.

Ripple (XRP) Price Surges on Positive News Flows, Technicals

Bitcoin Cash (BCH) Daily Price Chart (May – November 7, 2018)

Bitcoin Cash and Ripple: Boosting Market Sentiment | Webinar

We look at Bitcoin, and a variety of other cryptocurrencies, at our Weekly Cryptocurrency Webinar every Wednesday

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Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.

IG Sentiment Data show how retail are positioned in various cryptocurrencies and how changes in holdings can affect market sentiment.

What’s your opinion on the cryptocurrency market? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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