LTC Halving Update and XRP Options
About a month ago we wrote about the impending LTC halving, which should occur on August 4th. We have watched LTC closely as the deadline closes in, and quite frankly have not seen as much of a push higher as we would have expected. The last month or so has been dominated by the strength in BTC, which we wrote about a week ago in a piece titled “Bitcoin Dominance”. For comparisons sake, below is the performance of LTC and BTC side by side:
Analyzing this chart, we see that in the April rally LTC actually outpaced BTC, however by the middle of May their relative performance converged. Moving forward towards June, once again LTC seemed to outpace BTC in what we presumed was an anticipatory rally surrounding this halving catalyst. As we had written a month ago, “This event can also be compared to a “buy the rumor, sells the news” type scenario, where weeks leading up to the event LTC price rallies, but after the date of the halving the momentum slows and traders looking for that explosion to the upside that doesn’t occur decide to close their built-up length and price retraces.”
So as we stated above, it appears there was a definite run up in LTC price weeks prior to this event, however the selloff has also occurred prior to the halving, and not after the catalyst date. This gives us the impression that the LTC halving may be a non-event in terms of a massive price move one way or the other.
In other markets, we had some interest in XRP options yesterday. Below are the options structures we looked into:
XRP V (10/25/19) .25 Puts .0247/.0410
XRP V (10/25/19) .25/.40 fence -.0192/.0139 put over
Referencing $0.32
XRP/BTC V (10/25/19) 3000 satoshi Puts 245/495
XRP/BTC V (10/25/19) 2750 satoshi Puts 150/375
Referencing 3225 satoshi’s
As always if you have interest in these XRP Options please let us know.
Analyzing this chart, we see that in the April rally LTC actually outpaced BTC, however by the middle of May their relative performance converged. Moving forward towards June, once again LTC seemed to outpace BTC in what we presumed was an anticipatory rally surrounding this halving catalyst. As we had written a month ago, “This event can also be compared to a “buy the rumor, sells the news” type scenario, where weeks leading up to the event LTC price rallies, but after the date of the halving the momentum slows and traders looking for that explosion to the upside that doesn’t occur decide to close their built-up length and price retraces.”
So as we stated above, it appears there was a definite run up in LTC price weeks prior to this event, however the selloff has also occurred prior to the halving, and not after the catalyst date. This gives us the impression that the LTC halving may be a non-event in terms of a massive price move one way or the other.
In other markets, we had some interest in XRP options yesterday. Below are the options structures we looked into:
XRP V (10/25/19) .25 Puts .0247/.0410
XRP V (10/25/19) .25/.40 fence -.0192/.0139 put over
Referencing $0.32
XRP/BTC V (10/25/19) 3000 satoshi Puts 245/495
XRP/BTC V (10/25/19) 2750 satoshi Puts 150/375
Referencing 3225 satoshi’s
As always if you have interest in these XRP Options please let us know.
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