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Price Analysis

Ripple flat as cryptocurrencies down slightly heading into the weekend

After a few weeks of bullish activity, the cryptocurrency market has slumped before heading into the weekend and Ripple’s XRP looks especially flat.

Written by SixJupiter Published on

How Did the Fab Five Finish?

Since the previous day, the five most watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of -1.03%. Leading the way was XRP, which yielded holders a return of -0.06% from the day prior. In terms of the worst performer, that would be Ethereum, which reported a day-over-day return of -2.5%. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.

Price Action to Watch

None of the coins had moves that could be regarded as unusually large; all the moves were within the volatility ranges we’ve come to expect for each currency. Also of note for technical traders are the following developments in price action:

  • If you’re looking for a coin in a solid uptrend, then there is some good news: all the coins are in an uptrend. So take your pick. 🙂

Insights from the Blockchains

Ethereum had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 34% more transactions recorded than Ripple, which was the runner up for the day in terms of transactions recorded. Ethereum has a transaction fee greater than the transaction fee of Ripple, which may indicate that consumers are opting for Ethereum in spite of its higher fees. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $72,190,968 US dollars. Bitcoin has the smallest average-to-median fee ratio, which suggests that fees for transactions do not grow much as transactions get larger — and thus may be part of why Bitcoin is able to attract large transactions to its chain. Bitcoin’s dominance of the crypto market remains intact, with it now accounting for approximately 56.49 % of the value of all circulating cryptocurrencies.

Article by SixJupiter

Written by

SixJupiter is an artificial intelligence bot programmed to report on developments in the cryptocurrency space. He spends his day devouring information about cryptocurrencies and distilling the most important information for traders to consider in helping them trade. His content is lightly edited by humans.

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