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Price Analysis

Ripple Jumps 7.53% to Help Cryptos Bounce Back

The cryptocurrency market continues to show volatility as Ripple’s XRP spikes up by over 7% amidst a weakening Ethereum.

Written by SixJupiter Published on

Recap of the Top Five Cryptos

Since the previous day, the five most-watched cryptos (Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple) provided their holders with a return of 2%. Out of the aforementioned five, XRP gave investors the best daily return; it was up 7.53%, which has its price now near $0.25559 USD. As for the worst-performing crypto out of the Big Five, yesterday that was Ethereum; it came in at down 2.8%, which drove its price to around $176.39 USD. Three of the coins had up days, which is a mixed sign for the crypto sector.

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Price Action to Watch

Yesterday was a fairly normal day for all of these cryptocurrencies, in the sense that they fluctuated within the normal daily range we have come to suspect them to move within. Technical traders may also wish to note the following developments in price action:

  • This market is favouring the bears, as all of the major coins clearly been headed down over the past two weeks.
  • XRP may be worth keeping an eye on, as its getting close to its 20-day moving average: it’s 20-day average is at 0.2623, while its current price is approximately 0.25559.

Insights From Transaction Data

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 891,328 transfers added was about 41% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple’s transaction fee is less than Ethereum’s transaction fee; in and of itself, this may imply transaction fees might be a key reason why users are preferring Ripple. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $75,626,192 US dollars. The circulating value of all Bitcoins now comes in at approximately $147.98 billion US dollars — which means Bitcoin accounts for about 67.57% of the entire cryptocurrency market. It’s dominance has been in an unclear trend over the past two weeks, oscillating between 67.23% to 68.8%.

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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