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Price Analysis

Ripple Jumps Over 17% As All Cryptos Except Bitcoin Rally

While Bitcoin is remaining in a flattened state, the rest of the cryptocurrency market is rallying around with a massive jump in Ripple’s XRP price.

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone up 4.88% in aggregate. The best performer of the bunch was XRP, which went up 17.51% and currently is sitting near $0.306674 USD. In terms of the worst performer, that would be Bitcoin, which reported a day-over-day return of -0.35% — a move that puts its price around $10163.38 USD. Out of the five coins observed here, four cryptocurrencies were up — which is a bullish sign for the sector as a whole.

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Price Action to Watch

It should be noted that the price behaviour of XRP and Litecoin was especially curious, as their moves yesterday were much larger than their respective normal daily trading ranges. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Seeking momentum? Litecoin, Bitcoin Cash and Ethereum have been in a clear uptrend for the past two weeks.
  • XRP has no clear trend. Perhaps one for trend following traders to avoid.
  • Bitcoin has clearly been heading downwards. Perhaps one for bulls to avoid until the downtrend ends.
  • Bitcoin may be worth keeping an eye on, as its getting close to its 20-day moving average: it’s 20-day average is at 10252.9915, while its current price is approximately 10163.38.

Insights From Transaction Data

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 1,033,665 transfers added was about 46% greater than the transactions recorded on Ethereum, which was the runner up for transactions logged on its chain over the past 24 hours. Ripple has a transaction fee less than the transaction fee of Ethereum, which may indicate that transaction fees might be a key reason why users are preferring Ripple. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $109,768,992 occurred on Bitcoin’s chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $176.97 billion US dollars. That’s about 67.37% of the value of all circulating cryptocurrencies. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in a downtrend, going between 67.26% to 70.84%.

Article by SixJupiter