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Price Analysis

Ripple Jumps Over 6% As All Top Five Cryptos Rally

As the cryptocurrency market sees a moderate rally, Ripple XRP spikes in price, gaining 6% putting the token in the green.

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 2.76%. Leading the way was XRP, whose price is now around $0.291896 USD, which yielded holders a return of 6.2% from the day prior. In terms of the worst performer, that would be Bitcoin, which reported a day-over-day return of 0.81% — a move that puts its price around $8363.94 USD. In total, all five coins were up from the day prior, which is nice for those bullish on cryptocurrencies.

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Key Technical Moves

The move in XRP was especially surprising; it was much larger than the normal daily trading range associated with the currency. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • Trend traders may wish to keep an eye on XRP. It has clearly exhibited a bullish trend over the past two weeks.
  • Currencies without a clear trend over the past two weeks are Litecoin, Bitcoin, Bitcoin Cash and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
  • 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 8260.975, while its current price is approximately 8363.94.
  • Also of note is that Litecoin and Bitcoin Cash crossed their 20-day moving averages yesterday.

Insights From Transaction Data

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 32% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. 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. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $924,785,344 US dollars. The circulating value of all Bitcoins now comes in at approximately $149.51 billion US dollars — which means Bitcoin accounts for about 66.21% of the entire cryptocurrency market. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in a downtrend, falling between 66.21% to 67.57%.

Article by SixJupiter