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Price Analysis

Ripple (XRP) the only top crypto to rally, eking out a 0.3% increase

As the cryptocurrency market sits in tight zones, Ripple is the only token to see any increase in daily trading.

Recap of the Top Five Cryptos

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were down -0.89%. The best performer of the bunch was XRP, which went up 0.3% and currently is sitting near $0.259358 USD . In terms of the worst performer, that would be Ethereum, which reported a day-over-day return of -2.3% — a move that puts its price around $175.01 USD. One of the coins had up days, which indicates the almost the entirety of the sector as a whole moved down.

Crypto brokers to trade the currencies mentioned here: CoinDirect, Gate, Yobit, Stex, Binance, DDEX

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. Also of note for technical traders are the following developments in price action:

  • Currencies without a clear trend over the past two weeks are Bitcoin and Bitcoin Cash. If you prefer choppy, rangebound markets, they might be up your alley.
  • Currencies in clear downtrend over the past two weeks are Litecoin, XRP and Ethereum. If you prefer bear markets, they might be up your alley.
  • XRP and Bitcoin Cash are getting quite close to their respective 20 day moving averages; they are within 3% of them.

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Insights from the Blockchains

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 859,536 transfers added was about 19% 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. The largest transaction in the cryptocurrency space yesterday, coming in at a value of $55,844,824 occurred on Bitcoin’s chain. Bitcoin continues to dominate the crypto market, with the total circulating value of its currency equal to approximately $187.83 billion US dollars. That’s about 70.39% 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 an uptrend, stepping from 67.82% to 70.39%.

Article by SixJupiter