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Price Analysis

Ripple surprises by leading the way, heading up by 3.01%

Following a weekend downtrend, Ripple’s XRP has taken a turn up, increasing by just over 3% to move the market forward.

Written by SixJupiter Published on

Recap of the Top Five Cryptos

In aggregate since yesterday, the “fab five” — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — were up 0.91%. Leading the way was XRP, whose price is now around $0.262592 USD, which yielded holders a return of 3.01% from the day prior. In terms of the worst performer, that would be Bitcoin, which reported a day-over-day return of -0.51% — a move that puts its price around $10313.02 USD. Three of the coins had up days, which is a mixed sign for the crypto sector.

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

Price Action to Watch

The move in XRP was especially surprising; it was much larger than the normal daily trading range associated with the currency. Technical traders may also wish to note the following developments in price action:

    Looking for an uptrend? The most reliable uptrends can be found in Litecoin and Ethereum.

  • Currencies without a clear trend over the past two weeks are XRP, Bitcoin and Bitcoin Cash. If you prefer choppy, rangebound markets, they might be up your alley.
  • Momentum traders will want to note that Bitcoin and Bitcoin Cash are getting very close to their 20-day moving average. Many technical traders view the 20-day average as a wall of resistance that can slow a trend until it is cleared — at which point the trend may accelerate.
  • It’s also worth noting that XRP, in particular, had a major technical breakthrough; it crossed its 20-day moving average in the day prior.

Insights from the Blockchains

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 34% more transactions recorded than Ethereum, which was the runner up for the day in terms of transactions recorded. 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. Ethereum was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $75,923,279 US dollars.

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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