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Price Analysis

After days of rallies, Ripple tumbles 9.89% as crypto sector falls overall for the day

After several days of good increasing, Ripple has taken an over 9% fall as the top five cryptocurrencies decrease in value.

Recap of the Top Five Cryptos

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -4.08% in aggregate. Leading the way was Bitcoin Cash, which yielded holders a return of -0.16% from the day prior. In terms of the worst performer, that would be XRP, which reported a day-over-day return of -9.89%. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.

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Price Action to Watch

XRP had an especially unusual move, in the sense that the move was much larger than its normal daily trading range. What caused this move might be worthy of further investigation. Also of note for technical traders are the following developments in price action:

  • If you’re looking for coins in a clear uptrend, look no further than XRP, Litecoin, Bitcoin and Bitcoin Cash. Those coins have been in a clear uptrend over the past couple of weeks.

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Insights from the Blockchains

Ripple recorded 926,219 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 7% over Ethereum, which had the second most transactions recorded on its chain. 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. A change in behavior may be occurring, as Ethereum has typically had the lead for most transactions in a given day, but Ripple is increasingly coming out on top. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin Cash, coming in at a value of $110,638,464 US dollars. Bitcoin and Bitcoin Cash continue to jostle for the top spot in terms of the chain with the largest transaction on any given day.

Article by SixJupiter