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Price Analysis

Ripple Drops 3.77%, But Tops All Cryptos With $124 Million Transaction on its Chain

Ripple’s XRP might be taking a dip in price, but it is showing massive movements with multi-million dollar transactions occuring on its chain.

How Did the Fab Five Finish?

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -0.03% in aggregate. Leading the way was Ethereum, whose price is now around $181.06 USD, which yielded holders a return of 2.65% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was XRP; it came in at down 3.77%, which drove its price to around $0.24595 USD. In total, three coins were up from the day prior, which is a mixed sign for the crypto sector.

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Key Technical Moves

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:

  • Over the past two weeks, the five largest cryptos have been in a downtrend. It might be time to bust out the short-selling trading strategies or wait until the bearishness subsides before buying.

Insights from the Blockchains

The blockchain that saw the most transactions recorded on its blockchain over the past day was Ripple; its 843,575 transfers added was about 38% 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 was also less than Ethereum’s, suggesting 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 $124,218,500 occurred on Ripple’s chain. Ripple’s status as the chain with the largest transaction is a rarity; normally, Bitcoin is the blockchain that carries this honour. Whether or not this behaviour continues will be something for traders to watch.

Article by SixJupiter