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Price Analysis

Ripple surprises with 2.52% fall while Ethereum crosses 20-day average

While Ripple takes a dip in the red, Litecoin and Bitcoin Cash are showing an increase in their 20-day moving average trading prices.

How the Fab Five Fared

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -1.12% in aggregate. The best performer of the bunch was Bitcoin, which went up 0.55% and currently is sitting near $10165.01 USD. On the flip side, the worst performer was XRP coming in at -2.52%; its price is now near $0.254298 USD. In total, one coin was up from the day prior, which indicates 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 Patterns to Monitor

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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:

  • If you are looking for coins in a clear uptrend, consider Litecoin and Bitcoin Cash. Those coins have been in a clear uptrend over the past 14 days.
  • Currencies without a clear trend over the past two weeks are XRP, Bitcoin and Ethereum. If you prefer choppy, rangebound markets, they might be up your alley.
  • XRP, Litecoin, Bitcoin and Bitcoin Cash may be worth keeping an eye on, as they are getting quite close to their respective 20-day moving average. Crossing the 20 day average with conviction often accelerates a trend, according to some technical traders.
  • Also of note is that Ethereum just crossed its 20-day moving average yesterday.

What Does Transaction Data Tell Us?

Ripple had more transactions recorded on its chain yesterday than any other coin; to be precise, it had about 31% 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. Over the past 24 hours, the largest transaction across all blockchains occurred on Bitcoin, coming in at a value of $1,219,938,688 US dollars. The circulating value of all Bitcoins now comes in at approximately $182.56 billion US dollars — which means Bitcoin accounts for about 69.82% of the entire cryptocurrency market. Note that Bitcoin’s dominance level has been in an unclear trend, ranging between 68.63% to 70.84% over the past two weeks.

Article by SixJupiter