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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.

Written by SixJupiter Published on

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

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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