Cryptocurrencies Weekly Summary – Top Five Crypto Coins to Watch
Arslan Butt • 4 min read
Bitcoin (BTC/USD) Weekly Review
Ethereum (ETH/USD) Weekly Review
Litecoin (LTC/USD) Weekly Review
Ripple (XRP/USD) Weekly Review
The XRP/USD crypto coin was also unable to halt its declining streak of the day before. It remained depressed on the day. The XRP price is currently trading at $0.838816, with a 24-hour trading volume of $2,530,730,350. The XRP has dropped by 2.37% in the last 24 hours. However, the selling bias surrouding the ripple currency could be associated with its legal case against its developers, Ripple Labs, by the Securities and Exchange Commission (SEC).
The XRP/USD dropped for a second consecutive session on Thursday and extended its losses amid the recent slide in Bitcoin, after the World Bank refused to support El Salvador in making BTC its second legal tender. Furthermore, the case between Ripple and the Securities and Exchange Commission has intensified further, as both parties are still firing at each other, in a case which many believed would have been concluded by now.
Another reason behind the declining prices of XRP/USD was the recent negative market trend in Bitcoin. The BTC came under pressure after the Fed released some hawkish comments and the World Bank refused El Salvador’s request for assistance in making BTC legal tender.The US Dollar Index, that measures the value of the greenback against six major currencies, rose above 92 on Thursday, which put pressure on an already declining XRP/USD on Thursday. The reason for this is the negative correlation between the US dollar and the XRP; if the US dollar gathers strength in the market, it tends to weigh down the XRP/USD.
As per the latest report, the court case between Ripple and the Securities and Exchange Commission’s (SEC) intensifies further day by day. Both parties have been using harsh wording, in a case that most people expected to end much sooner. Recently, the court granted the SECs motion to extend the investigation period, because it plans to interrogate witnesses on new facts.
Dogecoin (DOGE/USD) Weekly Review
Despite the announcement by the on-demand dog-walking app Wag!, that it will start accepting cryptocurrency payments through BitPay, including Dogecoin and Ethereum, the prices of Dogecoin have been falling, and have now dropped below the 0.300637 level. It is worth mentioning that BitPay helps merchants to accept digital currencies as a form of payment. It also has a browser extension that allows people to purchase gift cards using Dogecoin, from major platforms such as Amazon. This positive development might help to limit even deeper losses in the Dogecoin.That’s all for now, enjoy the rest of your week!