The cryptocurrency market underwent a correction driving the collective market cap to face a major retracement all the way back to $370 billion. After a short-lived tryst above the $12k-mark, Bitcoin was back below the crucial key level. Following suit were several major altcoins such as XRP, bitcoin SV( BSV )& chainlink that recorded minor falls as a result.
XRP
Despite pushing back and reclaiming the third spot in the cryptocurrency ladder, XRP has so far failed to post impressive gains. The development activity in the XRP network has been decreasing since the beginning of the year.
‘@santimentfeed reveals that the development activity on the $XRP network has been declining since January.#Ripple’s commitment to creating a working product and continuously polishing its features does not reflect the recent announcement about expanding the utility of #XRP. pic.twitter.com/XCyNDI1qCM
— Ali (@ali_charts) August 17, 2020
At the time of writing, XRP was valued at $0.295 after a major decline of 6.95% over a period of 24-hours. Its market cap was observed to be at $13.28 billion while recording a 24-hour trading volume of $2.08 billion.
Awesome indicator signaled a bullish trend with its red closing lines depicting the outflow of money from the XRP market. The Chaikin Money Flow was also observed to be struggling in the bullish region.
Chainlink
Chainlink has been one of the best performing tokens among the top 10 cryptocurrencies by market cap. However, the latest downturn drove the coin to breach the previously established support level.
LINK was down by 8.78% over the last 24-hours driving the token’s price all the way to $15.67. At the of writing, the sixth-largest crypto registered a market cap of $5.48 billion and a 24-hour trading volume of $2.93 billion.
The MACD indicator appeared to undergo a bearish crossover in the near-term. A potential bearish trend was also observed by the Klinger Oscillator.
Bitcoin SV [BSV]
BSV was the third-largest loser among the top 10 market cap cryptocurrencies in the latest drop. The contentious fork coin hovered below at a key price level of $230. BSV appeared to be struggling to revive its valuation despite developments such as the digital currency security and asset management firm, CYBAVO announcing support for the coin.
At press time, BSV’s market cap stood at $3.90 billion and was priced at $211.3. Over the last 24-hours, the coin fell by 8.36% which drove its trading volume to $950 million.
The dotted markers below the BSV price candles appeared to be supporting the coin’s price from a further dip. The Relative Strength Index [RSI] dropped below the 50-median line depicting a sentiment of selling pressure among the traders in the BSV market.