XRP, the second-largest cryptocurrency by market cap, has not been spared by the bear market as the prices of XRP are desperately trying to stay above the $0.30 line.
The market cap for XRP is holding at $12.152 billion, and the 24-hour trade volume is at $290.01 million. Most of the volume for XRP is coming from Japanese exchange Bitbank via trading pair XRP/JPY, which contributes $30.78 million of the total trading volume.
XRP prices, as seen in the chart, show a rather sad state that most of the cryptocurrencies are in. The uptrend has long been lost in the history of bull runs, while the downtrend extends from $0.4394 to $0.3021. The prices are holding the support at $0.2940 steady, with resistance points seen hanging at $0.4040 and $0.4270.
The Bollinger Bands indicate a bearish outlook for XRP in the one-hour chart as the prices are hanging below the simple moving average. The bands are contracting, which indicates that the volatility has reduced.
The MACD indicator is also depicting a bearish presence for XRP markets as the lines have fallen below the zero-line in a bearish crossover.
The Relative Strength Index is trying to stop free-falling but has been setting up lower lows instead.
The one-day chart also looks as bleak as the one-hour chart as there is no uptrend to be seen. The downtrend, however, extends from $0.9027 to $0.3119. The support for the one-day chart is seen at $0.2627, while resistance lines can be seen at $0.5821 to $0.6899.
The Parabolic SAR markers are seen materializing above the price candles, which indicates a bearish pressure to the price candles.
The Awesome Oscillator shows a transition of red lines into green, which means that the prices are increasing, but the lines are present below the zero-line in a big-picture point of view, which means that the signal is still bearish.
The Aroon indicator shows the Aroon downtrend is seen bouncing at 100-line, which means that the downtrend for XRP has overpowered the uptrend, and that is an overall bearish sign for XRP.
The one-hour chart for XRP shows that the bears are in control of the market, which is, in turn, depicted by the indicators MACD, Stochastic, and the RSI. The one-day time frame also shows massive bearish signs as indicated by the SAR, Awesome Oscillator, and Aroon indicators.
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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”
A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.
The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].
Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.
Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”
Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”
Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.
The report added,
“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”
Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.
The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.
Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.
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