Litecoin Declined by $0.09, Underperforming All Top Cryptos
Litecoin (LTC) finished the last 4-hour candle, declining 0.15% or $0.09. This marks the second straight candle for which a drop has happened. Out of all the five instruments in the Top Crypto assets class, LTC closed by ranking fourth for the four-hour candle in terms of price change relative to the past 4-hour candle.
Moreover, Litecoin closed the previous day, falling 0.55% or $0.32. This denoted the second consecutive day it went down. The said move occurred on lower volume as yesterday’s volume dropped 55.48% from the day before. Also, it was down by 70.34% from the same day last week. People trading in the Top Cryptos asset class should see that Litecoin was the worst performer in the class over the past day.
The first thing to notice is that LTC is near its 20-day averages, placed at 59.69. So, this might be at a key juncture, along with these timeframes. Then, the clearest trend exists on the 90-day timeframe. This showed the price moving up during that time. For the 14-day time period, the price seems to look like its forming a base. As a result, this might stage for it becoming a support or resistance level going forward. On the other hand, we see that, out of the last 14 days, the price of Litecoin has gone up in eight of them.
XRP to be Used on Ethereum
Meanwhile, Ripple’s (XRP) partner, Flare Networks, announced details of a proposed new bridge on August 26, connecting XRP with the Ethereum (ETH) blockchain. The CEO of Ripple, Brad Garlinghouse, and the XRP Army have displayed support for the first two-way bridge to deliver the ecosystems together.
Furthermore, the bridge will enable XRP on the Flare Network, also known as FXRP, to be used among the Ethereum network. At the same time, it provides a scaling platform for Ethereum tokens and applications.
Flare is a network that integrates Ethereum Virtual Machine (EVM) to give advanced smart contracts on the XRP network.
The Ripple Foundation needs to approve the proposal first. This will then be the group’s first governance proposal. It has met generally positive feedback from the community, seemingly. Twitter user Tristan said, “As soon as it’s done. I’m moving all my apps and smart contracts over.”
On the other hand, several users, such as JGrim, asked if a connection to Ethereum was needed at all, stating that it would only slow down the Flare network. The fees of Ethereum have reached $99 for a few DeFi users recently amid network congestion.
Garlinghouse explained, “From my point of view, Flare is combining the best of XRP (VERY fast settlement), Ethereum (smart contracts), and Avalanche (for consensus).”
According to the CEO, all of these will help extend XRP’s utility and lets developers make smart contracts for brand new use cases, such as lending and DeFi.
The collaboration of Flare Network with Ripple started in November last year, and Ripple’s Development arm, Xpring, funded this. Last February, Xpring revealed its intention to establish a bridge between the two networks and sponsored three challenges over the ETH Denver hackathon. All of these revolved around making a bridge between XRP and Ethereum.
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