BNB And XRP Lead Mid-Week Crypto Surge
By: Isha Das
In a notable turn of events this week, Binance Coin (BNB) and XRP have emerged as the leading gainers among the top 10 cryptocurrencies. Both digital assets have demonstrated significant upward movements, outshining the usual market leaders like Bitcoin (BTC) and Ethereum (ETH).
XRP Price Surge
XRP, associated with the blockchain firm Ripple, has seen a resurgence, climbing nearly 6% to hit a near two-week high of $0.6080 on Monday. This rise was accompanied by a 197% increase in trading volume within 24 hours, according to CoinGecko data. Though the price later retraced to $0.590, XRP's brief consolidation above the crucial $0.600 resistance level has reinvigorated investor interest.
Technical analysis indicates that for XRP to maintain its recovery, it must overcome the next resistance levels at $0.6169 and $0.6288. A daily close above these thresholds could potentially signal a breakout from its one-month downtrend. Currently, XRP trades above its 200-day and 50-day exponential moving averages (EMAs) at $0.5516 and $0.5716, respectively. These indicators could serve as support if the market faces broader corrections.
BNB Reaches Two-Week High
Binance Coin, the native token of the Binance exchange, has also witnessed a significant surge, climbing 3% to a two-week high of $554 in the past 24 hours. This marks a recovery from its recent low of $399 on August 5, during the market's "Black Monday" event. CoinGecko data reports a 30% spike in BNB's trading volume, reaching $800 million in the same timeframe.
Even though BNB remains 22.68% below its all-time high of $717 recorded on June 6, surpassing its upper resistance level on the daily chart could potentially lead to a retest of this milestone. In the short term, Binance Coin needs to consolidate above its 200-day EMA at $547. Achieving this would pave the way to test the $574 resistance level, a critical point before possibly surging toward $600.
The range low of $502 observed at the beginning of August has provided strong support for BNB following the August 5 crash. It now serves as a crucial support level for the token in the near term. Ultimately, whether this altcoin rally can be sustained amid broader market uncertainties and a limited influx of new capital remains to be seen.
