Monday’s Crypto Leaderboard: BNB And XRP Lead the Way, Surpassing Bitcoin and Ethereum
In a noteworthy turn of events, Binance Coin (BNB) and XRP, two of the top 10 cryptocurrencies, have emerged as the top performers this Monday, outshining industry leaders Bitcoin (BTC) and Ethereum (ETH).
XRP Price Analysis
XRP, the digital asset associated with Ripple, has taken the lead among the top 10 cryptocurrencies, surging nearly 6%. The token’s price reached a near two-week high of $0.6080 earlier in the day, accompanied by a 197% increase in trading volume over the past 24 hours, as reported by CoinGecko data.
Although the XRP price later retraced to the $0.590 mark, the token’s ability to briefly consolidate above the key $0.600 resistance level has instilled hope among investors.
To sustain the current price recovery, bulls will need to closely monitor the next obstacles at $0.6169 and $0.6288. A daily close above these levels could signal a breakout from the token’s one-month downtrend.
Notably, XRP is currently trading above its 200-day and 50-day exponential moving averages (EMAs) at $0.5516 and $0.5716, respectively. These EMAs, represented by the yellow and blue lines on the XRP/USDT daily chart, have served as support levels during previous uptrends this year, potentially providing additional support in the event of a broader market correction.
Binance Coin Surges To Two-Week High
Meanwhile, Binance Coin, the native token of the popular Binance exchange, has also experienced a surge, jumping 3% in the past 24 hours to reach a two-week high of $554. This comes after the token dipped as low as $399 on August 5 during the market’s “Black Monday” event.
Similar to XRP, Binance Coin has witnessed a significant spike in trading volume, with a 30% increase in the same time frame, totaling $800 million according to CoinGecko data.
Although the BNB price currently stands 22.68% below its all-time high of $717 recorded on June 6, breaking above the upper resistance on its daily chart could potentially pave the way for a retest of this milestone.
In the near term, the key for the Binance Coin price is to consolidate above its 200-day EMA at $547. This would likely open the door for a retest of the $574 resistance level, the most notable one on this time frame, before a potential surge toward $600.
Conversely, the previous range low of $502 experienced at the beginning of the month has acted as a significant support level for the Binance Coin token after the August 5 crash.
Ultimately, the sustainability of this altcoin surge remains uncertain given broader market uncertainties and a lack of fresh capital flowing into the crypto space.
Featured image from DALL-E, chart from TradingView.com