Monday’s Crypto Leaderboard: BNB And XRP Surge Past Market Leaders
August 19 2024 - 8:30PM
NEWSBTC
In a significant development, two of the top 10 cryptocurrencies on
the market, Binance Coin (BNB) and XRP, have emerged as the
outperformers this Monday, overshadowing the gains of industry
leaders Bitcoin (BTC) and Ethereum (ETH). XRP Price Analysis XRP,
the token associated with the blockchain company 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 on
Monday, coupled with a 197% increase in trading volume over the
past 24 hours, according to CoinGecko data. Despite the XRP price
later retracing to the $0.590 mark, the token’s ability to briefly
consolidate above the critical $0.600 resistance level has raised
hopes among investors. To sustain the current price recovery,
bulls will need to keep a close eye on the next hurdles at $0.6169
and $0.6288. A daily close above these levels could signal a
breakout from the token’s one-month downtrend. Related Reading:
MATIC Price (Polygon) Sets Sights Higher: Can It Gain Bullish
Momentum? Notably, XRP is currently trading above its 200-day and
50-day exponential moving averages (EMAs) at $0.5516 and $0.5716,
marked by the yellow and blue lines, respectively, on the XRP/USDT
daily chart below. As seen in the past uptrends of this year,
these key technical indicators can provide support for the price in
case of a broader market correction that could trigger additional
selling pressure. Binance Coin Surges To Two-Week High Binance Coin
on the other hand, the native token of the leading Binance
exchange, has also seen a surge, jumping 3% in the last 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 also recorded a notable spike in
trading volume, with a 30% increase in the same time frame,
amounting to $800 million as CoinGecko data shows. While the BNB
price currently stands 22.68% below its all-time high of $717
recorded on June 6, the potential breach of the upper resistance on
its daily chart could pave the way for a retest of this
milestone. Related Reading: Ethereum Price Turns Lower: Can
ETH Bounce Back From $2,550? In the near term, the key for the
Binance Coin price is to consolidate above its 200-day EMA placed
at $547, which would then open the door to retest 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 major
support for the Binance Coin token after the August 5 crash,
serving as a key support level in the shorter term for the BNB
price. Ultimately, it remains to be seen whether this surge in
altcoins can be sustained in the face of broader market
uncertainties and a lack of fresh capital flowing into the crypto
space. Featured image from DALL-E, chart from
TradingView.com
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