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.
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.
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