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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