XRP Nearing Overtake of BNB in Market Cap
JackTheRippler, an enthusiastic member of the XRP community, shared insights today indicating that XRP is on the verge of surpassing Binance Coin (BNB) in terms of market capitalization.
In the post, a snapshot revealed that XRP’s valuation reached $33.68 billion, closely trailing BNB with a market cap of $34.79 billion.
Price Performance in the Last 24 Hours
Despite XRP’s market cap nearing BNB, BNB outperformed XRP in terms of price over the last 24 hours. CoinMarketCap data showed BNB with a 2.42% increase, while XRP recorded a 1.93% rise.
At present, BNB is trading at $233.33, whereas XRP stands at $0.6317. XRP, however, exhibits an advantage over BNB in the weekly timeframe, with a 3.93% increase compared to BNB’s +1.69% over the past 7 days.
Technical Analysis and Outlook
On the technical front, an ascending triangle pattern has emerged on XRP’s daily chart. In the last 24 hours, XRP broke above the base of this pattern at $0.6235 and continued to trade above this level at press time.
If XRP closes above this significant mark today, it may pave the way for further ascent in the next few days, potentially reaching the next major resistance level at $0.68.
Supporting Technical Indicators
Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) endorse this bullish outlook. Over the past 48 hours, the RSI line rose above the RSI Simple Moving Average (SMA) line, indicating an advantage for bulls on XRP’s daily chart.
Additionally, the MACD line is attempting to cross above the MACD Signal line, signaling a potential continuation of XRP’s bullish trend.
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