Analysing Ripple (XRP) and Binance Coin (BNB) | Cryptos with exponential growth
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Ripple and Binance Coin have shown astronomical growth in the past few days. To former has grown by over 158% in the past nine days, as you can see in the price chart below.
Ripple (XRP)
The surge in Ripple’s (XRP) price could have a direct link to the series of lawsuits it has been winning against the SEC (Securities and Exchange Commission). Just a week ago, we saw Ripple’s little victory in gaining access to the SEC’s internal communication. This has started the price rally in XRP/USD crypto-fiat pair. Consequently, SEC has requested the court to access the financial records of Chris Larsen (co-founder, Ripple labs) and Brad Garlinghouse (CEO). The judgment was passed in favour of Ripple as the court denies the SEC request to access the defendants’ personal information.
This positive news has fairly impacted the price of Ripple and resulted in a decent price rally. Compared to its price a couple of weeks ago, Ripple’s value has almost doubled and is now hovering around the $1.38 range. Experts suggest that this rally could just be the beginning, and the price may even surge with more positive news related to the lawsuit.
Technical Analysis (XRP/USD)
The trend has been bullish for Ripple since the past week. The price recently broke its previous resistance to make a two year high of $1.36 with $14.44 billion in 14-hour trading volume. As of today, XRP’s circulating supply is 45.91 billion, with a total supply of 100 billion.
Currently, the XRP/USD pair’s daily timeframe support is at $0.9081, and resistance is at $1.5568. The price tried to reach the resistance level on the 4-hour timeframe at $1.4751 but failed to do so. If you can see the last few candles, you can observe the sellers and buyers showing equal strength. If the momentum of sellers increases, the price could fall south and take support from the $1.1100 level.
To put the hype around XRP in perspective, we have tried to compare the search results of XRP with BTC on Google Trends. In an idle scenario, the search results for BTC will always be more when compared to any other crypto in any part of the world. But in the below chart, we can clearly see the increased interest over XRP ever since the verdict.
XRP still needs to rise by 150% to break its current all-time high value, which is $3.40 achieved in early January 2018. According to crypto experts, Ripple has high chances of making a brand new ATH value in the near term. Willing to take advantage of this price movement? You can instantly buy Ripple for the lowest price in some of the most reliable exchanges in the market.
Binance Coin (BNB)
Binance coin has surged by over 70% in the past five days and 22% in the past 24 hours. Since the beginning of this year, the price of BNB has increased by around 15 times, and its current market capitalization is at ~$91 billion. In the above price chart, the series of Green candles indicate the buyer strength in the BNB/USD pair.
Technical Analysis (BNB/USD)
On the 4-hour timeframe, we can see the price action making continuous higher highs and lower highs, indicating a clear buy market. The support and resistance levels of the BNB/USD crypto-fiat pair on the daily timeframe are at $428.72 and 669.76, respectively. The price recently broke the $428 resistance level and turned that into support. Currently, the price of one BNB is hovering around $590 and is expected to reach its 4-hour resistance at $638.77.
The sellers just started to appear, but their strength is much lesser compared to their rivals. Also, there could be an increase in seller momentum as retail investors tend to cash out their returns as this crypto crossed the $500 mark. In that case, the price could reach its 4-hour support zone at $514.58 before going to the north. A few crypto experts believe that BNB could reach the $1000 mark very soon if the demand and interest over this crypto continue.
We hope you find this article informative. If you have any questions, please shoot them in the comments section, and we would love to answer them. Cheers!
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