Monday Crypto Leaderboard: BNB and XRP Overtake Market Leaders
Binance Coin (BNB) and XRP, two of the top 10 cryptocurrencies, outperformed Bitcoin (BTC) and Ethereum (ETH) on Monday.
Price Analysis: XRP
The top 10 cryptocurrencies are led by Ripple's XRP, which rose about 6%. According to CoinGecko, the token's price hit a near two-week high of $0.6080 on Monday and trading volume increased 197% during the preceding 24 hours.
Investors are optimistic as XRP temporarily consolidated above the important $0.600 resistance level before reverting to $0.590.
Bulls must watch $0.6169 and $0.6288 to continue the price rebound. A daily closure above these levels might break the token's one-month slump.
The yellow and blue lines on the XRP/USDT daily chart below show that XRP is above its 200-day and 50-day exponential moving averages (EMAs) at $0.5516 and $0.5716.
This year's uptrends show that these major technical indicators may sustain the price during a market downturn that might increase selling pressure.
But Binance Coin, the native cryptocurrency of the major Binance exchange, has also surged 3% in 24 hours to $554, a two-week high. The token dropped to $399 on August 5 on âBlack Mondayâ in the market.
Binance Coin's trading volume increased 30% to $800 million in the same time period, like XRP, according to CoinGecko.
BNB is 22.68% behind its all-time high of $717 set on June 6, but a break of the daily chart's upper barrier might lead to a retest.
The Binance Coin price has to consolidate above its 200-day EMA at $547 to retest the $574 resistance level, the most important on this time frame, before a possible surge above $600.
After the August 5 fall, the Binance Coin token's range low of $502 at the start of the month has provided short-term support for the BNB price.
Whether this cryptocurrency increase can be maintained amid market concerns and a lack of new funding entering crypto is unknown.
