In the past 24 hours, BNB's trading volume has decreased by about 15%.
Over the past few days, its price has been trending without any significant fluctuations.
XRP's rapid growth has caused BNB to drop out of the top five by market capitalization. The gap is widening, with XRP's market cap exceeding $109 billion, while BNB's market cap is $94 billion.
Over the past week, XRP has surged 37%, while BNB's increase has been less than 1%. As investors shift their focus to XRP's momentum, BNB's price trends and indicators allow us to gain insight into the future prospects of Binance's native token.
XRP's momentum is making headlines.
Driven by renewed investor interest and strong fundamentals, XRP's price has surged, redefining market tiers. XRP's 30-day MVRV (market cap to actual value) ratio highlights its upward momentum, hovering above 59%, indicating it is in an overvalued region.
Meanwhile, Binance's BNB MVRV shows less favorable trends, falling into the undervalued region. As of the writing of this article, the MVRV is approximately -113%. This trend not only indicates the extent to which BNB is undervalued but also shows how much loss holders have suffered.
Historically, a low MVRV for BNB often signals an upward price correction. However, due to a lack of strong trading volume support, the token may continue to remain in the consolidation range.
Current trend for BNB: stable or stagnant?
The daily chart for BNB shows it is in a tight consolidation phase, with prices hovering around $658.3. The MACD indicator highlights weak bullish momentum, while the Chaikin Money Flow (CMF) indicates limited funds flowing into this asset.
Accumulation/Distribution (A/D) levels remain stable, emphasizing the lack of significant buying or selling pressure.
The 50-day moving average is solidly above the 200-day moving average, maintaining a bullish crossover. However, the lack of a spike in volume raises doubts about the sustainability of the current trend.
BNB remains in a competitive state.
For BNB to regain momentum, it is crucial to break through $670 and increase trading volume. Conversely, failing to maintain current levels may lead to BNB testing the support area at $640.
XRP's dominance in the short term may overshadow BNB, but the role of Binance Coin in the Binance ecosystem ensures its long-term relevance.
Although XRP's rise has reshuffled the rankings, BNB's indicators suggest this is a consolidation period rather than a complete decline.
XRP may currently be in the spotlight, but BNB's stability indicates it is far from out of the game.
