XRP Set to Overtake BNB, Eyes on 35% Rally
Following significant gains in recent days, Ripple’s native token XRP has breached the $1.5 level for the first time since 2021. However, based on its price action and performance, XRP price may continue to rise in the coming days until it reaches the next resistance level of $2.
XRP VS BNB: The battle for fifth place
Following the recent price surge, XRP’s market cap is now approaching that of Binance Coin (BNB). It seems poised to soon overtake BNB and become the fifth largest cryptocurrency in the world. As of press time, XRP’s market capitalization is approximately $91.42 billion, while BNB’s market capitalization is $91.76 billion, only $34 million more than XRP.
Potential reasons behind XRP’s significant rise include bullish price action, SEC Chairman Gary Gensler’s recently announced resignation, positive market sentiment, major acquisitions by whales in recent days, and other contributing factors factor.
XRP Technical Analysis and Upcoming Levels
According to expert technical analysis, XRP has managed to break above the strong resistance level of $1.38. With this development, the altcoin seems poised to surge higher in the coming days. Based on recent price action, XRP is likely to surge by 35% to reach the $2 level.
The altcoin is currently trading above the 200 exponential moving average (EMA) on the daily time frame, indicating that the asset is in an uptrend. However, its relative strength index (RSI) suggests a possible price correction in the coming days as it is in overbought territory.
Bullish on-chain indicators
Beyond technical analysis, on-chain indicators further support the altcoin’s positive outlook. According to data from on-chain analytics firm CryptoQuant, XRP’s reserves continue to decline, indicating that more investors are accumulating the token. This signals a bullish trend and a potential buying opportunity.
Meanwhile, traders have also shown strong interest in altcoins. According to the latest data from Coinglass, XRP’s open interest (OI) has surged 32% in the past 24 hours and 12% in the past 4 hours. Growing open interest suggests traders are actively participating following the recent breakout.
Current Price Momentum
At press time, XRP was trading near $1.60, up more than 27% in the past 24 hours. Its trading volume surged 80% during the same period, indicating increased participation from traders and investors amid the bullish outlook.
