XRP Set to Overtake BNB, Eyes on 35% Rally
Chandan Gupta23 Nov 20242 min read
With notable gains in recent days, Ripple’s native token, XRP, has crossed the $1.5 level for the first time since 2021. However, based on its price action and performance, it appears that the XRP price rally is likely to continue in the coming days until it reaches the next resistance level of $2.
XRP Vs BNB: The Battle For 5th Position
Following its recent price surge, XRP’s market cap is now close to that of Binance Coin (BNB). It appears poised to soon overtake BNB and become the world’s fifth-largest cryptocurrency. At press time, XRP’s market cap stands at approximately $91.42 billion, while BNB’s is at $91.76 billion—just $34 million more than XRP.
The potential reasons behind XRP’s notable rally include its bullish price action, the recent resignation announcement of Securities and Exchange Commission (SEC) Chair Gary Gensler, positive market sentiment, significant acquisitions by whales in recent days, and other contributing factors.
XRP Technical Analysis and Upcoming Level
According to expert technical analysis, XRP has successfully broken out of a strong resistance level at $1.38. Following this development, the altcoin appears poised for a significant rally in the coming days. Based on recent price action, there is a strong possibility that XRP could soar by 35% to reach the $2 level.
Currently, the altcoin is trading above the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating that the asset is in an uptrend. However, its Relative Strength Index (RSI) suggests a potential price correction in the coming days, as it is in the overbought zone.
Bullish On-Chain Metrics
In addition to technical analysis, on-chain metrics further support the altcoin’s positive outlook. According to the on-chain analytics firm CryptoQuant, XRP’s exchange 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 the altcoin. According to recent data from Coinglass, XRP’s open interest (OI) has surged by 32% in the past 24 hours and 12% in the past four hours. This growing OI indicates aggressive participation from traders following the recent breakout.
Current Price Momentum
At press time, XRP is trading near $1.60 and has registered a gain of over 27% in the past 24 hours. During the same period, its trading volume has surged by 80%, indicating increased participation from traders and investors amid a bullish outlook.
