- XRP is leaving BTC, ETH, and BNB in the dust with its 30% weekly gain.
- BNB is critically hit because of CFTC’s surprise lawsuit against Binance.
- XRP needs to increase its trading volume and establish $0.50 as a base.
XRP has been outshining other cryptocurrencies, including bitcoin (BTC), ether (ETH), and Binance coin (BNB), in the last week with its price gain of around 30%. Meanwhile, BTC, ETH, and BNB are down 3.1%, 0.8%, and 7.5% in the last week — with BNB losing the most because of the unexpected CFTC lawsuit against Binance.
Meanwhile, XRP has smashed the $0.45-$0.46 resistance range and is attempting to hit $0.50 soon. At the time of writing, XRP is changing hands at $0.4857 per piece.
As seen in the chart above, XRP is attempting to climb to $0.50 soon and has been unsuccessful in doing so — at least, for the time being. However, given that the market is bullish toward XRP compared to other cryptocurrencies, bulls may expect additional buying power to help subdue the bears at the said psychological resistance.
According to Santiment, XRP’s social dominance is at its peak in the last 365 days.
👀 #XRPNetwork's social dominance is at its highest point in a year following the surge above $0.49 for the first time since Nov. 6. Added $XRP crowd recognition means more volatile price swings caused by increased volume & mainstream interest. https://t.co/bMT66JTwmT pic.twitter.com/pUIWe9vGKu
— Santiment (@santimentfeed) March 27, 2023
The next and crucial target is $0.50. However, XRP must first establish $0.49 as a support base. Otherwise, the current gains will get wiped out and the pump will prove unsustainable.
In the first chart shown above, XRP’s price movement also showed a Rising Wedge, which is a bearish pattern. XRP must increase its trading volume and solidify its base at $0.50 if bulls wish to invalidate the Rising Wedge pattern. Otherwise, XRP may consolidate and lead to a bearish movement in the next 30 days.
