In a remarkable surge throughout 2023, Solana (SOL) has almost overtaken XRP in market capitalization, positioning itself as a strong contender among the top five cryptocurrencies. With a current market cap of $32.9 billion, Solana is just shy of XRP’s $33.1 billion. If this trend continues, SOL might soon surpass XRP and set its sights on Binance Coin (BNB), which currently boasts a $39 billion market cap.
BNB’s Market Movements
BNB has been experiencing a seesaw in its value since the beginning of 2022, with its price fluctuating within a horizontal range. Despite several attempts to break free, it consistently fell back within this range. However, a notable change occurred in October when BNB dipped below this range but quickly recovered. This bounce-back led to an upward trend, with BNB reclaiming its previous low of $215 and now trading in a zone of intermediate resistance.
BNB/USDT Weekly Chart. Source: TradingView
Traders often turn to the Relative Strength Index (RSI) as a tool to gauge market momentum and decide when to buy or sell. An RSI above 50 typically indicates a bullish market, while below 50 suggests a bearish trend. Presently, BNB’s weekly RSI stands above 50, signaling a positive outlook. If this upward trajectory holds, BNB’s price could see a 35% increase, potentially hitting the high of $350.
Conversely, a slip below the minor resistance at $260 could lead to a 15% drop to $215, showing the volatility and unpredictability in the crypto market.
XRP’s Bullish Outlook
Similarly, XRP is also showing a bullish trend. The weekly RSI is above 50 and rising, hinting at potential growth. If this momentum continues, XRP might see a 40% increase, targeting the next resistance level at $0.85.
XRP/USDT Weekly Chart. Source: TradingView
However, this optimistic view comes with a cautionary note. A fall below the $0.60 mark could negate this positive trend, potentially leading to a 30% decrease in XRP’s value, down to the ascending support trend line at $0.43.
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