XRP’s Surge Pushes It Above BNB, USDC in Terms of Market Cap

• The price of XRP surged more than 67% over the past 24 hours, taking its price to $0.7889 at press time.
• XRP was also able to overtake BNB and USDC in terms of market cap over the past 24 hours.
• Technicals suggested that XRP could rise to $0.9329 in the coming week.

Ripple (XRP) experienced a surge over the past 24 hours following the outcome of the multi-year lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) yesterday. The judge for the case concluded that XRP is not a security, causing its price to skyrocket in the hours that followed.

The positive outcome of the SEC lawsuit was also followed by several re-listings from large cryptocurrency exchanges. Most notably, Coinbase and Kraken announced that they will relist the remittance token in the short term.

At press time, CoinMarketCap indicated that XRP surged more than 67% over the past 24 hours, which also pushed its weekly performance to +69.09%. As a result, XRP’s price stood at $0.7889.

This substantial increase in the altcoin’s price over the past day of trading also saw XRP climb two positions on CoinMarketCap’s list of the biggest cryptos by market cap, as the remittance token surpassed USD Coin (USDC) and Binance Coin (BNB) during this period to claim the number 4 spot on the list.

XRP surpassing BNB in terms of market cap is a remarkable milestone given that Binance is one of the largest crypto players globally. This underperformance by BNB over the past 24  hours may be an indication that the crypto market’s battle with the SEC is not over yet.

Although investors celebrated the XRP ruling, there are still several lawsuits on the cards, including one between the SEC and the largest crypto exchange by trading volume – Binance. This could be why the XRP ruling pushed the remittance token above BNB in terms of market cap, because XRP’s battle has seemingly come to an end, while Binance’s has just begun.

BNB was trading at $258.22 at press time after its price rose 5.55% over the past 24 hours. This boosted the altcoin’s weekly performance as well, and pushed it to +10.54%. With BNB’s market cap of $40,568,095,336, there was a slim margin standing in the way between BNB and XRP in terms of market cap, as XRP’s total market cap stood at $40,526,167,050.

From a technical perspective, XRP was able to comfortably break past the major resistance level at $0.70 over the past 24 hours, and was able to flip the level into support as well. Some traders were cashing in their profits at press time, as XRP’s price had dropped from today’s high of $0.8253 to trade at its current level.

If the sell pressure continues, then the altcoin’s price may look to retest the recently-flipped level at $0.70 in the next 24-48 hours. Nevertheless, there is strong bullish momentum present on XRP’s daily chart as the arrangement of the 9, 20, and 50 EMA lines on the daily chart suggested that XRP had entered into a medium-term bullish cycle.

Should the bullish momentum continue, XRP may look to challenge the next major resistance level at $0.9329 in the coming few weeks. This bullish thesis will be invalidated if XRP closes a daily candle below the aforementioned $0.70 mark within the next 7 days, however.

BNB broke above the 50-day EMA line earlier in today’s trading session, but was unable to maintain a position above the technical indicator. Nevertheless, the crypto did overcome the key resistance level at $252.90 over the past 24 hours, and continued to trade above the key price point at press time.

If BNB is able to close today’s daily candle above the 50-day EMA line, then it may look to challenge the resistance level at $264.50 in the following 48 hours. A break above this resistance will clear a path for BNB to potentially rise to $280 in the upcoming week.

On the other hand, a break below the $252.90 support within the next 48 hours will invalidate this bullish thesis. In this scenario, BNB may be at risk of dropping to $243 in the next few days.

However, a notable bullish technical flag was triggered recently on BNB’s daily chart, as the 9-day EMA line crossed above the 20-day EMA line. This signaled that the crypto had entered into a short-term bullish cycle and suggested that BNB’s price may rise in the next 24-48 hours.

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