Categories: Crypto News
| On
2023-12-08 1:43 PM

Ripple Nears Overtaking Binance Coin, South Africa’s Crypto Market Alert

  • Ripple's Steady Growth: Ripple (XRP) has shown significant growth this year, nearing the position of the world’s fifth-largest cryptocurrency.
  • Contrasting Fortunes with Binance Coin: Ripple's ascent contrasts with Binance Coin's decline following internal challenges at Binance, including a large fine and the CEO's resignation.
  • Potential Market Shift: Ripple is close to eclipsing Binance Coin in market capitalization, with XRP trading near key resistance levels and showing bullish technical indicators, potentially overtaking BNB soon.
By Nonhlanhla

Ripple (XRP) is on the verge of becoming the world’s fifth-largest cryptocurrency, demonstrating significant growth and resilience. This development is closely monitored in South Africa, where the cryptocurrency market is rapidly expanding.

Ripple’s Growth and Legal Victory Boosts Market PositionSince the start of the year, Ripple has seen considerable growth, particularly following a favorable ruling in July in its lawsuit against the SEC. Despite a correction, XRP has retained most of its gains. This growth contrasts with Binance Coin (BNB), which faced challenges following internal issues at Binance, including CEO Changpeng Zhao’s resignation and a hefty fine paid to the US government.

Ripple Close to Overtaking Binance Coin in Market Capitalization

Ripple is now just $1 billion away from surpassing Binance Coin’s market capitalization of $34 billion. With just a 3% difference, XRP is on the brink of replacing BNB as the fourth biggest crypto asset globally. This potential shift is of particular interest to South African investors and crypto enthusiasts, reflecting the dynamic nature of the global cryptocurrency landscape.

Technical Analysis of XRP’s Price Movement

Currently trading at $0.6449, XRP is attempting to breach the $0.6448 resistance level. A successful move above this level could drive the price towards $0.7000. Indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest a budding bullish trend, with a possible bullish crossover indicated by green bars on the histogram. However, if Ripple faces increased selling pressure, a fall to $0.6000 or $0.5517 could occur, invalidating the bullish outlook.

Implications for the South African Crypto Market

Ripple’s potential to overtake Binance Coin marks a significant shift in the cryptocurrency hierarchy, with implications for the South African market. Investors in the region are likely to closely follow these developments, as they could influence investment strategies and the broader perception of cryptocurrency viability and stability.

Join Our Newsletter
Subscribe to our newsletter and stay updated.

Sponsored

Start trading with a free $30 bonus

Unleash your trading potential with XM—your gateway to the electric world of financial markets! Get a staggering $30 trading bonus right off the bat, with no deposit required. Dive into a sea of opportunities with access to over 1000 instruments on the most cutting-edge XM platforms. Trade with zest, at your own pace, anytime, anywhere. Don't wait, your trading journey begins now! Click here to ignite your trading spirit!

Nonhlanhla

Nonhlanhla P Dube is a senior news reporter. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her on: Email: nonhlanhla@rateweb.co.za

Tags: Ripple