XRP has been in good shape lately. So much so that the project managed to surpass competitor Binance Coin (BNB) on the basis of Market capitalization. The crypto reached a valuation of $36.5 billion today, while BNB is valued at $36.3 billion.
XRP’s recent strong performance against BNB can possibly be attributed to the different legal situations the companies behind these two tokens find themselves in. Stuart Alderoty, Ripple’s attorney, recently highlighted XRP’s unique status in the United States. After a court ruling, XRP is the only cryptocurrency to be classified as not a security. This legal status sets XRP apart from most other digital tokens, such as BNB, and could play an important role in XRP’s recent growth.
Binance in crisis
Unlike Ripple, Binance Coin is experiencing difficulties after its associated crypto exchange, Binance, recently faced a significant fine. The CEO, Changpeng Zhao, was forced to resign and faces possible prison time.
Zhao is currently at large on a $175 million bond. The judge has allowed him to travel within the US and receive family visits. These developments mark a crucial moment for both Binance and the entire crypto sector.
XRP’s Golden Cross pattern
According to analyst JD, it is not surprising that XRP has surpassed Binance Coin. His analysis even suggests a possible rise in XRP as high as $14.
This optimistic forecast is supported by the formation of a ‘golden cross’ pattern on the 4-day chart of XRP. In the past, such as in 2017 and 2020, similar patterns resulted in significant price increases of 700% and 1,000% respectively.
These past events underscore the significance of the golden cross pattern as a potentially positive sign for future XRP price movements.
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2023-12-09 15:34:28
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