XRP Drops 4% Amid Rising Investor Fear
XRP fell 4% on Tuesday as fear and uncertainty increased among investors. This selling pressure pushed XRP down in the market. At the same time, Binance Coin (BNB) overtook XRP to become the third-largest cryptocurrency by market value.
BNB Surpasses XRP as Third-Largest Crypto
BNB rose 8% on Tuesday, reaching a new all-time high of $1,330. Its market cap climbed to $179 billion, surpassing XRP’s $171 billion. Over the past week, BNB gained 30%, outperforming many other top cryptocurrencies.
- CEA Industries revealed it holds 480,000 BNB tokens worth over $600 million.
- Binance co-founder Changpeng Zhao called the current period a “BNB meme season.”
- Decentralized exchange Aster’s rising trading volume helped boost BNB’s rally.
- BNB’s trading volume jumped from $2 billion last week to $9 billion in 24 hours, according to CoinGecko.
XRP Faces Risk of Further Decline
XRP saw $22.3 million in futures liquidations in 24 hours, mostly from long positions, per Coinglass data. The token failed to break above a key resistance line that has held since July 21. XRP also dropped below the 50-day and 100-day Simple Moving Averages (SMA).
If bulls cannot push XRP back above these moving averages, the price may fall to $2.71. Technical indicators like the Relative Strength Index (RSI) and Stochastic Oscillator show bearish momentum for XRP.
