Ahmed Ali BNB successfully broke a four-day downward trend on Tuesday as investors capitalized on the recent price dip. Binance’s native token began the week at a six-month low, reflecting the current sentiment surrounding the exchange. XRP, meanwhile, also experienced a resurgence, reaching a high not seen in several months.
BNB
On Tuesday, BNB managed to halt its recent downturn as enthusiastic buyers took advantage of the recent price reduction.
From a low point of $220.60 on Monday, BNB/USD ascended to a peak of $245.64 in today’s trading.
This upward trend pushes the token away from yesterday’s low, marking the lowest value reached since December 17.
BNB/USD – Daily Chart
Despite the day’s upswing, the price remains in the oversold region, as indicated by the relative strength index (RSI) staying below the 30.00 benchmark.
At the moment, the index is registered at 24.58, slightly above the ceiling of 24.00.
BNB is currently trading at $241.98, nearing a support level of $242.00.
XRP
XRP, formerly known as Ripple, was another significant performer on Tuesday, achieving a high not seen in several months.
XRP/USD rapidly rose to an intraday high of $0.5614, less than 24 hours after the price hit rock bottom at $0.5139.
Today’s sharp increase propelled the XRP price to its highest level since March 28, when it reached $0.5848.
XRP/USD – Daily Chart
Examining the chart, the earlier momentum has since softened, with the token now priced at $0.5326.
This seems to be the result of a failure to maintain a breakout of the $0.5490 mark.
The RSI is currently nearing a resistance level of 58.00, acting as another significant barrier to further price increases.
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Do you anticipate XRP breaking the $0.5848 mark this month? Share your opinions in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Cryptocurrency Rally
What happened to BNB on Tuesday?
BNB ended its four-day losing streak on Tuesday, as investors capitalized on the recent price dip. From a low point of $220.60 on Monday, BNB/USD ascended to a peak of $245.64 in Tuesday’s trading.
How did XRP perform on Tuesday?
XRP also had a strong performance on Tuesday, reaching a multi-month high. XRP/USD rose to an intraday high of $0.5614, less than 24 hours after the price had dropped to $0.5139.
Is BNB currently in an oversold condition?
Yes, despite the upward trend, the price of BNB is still in the oversold region, with the relative strength index (RSI) below the 30.00 benchmark.
What is the current resistance level for XRP according to the RSI?
The RSI for XRP is currently nearing a resistance level of 58.00, acting as a significant barrier to further price increases.
More about Cryptocurrency Rally
- BNB Historical Price Data
- XRP Historical Price Data
- Cryptocurrency Market Overview
- Understanding Relative Strength Index (RSI)
4 comments
BNB at 241.98, so close to the support level…hope it holds!
Wow BNB finally bouncing back! About time, got worried for a sec there lol.
XRP guys, i’m tellin ya. It’s gonna break the $0.5848 mark this month. just watch!
look at that RSI for BNB! still oversold if you ask me. prime time for investment mayb?