Key Takeaways:
Binance’s BNB token overtook XRP in market capitalization on May 13, hitting a value of $91 billion as its price pushed higher amid a resilient crypto market. The move marks a significant shift in the altcoin rankings and points to growing momentum within the Binance ecosystem.
Data from CoinGecko shows BNB’s market cap climbing past XRP’s as the token rose 2.5 percent to $677 as of 12:33 UTC. In contrast, XRP was trading at approximately $1.45, according to CoinDesk data. The flip underscores a divergence in performance, with BNB demonstrating a stronger bullish structure in recent trading sessions.
The rally in BNB follows a successful defense of the long-term ascending trendline support near the $600 range, according to analysis from Coinpedia. The price has maintained a higher-low structure on higher timeframes, indicating that the long-term bullish trend remains intact despite broader market volatility. The weekly Moving Average Convergence Divergence (MACD) indicator has also printed a bullish crossover, suggesting momentum is returning to buyers.
This move occurs within a broadly positive context for digital assets. Bitcoin has held firm above $81,000 despite hotter-than-expected US inflation data, and the crypto market saw fund inflows of $858 million last week, per a CoinShares report. For BNB, traders are now watching the $700 level as the next crucial test, with a further key resistance zone at $744. A breakout above this range could signal the start of a new upward trend.
This article is for informational purposes only and does not constitute investment advice.
