Despite the fact that the first half of this year brought plenty of good moments for cryptos overall, there were poor performing Altcoins. Binance coin, the native token of Binance exchange, was on of the few top performing assets. XRP is one of such tokens that underperformed after the digital asset realized meager gains.
XRP, currently the number three largest crypto by market capitalization closed the month of June at $0.396411. The coin’s closing price represents 12.45% gains on 2019’s opening price which was $0.352512 as of Jan. 1, per data given by CoinMarketCap.
BNB’s 424% Rise Makes XRP’s Gains Look Meager
While the record of XRP price isn’t really terrible by the regular standards, it pales in comparison to extraordinary gains that Binance Coin recorded. BNB saw a staggering 424% in the first half of this year.
The number seven largest digital currency by market value, BNB, Binance exchange’s native token which was made for various purposes. Some of which include paying trading fees on the Binance platforms. BNB price reportedly rose from $6.19 as of Jan. 1. It closed at $32.44 as of June 30. This makes it the best performing cryptocurrency from the top-10 for H1 of 2019.
BNB price is trading at $33.50 at press time, having hit a yearly record high of about $39.52 back in June 22. Apart from the role of BNB in the growing trading activity via Binance exchange, BNB may have likely benefited from the token sale platform (Binance Launchpad). This protocol required its participants to purchase BNB exclusively.
Tether is the Only Top Ten Coin That Didn’t Outperform XRP
Meanwhile, the rest of the top ten cryptos , excluding tether, all outperformed XRP by large volumes in the first half of this year.
Litecoin rallied an impressive 301% gain in the first six months of the year. The coin’s markets likely priced well due to the impending miners’ reward halving or halving event, scheduled for August.
Bitcoin, the leading crypto, jumped by 188% and is set to rise further ahead of BTC halving, scheduled for May next year. Further, the narrative has now become entrenched in crypto markets that Facebook’s Libra is not a positive sign for Bitcoin, but an anti-establishment asset class.
While the $7,000 price rise in BTC boded well for the rest of the cryptocurrencies, it only helped XRP so little. XRP’s dull performance looks more confounding if we consider the fact that there were several bullish technical developments via XRP’s chart.
XRP Price Prediction 2019: Price Performance On the Daily Chart
XRP’s 50-day MA crossed over the 200-day MA at May end, signaling a long-term bullish action. The 100 and 200 day MA’s also indicated a bullish crossover in the early part of June.
But buyers, repeatedly failed to hold XRP price above $0.47.
The situation was looking hopeful when the XRP price breached a contracting triangle trend on the high side back in June 22. This breakout, was short-lived. XRP price fell by 12% five days later.
The failed breakout resulted in more selling. XRP price fell to $0.37 today, which is the lowest level the coin has had since May 24.
A convincing break over the high point of June 26 at $0.50 is required to confirm the long-term bullish trend.