The primary half of 2019 introduced items occasions for cryptos generally, and significantly Binance coin. XRP, although, eked out comparatively meager positive factors.
The third largest cryptocurrency by market capitalization closed at $0.396411 on June 30, representing 12.45 p.c positive factors on the 2019 opening value of $0.352512 seen on Jan. 1, in response to knowledge supply CoinMarketCap.
Whereas not horrible by any regular requirements, the double-digit value achieve pales compared to binance coin’s (BNB) staggering 424-percent rise.
The seventh-largest cryptocurrency by market worth, BNB is the alternate’s native token used for numerous functions together with paying buying and selling charges on Binance’s platforms. Its value rose from $6.19 on Jan. 1 and closed at $32.44 on June 30 to turn into the perfect performing top-10 cryptocurrency H1 2019.
BNB is presently buying and selling at $33.50, having hit a report excessive of $39.52 on June 22. Other than its position within the rising buying and selling exercise on Binance, BNB probably benefited from token sale platform Binance Launchpad, which required members to buy the alternate coin.
In the meantime, different top-10 cryptocurrencies – excluding stablecoin tether – additionally outperformed XRP by leaps and bounds within the first six months.
Litecoin rallied 301 p.c within the first six months as markets probably priced in an impending miners’ reward halving, due in August.
Bitcoin, the highest cryptocurrency, jumped 188 p.c and appears set to rise even additional forward of its personal halving, scheduled for Could 2020. Additional, the narrative is turning into entrenched within the markets that Fb’s fiat and authorities bond-backed Libra cryptocurrency is net-positive for bitcoin, an anti-establishment asset.
Whereas the $7,000 rise in bitcoin boded effectively for many cryptocurrencies, it did little good for XRP. Its boring efficiency appears much more confounding if we have in mind the bullish technical developments on XRP’s chart.
To start out with, XRP’s 50-day shifting common (MA) crossed above the 200-day shifting common on the finish of Could, confirming a golden crossover – a long-term bull market indicator. The 100- and 200-day MAs additionally produced a bullish crossover in early June.
Patrons, nevertheless, repeatedly did not hold costs above $0.47 as seen within the chart under.
Every day chart
The state of affairs regarded hopeful when XRP breached a contracting triangle sample on the upper aspect on June 22. The breakout, nevertheless, was short-lived, and costs fell 12 p.c on June 27.
The failed breakout invited extra promoting and the cryptocurrency fell to $0.37 earlier immediately, the bottom degree since Could 24.
Wanting ahead, a convincing break above the June 26 excessive of $0.50 is required to substantiate a long-term bearish-to-bullish pattern change.
Disclosure: The creator holds no cryptocurrency on the time of writing