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Ripple’s XRP and Binance Coin [BNB] Price Analysis, Bearish trend to continue

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Ripple's XRP and Binance Coin [BNB] Price Analysis
  • Ripple’s XRP and Binance Coin (BNB) is following a bearish trend.
  • XRP is in the trap of bear for a long time.
  • Binance Coin (BNB) now going down after $40 Million Bitcoin hack from Binance.

The Cryptocurrency market is favouring Bitcoin (BTC) as the price hits the $6000 mark. While the price of Ripple’s XRP and Binance Coin (BNB) is struggling to get rid of the bear zone.

As you know hackers steal 7000 Bitcoins worth $40 Million from Binance due to a security breach in their system. After this news got the audience reach the price of Binance Coin (BNB) starts declining. While the price of Bitcoin has gained and hits $6000 mark after this hack.

Ripple’s XRP Price Analysis

Ripple’s XRP is trading at $0.296012 having a market capitalization of $12,471,957,180 USD. XRP price trend is still following the downward movement as the price is below $0.30 USD. The 24 hour trading volume for XRP is $846,545,140 USD.

It is down by almost -1.9% in the last 24 hours and by -1.5% in 7 days. That means Ripple’s XRP has not gained from more than one week.

Ripple XRP Price Analysis 10th May 2019
Ripple’s XRP Price chat by TradingView

Let’s have a look at the XRP price chart so that there will be a clear understanding of the price trend. Almost all the moving averages are in the bear zone and indicating strong selling pressure.

Moving Averages:- The daily Exponential Moving Average (5, 10, 20, 30, 50, 100, 200) all are in the trap of bear market. Even the Simple Moving Average (5, 10, 20, 30, 50, 100, 200) are also indicating a massive sell zone.

Commodity Channel Index (20) among the oscillators are buying zone having a value of −122.70808

Stochastic RSI Fast (3, 3, 14, 14) is 21.47146 and is between the sell and buy zone.

Binance Coin [BNB] Price Analysis

As you know Binance Coin (BNB) was in a bullish move previous month and also it hits it’s an all-time high of $25.54 USD. BNB achieved this after Binance launches DEX platform.

Also, recently Binance got hacked due to a security breach in their system. This security breach costs more than 7000 Bitcoins worth $40 Million USD. Due to this the price of BNB dropped and is currently trading at $19.09 USD (-7.49%).

Binance Coin is almost down by about -7.49% and by -18.2% in the last 7 days. So you can see that it is declining at a faster rate. Let’s have a look at the price chart.

Binance Coin BNB Price Analysis 10th May 2019
BNB Price Chart by TradingView

Moving Averages(Daily) for BNB is in a bearish move as it’s the price is below EMA (50) and SMA (50).

Awesome Oscillator (Daily) for BNB is -0.4915 which is indicating a sell zone as it’s showing bearish move.

Relative Strength Index (14) is 38.7474 is in the Neutral zone. While if we look at the overall Oscillators then it is in the buy zone.

Conclusion

After analysing the price trend of Ripple’s XRP and Binance Coin (BNB) it may be concluded that XRP and BNB both will be in the trap of bear market.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.