For some time, Binance Coin has been facing a resistance where its price is hovering around $320. Despite the constant resistance, the bulls are not losing their faith and want to hold onto their position. It doesn’t seem that the bulls want to resort to selling BNB given the current circumstances.
The trend shows that the bulls are hoping that the situation may change and become bullish. This would allow the bulls to aim for higher price targets.
Currently, two major factors are impacting the price of Binance Coin. The first is the Terra crash that has to push the entire cryptocurrency industry into crisis. The second one is the recent price dip that has sent the entire investment sector on the back foot.
If Binance Coin is able to break through these chains, then Binance Coin may succeed in pushing over the resistance zone of $320. Going forward, Binance Coin will be able to push ahead of the $326 benchmark, which is the 20-day EMA.
Moving forward, it’ll be the 50-day SMA ($381) for BNB that the bulls may attempt and may try to elevate it to.
On the contrary, the bearish sentiments are much stronger than the bullish. If the bulls give up at the resistance mark ($320), then Binance Coin may continue falling down. The price of BNB may plunge to $285 and if neither of the negative factors lift-off, BNB may plummet to $265.
It is being predicted that soon, the Terra concern may fade away but if it doesn’t, then BNB may dip to $211.
For Ripple, although the situation is not different from other major cryptocurrencies. Still, it has one advantage that can also become its worst nightmare. Ripple’s a year and a half feud with the US SEC is a factor that keeps pushing or pulling its price.
At present, XRP is hovering between $0.38 and $0.40 but it is a support zone for the digital asset. Although the bulls did try, they were not able to cross the $0.45 overhead resistance mark.
This means that despite the bulls showing off their buying power, the bears have kept the trend balanced with their selling pressure.
In recent days, Ripple has gained ground against the US SEC. Due to that, XRP has managed to gain a bit of success. If good news keeps coming from the Ripple-SEC dispute, then the XRP bulls’ confidence may continue building.
This would help XRP experienced a significant rise, pushing it up to $0.50. Once the Terra factor gets removed and Ripple keeps winning against the US SEC, then its price may uplift to $0.64 (50-day SMA).
On the contrary, XRP falling below the $0.38 price would mean bears may attempt to bring it down to $0.33. If that happens and the bears keep gaining more strength, then XRP’s price may plunge to $0.24.