According to the announcement, aside from allowing DOGE to be traded for Binance coin, the exchange will also support transactions between DOGE and other stable cryptocurrencies such as Bitcoin, Tether, Paxos and USD Coin. In preparation for the launch, Binance Exchange encouraged the users to start depositing in DOGE.
CoinMarketCap reported that the announcement played a significant role in the surging price of DOGE. At the time of this writing, the cryptocurrency had witnessed a surge of 37%.
Changpeng Zhao, the CEO of Binance Exchange, explained in a tweet that the surging price of Dogecoin following an announcement is an exception. He even said that the reaction of the users had nothing to do with tech development as there hadn’t been any in the past. Instead, CZ referred to the broad community and of course, to the famous ex-CEO, Elon Musk, as the driving factors.
In April, the founder of SpaceX and Tesla Elon Musk had praised Bitcoin and called the technology as brilliant. However, he tweeted that his favorite cryptocurrency is Dogecoin. Moreover, he even updated his Twitter bio where his massive base of followers has seen the words, CEO of Dogecoin.
In general, the cryptocurrency markets have witnessed good times in the first six months of 2019, the Binance coin in particular. However, XRP had different views and instead highlighted the meager gains.
On June 30, CoinMarketCap revealed that the third largest cryptocurrency in terms of market capitalization closed at $0.3967. Compared to the $0.3525 opening price on January 1, it had acquired12.49% gains. While it’s quite an achievement based on ordinary standards, this gain percentage is nothing compared to the mind-boggling 428% rise of Binance Coin.
BNB, in terms of market value, holds the 7th position in the cryptocurrency community. BNB can be used in paying transaction fees on Binance Exchange’s platforms. This native token was one of the ten best performing cryptocurrencies in 2019, being able to close at $32.44 on June 30 from $6.19 opening on January 1.
On June 22, BNB close at $39.57, a record high. Currently, it is trading at $33.57. It’s worth noting that BNB’s growing popularity and role on Binance’s trading activities can be attributed to Binance Launchpad, a token sale platform which requires the participants to buy the exchange coin.
Meanwhile, aside from Tether, the other stablecoins in the Top 10 list also overtook XRP with mind-boggling performances in the first half of this year.
As the “miner’s reward halving” scheduled in August is fast approaching, Litecoin also witnessed a price rally equating to 301%. Bitcoin, the top-performing cryptocurrency, also leaped 188% and it seems that the trend will even get better despite being almost a year away from its own halving. Furthermore, words had been circulating in the market. According to the narrative, Facebook’s Libra is net positive for Bitcoin, an opposing establishment asset.
Bitcoin’s $7,000 rise seemed to foretell the rewarding fate of most cryptocurrencies; however, it hadn’t work the same for XRP. The XRP charts paint a dull picture of its performance, and it becomes even worse if the bullish tech developments will be taken into account.
At the end of May, the 50-day MA (moving average) of XRP outperformed its 200-day MA. What happened was considered as a golden crossover and a certified indicator of bull market frenzy. Early in June, another bullish crossover was witnessed in 100-day and 200-day moving average. But what’s ironic is that buyers failed to maintain the prices above $0.47. On June 22, there had been a ray of hope when a shrinking triangle pattern was breached by XRP on the higher side. However, the breakout didn’t last long. On June 27, prices dropped 12%. The breakout resulted in more selling, triggering the price to drop at $0.37, the lowest level the cryptocurrency had ever gone since May 24.
Moving forward, what XRP needs is a convincing break above $0.50, a record high on June 26, to ratify a lasting “bearish-to-bullish” trend change.