Binance Coin, Ripple, and Tron reversed in the last week, but all three crypto assets have been growing in double digits since the beginning of the year – a look at the market price and the latest news.
Analysis of the crypto assets Binance Coin (BNB), Ripple (XRP) and Tron (TRX)
Binance Coin has been growing since November 2022 and the situation of Ripple (XRP) is also excellent as it is about to put an end to its lawsuit with the SEC, in the meantime Tron is about to break yet another resistance.
Binance coin (BNB)
The native token of the world’s most trusted exchange, BNB, touches €271.62 and puts an end to the last week’s reversal with a +2.36%.
Over the past five days, the token had been down 3.56%, but since the beginning of the month, things have been more than okay considering the fact that the value has grown by 20%.
BNB’s market capitalization is €42.62 billion with a daily volume of €434.14 million.
These figures earn Binance Coin the fifth position in the special market cap ranking.
There are currently €158.90 million worth of BNB (Binance Coin) in circulation.
The growth in value actually starts way back i.e. since November last year reaching almost $300 per BNB.
Bitcoin’s growth is often seen as a driver for the entire cryptocurrency sector and normally this does indeed happen but in this case it may have been the fundamentals of the token itself that pushed Binance Coin so high as the pump has been going on for months.
The cryptocurrency industry could be heading into a season of over-regulation aimed at avoiding failures like those that have occurred over the past year and protecting consumers.
This legislative tightening could either encourage this year’s pump or halt it.
The volume on BNB exchanges is certainly a plus point for Binance Coin’s rush to new price levels.
However, the bearish predictions that are in the minority at this stage are pointing to a shock to user confidence.
The pessimism that is always around the corner could be fueled by the SEC that could hamper Binance Coin.
Ripple (XRP) trades at €0.36 up 3.44% from yesterday but comes from a week of reversal.
However, with the new year, the token has climbed back up 18% giving hope to investors who are waiting for the real market maker for XRP that is the ruling of the lawsuit filed against it by the Securities and Exchange Commission.
The CEO of Ripple, Brad Garlinghouse believes that the legal dispute pitting the company against the US Securities and Exchange Commission could end as early as four months from now with a historic victory.
During the World Economic Forum in Davos, Garlinghouse told CNBC microphones:
“We expect a judge’s decision later this year. We can’t control when the judge will make his decision but I am optimistic that this case will finally have closure in the coming months.”
The company’s CEO labels the behavior of the US regulator as embarrassing.
“As an American citizen, the SEC’s behavior has been embarrassing in some cases. Really crazy things have happened during this case.”
Despite the fact that the US Securities and Exchange Commission reached three consecutive settlements with the spin company it still filed a lawsuit proving to be unfair and noncommittal.
“Not once did they tell me: We think XRP might be a security. Then suddenly they declare: We always thought XRP was a security, we just didn’t tell you. It doesn’t seem like a healthy partnership between the public and private sectors to me.”
Tron was created six years ago by the genius of founder Justin Sun, and is a Delegated Proof of Stake blockchain.
Tron Foundation has dual headquarters, one in America in San Francisco and the other in Singapore.
The company is primarily concerned with rewarding content creators without going through an intermediary via TRX.
Tron’s token, Tronix (TRX), serves as a reward to creators.
The company also divides into three sections, storage, apps and core.
Every six hours 27 representatives are chosen to block or validate transactions, the process is called Delegated Proof of Stake in the jargon.
TRX was born on the Ethereum chain, but has now moved to that of the Tron protocol itself in 2018.
The tool offers the ability to create new dApps, smart contracts, and access a range of DeFi projects from scratch.
Today Tron is worth €0.055 and is up 1.59% in one day and 10% since the beginning of the year.
The current price matches last December’s lows but fails to pierce resistance just below $0.046 as it did in June two years ago and June 2022.
Tron is aiming straight at the $0.6350 resistance and then tackling the $0.70 resistance, which is the real impediment to the bull run for the time being.
The market capitalization of Tron (TRX) is €5.06 billion with a daily volume of €171.60 million.
In circulation, as of today, there is the countervalue of €91.86 billion in Tron.