European Wrap 24 March: Analysis of Dogecoin, Binance Coin and Ripple Cryptocurrencies.
Dogecoin price has been on a continuous decline since October 2022, but recent price movements suggest that it may be ready to break out of its downward trend. The cryptocurrency has produced four distinctive swing lows since reaching a peak of $0.159 in October, with the downtrend ranging between a buying climax of $0.0946 and a selling climax of $0.707.
On the other hand, Binance Coin (BNB) price has suffered a sharp decline following harsh statements from Chinese regulators regarding Binance’s KYC rules. Chinese citizens are not permitted to hold crypto deposits since 2021, and regulators have shared concerns that Binance’s KYC and anti-money laundering efforts are easily circumvented. This regulatory crackdown could trigger similar crackdowns in other parts of the world and lead to a loss of trust in the Binance Exchange, further damaging BNB’s price action.
Ripple, however, has received support from several experts and influencers on crypto Twitter in its ongoing legal battle with the US financial regulator, the Securities and Exchange Commission (SEC). The recent accumulation of XRP by large wallet investors has also supported the bullish thesis for the altcoin, with these investors consistently accumulating XRP tokens since March 7, as reported by crypto intelligence tracker Santiment.
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