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Lorenzo Protocol’s native token, BANK, has recorded a 150% price surge within six hours of its official launch. 

The token’s rapid climb follows its listing on multiple platforms, including Binance’s Alpha Market and the launch of a BANKUSDT perpetual contract on Binance Futures with up to 50x leverage.

What is the New BANK Token on Binance Futures?

The Token Generation Event (TGE) for BANK took place today, April 18, via Binance Wallet, in partnership with PancakeSwap. Lorenzo Protocol raised $200,000 through the sale of 42 million BANK tokens—2% of the total supply—priced at $0.0048 each. 

The token is now trading on PancakeSwap, Bitget, and CoinEx. Following its debut, BANK reached a market cap of approximately $22 million.

BANK is the governance and utility token for Lorenzo Protocol, a DeFi platform focused on enhancing Bitcoin liquidity. 

The protocol allows users to earn yield on BTC without giving up custody. It uses financial primitives like Liquid Principal Tokens (LPTs) and Yield-Accruing Tokens (YATs). 

According to its claims, BANK holders can stake their tokens to receive veBANK, which provides governance rights and a share of future emissions.

Also, Lorenzo Protocol is built on a Cosmos-based Ethermint appchain. It enables BTC restaking and interoperability with Bitcoin’s Layer 1. The design supports on-chain issuance and settlement of BTC-backed assets.

The listing of the BANK/USDT perpetual contract on Binance Futures adds further momentum to the token. Binance Futures is a derivatives platform that allows users to trade perpetual contracts with high leverage. 

Binance has historically preferred new tokens on the BNB chain for early futures trading. BANK’s sharp price increase and rapid market integration highlight strong early interest in Lorenzo Protocol’s approach to BTC-based DeFi infrastructure.

Currently, it’s far-fetched to project whether the exchange will list this newly launched token. However, Binance’s new community voting on token listing has offered positive hopes for small market cap projects. 

The post Lorenzo Protocol’s BANK Token Surges 150% After Binance Futures Listing appeared first on BeInCrypto.

XRP is up more than 8% over the past seven days, but it hasn’t been able to maintain the strong momentum sparked by the SEC dropping its lawsuit against Ripple.

After the initial surge, XRP has entered a phase of consolidation, with price action stuck between key support and resistance levels. Technical indicators now reflect a market on pause, with momentum fading and direction unclear.

XRP RSI Is Currently Neutral

XRP’s Relative Strength Index (RSI) is currently at 52.89, a notable drop from 63.90 just one day ago. This sharp decline signals a weakening in recent bullish momentum, as buyers appear to be losing control over the short term.

RSI has now slipped closer to neutral territory, suggesting that market participants are increasingly uncertain about the next move.

Importantly, XRP hasn’t reached RSI levels above 70—commonly associated with overbought and strongly bullish conditions—since March 19, over a week ago, indicating a lack of strong buying pressure during this period.

RSI, or Relative Strength Index, is a widely used momentum oscillator that measures the speed and change of price movements on a scale from 0 to 100.

An RSI reading above 70 typically signals that an asset is overbought and could be due for a pullback, while a reading below 30 suggests it may be oversold and primed for a bounce. Values between 50 and 70 generally reflect bullish momentum, whereas readings between 30 and 50 lean bearish.

With XRP now sitting at 52.89, it remains above the midpoint but is edging closer to neutral, suggesting the recent bullish phase may be cooling off unless renewed buying activity steps in.

Ichimoku Cloud Shows An Indecisive Market

XRP’s Ichimoku Cloud chart shows a market in consolidation, with price action hovering just above the cloud but lacking strong momentum.

The Tenkan-sen and Kijun-sen lines are relatively flat and close together, indicating a pause in trend strength and a balance between buyers and sellers.

The lack of a clear Tenkan/Kijun crossover also supports the idea that the market is in a neutral phase rather than trending decisively in either direction.

The cloud ahead is thin and slightly bullish. This suggests that while there is some support beneath the price, it’s not particularly strong.

A thin cloud typically signals potential vulnerability, as it may not hold up well against increased selling pressure. Meanwhile, the Chikou Span (lagging line) is interacting closely with past price action, another sign that momentum is weakening.

Overall, the Ichimoku setup reflects uncertainty, with XRP needing a decisive push in either direction to escape this range-bound structure.

Will XRP Breach $2.50 Resistance?

XRP experienced a strong surge following the news that the SEC had dropped its case against it. However, that initial momentum has since cooled.

The price is now caught between a resistance zone at $2.47 and support at $2.35. That highlights a phase of consolidation and indecision.

If the current support level is retested and fails to hold, XRP could see increased selling pressure. That would open the door for a move down to $2.22. If bearish momentum intensifies, a deeper drop toward $1.90 is possible.

On the flip side, if buyers can regain control and push XRP price above the $2.47 resistance.

The next targets in that scenario would be $2.59 and $2.749, both of which align with previous areas of rejection.

If the uptrend gathers strength, XRP could climb as high as $2.99.

The post XRP Loses Momentum After SEC Boost and Enters Consolidation Phase appeared first on BeInCrypto.