Crypto Market retreats as Bitcoin Faces Resistance
Last week, the crypto market saw a pullback as Bitcoin struggled to break through the $106,000 resistance. Traders locked in profits, causing Bitcoin to hover around $103,000. Ethereum also faced challenges, failing to sustain its recent gains.
This week, investors should keep an eye on Ripple’s XRP, Trump Coin (TRUMP), and Zetachain (ZETA). These coins could see important movements.
XRP in Focus with CME Futures Debut
XRP is gaining attention with the launch of CME Group’s cash-settled futures on Monday. These futures allow traders to speculate on XRP’s future price without owning the asset. This growth could attract more institutional interest. The XRP price has dipped from its monthly high of $2.65 to $2.40. The new futures could boost XRP’s appeal. It may lead to more exchange-traded funds (ETFs) that track XRP. The ProShares Bitcoin ETF, as a notable example, follows CME Bitcoin futures. Though,XRP’s price remains under pressure.
Trump coin’s Future Uncertain Amid Controversial Dinner
trump Coin is in the spotlight as its major holders prepare for a controversial dinner with the U.S. president on May 22. The event includes international figures like Tron’s Justin Sun. This could impact the coin’s price.
Analysts warn of a potential price drop due to a double-top pattern, signaling a bearish trend. Financial Times reports that some attendees have already sold their coins for profit. more selling might occur before and after the dinner.
Zetachain Faces Challenges with Token Unlock
Zetachain, a layer-1 network, will unlock tokens worth $11.34 million on Monday. This represents 5.31% of its circulating supply. Monthly unlocks will continue over the next few years.
However, Zetachain’s performance has been weak. The ZETA token price has fallen by 18% from its monthly high. The total value locked in its network has also decreased from $26 million to $18 million.
Other notable token unlocks this week include Pyth Network, which will unlock $333 million, or 58% of its float. Pendle, Melania Meme Coin, and Solana also have scheduled unlocks.
