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, unable to sustain its recent gains.
Investors are now keeping an eye on Ripple’s XRP, Trump Coin (TRUMP), and Zetachain (ZETA). These coins coudl see meaningful movements in the coming days.
XRP Futures Launch
XRP is in the spotlight with the launch of CME Group’s cash-settled futures on Monday. This development allows traders to speculate on XRP’s future price without owning the asset. It’s a big step for XRP, as it could attract more institutional interest.This could lead to the creation of XRP-based exchange-traded funds (ETFs), similar to the ProShares Bitcoin ETF. However,XRP’s price has seen a significant drop.
Trump Coin Dinner Sparks Controversy
trump Coin is gaining attention due to a controversial dinner on May 22. Top holders, including Tron’s Justin Sun, will meet with the U.S. president. This event could impact the coin’s price. A double-top pattern suggests a potential price drop. Some holders have already sold for profit, and more selling might occur before and after the dinner.
Zetachain’s Token Unlock
Zetachain, a layer-1 network, will unlock tokens worth $11.34 million on Monday. This is 5.31% of the circulating supply. Monthly unlocks will continue over the next few years.However, ZETA’s price has fallen 18% from its monthly high. The network’s total value locked has also decreased. other projects with upcoming unlocks include Pendle, Melania Meme Coin, Pyth Network, and Solana.Pyth Network’s unlock of $333 million tokens, representing 58% of its float, is notably noteworthy.Despite these events,Zetachain faces challenges,with its token price and network value declining.
