Cryptocurrencies to Watch This Week: Trump Coin and XRP
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Last week, the prices of cryptocurrencies experienced a downturn as Bitcoin struggled to breach the resistance level of $106,000, prompting traders to take profits.
As of Sunday, Bitcoin (BTC) was valued at $103,000, while Ethereum (ETH) encountered a resistance point following its recent upward movement.
This week, key cryptocurrencies to watch include Ripple (XRP), Trump Coin (TRUMP), and Zetachain (ZETA).
XRP Takes Center Stage Ahead of CME Futures Launch
This week puts XRP in the spotlight as the CME Group launches its inaugural cash-settled futures contracts on Monday. These contracts enable traders to speculate on or hedge against an asset’s future price without owning it outright.
The introduction of XRP futures is notable as it opens the door for financial service companies to develop exchange-traded funds that track XRP, similar to the ProShares Bitcoin ETF that follows CME Bitcoin futures.
At the moment, XRP’s price is under pressure, having decreased from a monthly high of $2.65 to $2.40 today.
Trump Coin Under Examination Ahead of Key Dinner
The price of Official Trump Coin will attract attention as key holders prepare for a contentious dinner with the U.S. president on May 22. Analysis indicates that some attendees may include foreign figures, such as Tron founder Justin Sun.
Concerns exist that Trump Coin’s price could decline both before and after the dinner. The accompanying chart illustrates the formation of a double-top pattern, which serves as a typical bearish reversal signal.
An FT analysis revealed that several guests have previously sold their coins for significant profits. Increased selling pressure may ensue as attendees anticipating profit make their sales, coupled with additional coin disposals post-dinner.
Zetachain Price Gains Attention Ahead of Major Unlock
This week, Zetachain, an emerging layer-1 network, is set to capture attention as it implements its token unlocks. On Monday, the network aims to unlock tokens worth approximately $11.34 million, which accounts for 5.31% of the total float.
These monthly unlocks will continue over the ensuing years, considering its circulating supply of 828 million against a total supply of 2.1 billion coins.
This unlock occurs at a challenging juncture for the Zetachain network, with the ZETA token price having dropped by 18% from its peak this month. Additionally, the total value locked within the network has narrowed from $26 million in January to $18 million.
Other notable crypto projects with unlocks scheduled this week include Pendle, Melania Meme Coin, Pyth Network, and Solana. Pyth Network’s unlock of 333 million tokens will be especially significant, constituting 58% of the float.
