XRP Struggles at $0.51
XRP has been facing challenges lately, and this week was no different. The cryptocurrency started the week with a 2.11% increase on January 29, but it quickly lost all those gains with a 4.57% drop on January 30. This decline coincided with developments in the Ripple vs. SEC case, as the SEC demanded financial documents from Ripple. XRP’s price continued to decline, breaking below key support levels of $0.51, $0.50, and $0.49 and reaching a three-month low of $0.4855 on January 31. Despite some recovery, XRP closed January with an 18% crash.
The bearish trend was intensified by a surge in whale transactions involving XRP, reaching a yearly high of 1,827 on January 30. Additionally, news of a hacking incident involving Ripple’s co-founder and executive chairman Chris Larsen caused XRP to drop by 5%. Currently, XRP is struggling to maintain the $0.51 level.
PYTH Looks to Reclaim ATH
Unlike XRP, PYTH Network’s native token had occasional price spikes this week that contributed to its bullish performance. Starting the week below the $0.39 threshold, PYTH experienced a bullish structure that led to a yearly peak of $0.4457 on January 30. However, it faced resistance at this level and corrected to a low of $0.3890 on February 1.
PYTH found support at this level and began a recovery campaign, further boosted by its listing on Binance on February 2. After the listing, PYTH rallied by 38% from its low to a high of $0.5392, close to its all-time high of $0.5487. Although it faced resistance at the all-time high, PYTH defended the $0.50 level and ended the week with a 32% gain.
SUI Clinches 8-Month High
Despite experiencing more red days than green ones, Sui had an impressive run last week. It started with a 17.19% rally on January 29, reaching above the $1.5 threshold. The price continued to rise, hitting an eight-month high of $1.65 on January 30.
However, Sui faced retracement and closed January 30 with a mild 1.12% drop. It recorded another decline on January 31 but managed to recover some losses by February 1 with a 0.47% rise. Although Sui experienced declines and lost psychological support levels of $1.5 and $1.4, it has recently been reclaiming those levels and aiming to breach above $1.5. Despite four losing days this week, Sui increased by 11.8%.
Hot Take: XRP Struggles Amid Regulatory Concerns
XRP’s performance this week has been overshadowed by regulatory concerns and negative developments surrounding the Ripple vs. SEC case. The demand for financial documents from Ripple by the SEC has added to the uncertainty surrounding XRP’s future.
Furthermore, the recent hacking incident involving Ripple’s co-founder has raised questions about security and investor confidence in the project.
While XRP has shown some signs of recovery in February, it remains to be seen how it will fare in the face of ongoing legal battles and market volatility.
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