XRP, PYTH, and SUI: The Leading Cryptocurrencies to Monitor This Week
Three cryptocurrencies to keep an eye on this week are XRP, Pyth Network (PYTH), and Sui. Despite market uncertainties, the global crypto market cap remained above $1.6 trillion, increasing by 1.86% to $1.64 trillion.
XRP struggled throughout the week, starting with a 2.11% rise on January 29 but eventually collapsing by 4.57% on January 30. This decline coincided with developments in the Ripple vs. SEC case, as the agency demanded financial documents from Ripple. The decline continued, leading to a breach below key support levels and a three-month low of $0.4855 on January 31. The bearish pressure was intensified by a hacking incident involving Ripple’s co-founder, Chris Larsen, resulting in a 5% drop in XRP’s price. However, XRP has defended the $0.51 level and has seen three consecutive green days in February.
PYTH Network’s native token also had its ups and downs. It started the week below the $0.39 price threshold but witnessed a bullish structure that led to a surge to a yearly peak of $0.4457 on January 30. However, it faced resistance at this level, resulting in a correction that pushed the cryptocurrency below psychological thresholds. After finding its floor, PYTH rallied 38% following its listing on Binance, reaching a high of $0.5392. Although it faced resistance in retesting the all-time high, it defended the $0.50 level and gained 32% this week.
Sui had a strong performance despite more red days than green ones. It started the week with a 17.19% rally on January 29, reaching a high of $1.65 on the next day. However, it experienced a retracement and closed with a mild 1.12% drop on January 30. Despite some declines, Sui managed to reclaim the $1.4 level and is currently pushing to breach above $1.5, recording an 11.8% increase this week.
