XRP (XRP), the native token of the Ripple network, Pyth Network (PYTH), and Sui (SUI) are among the top cryptocurrencies to keep an eye on this week.
Despite the ongoing market uncertainties, these assets have played a significant role in maintaining the global crypto market cap above the $1.6 trillion mark. Notably, the market cap has risen by 1.86% to reach $1.64 trillion in the past week.
XRP struggles at $0.51
XRP’s recent performance has not instilled much optimism among investors, and this week has only added to their growing concerns.
At the start of the week, XRP saw a modest increase of 2.11% on January 29th. However, this gain was quickly erased as the cryptocurrency experienced a significant decline of 4.57% on January 30th.
This drop coincided with developments surrounding the ongoing Ripple vs. U.S. Securities and Exchange Commission (SEC) case, as the agency demanded financial documents from Ripple.
The downward trend continued throughout the rest of January, leading to XRP breaking below key support levels at $0.51, $0.50, and $0.49. Ultimately, XRP reached a three-month low of $0.4855 on January 31st.
Despite briefly recovering to the $0.49 and $0.50 levels, XRP ended the day on a bearish note, closing January with an 18% crash.
The bearish pressure persisted due to a significant surge in whale transactions involving XRP, with a staggering 198% increase reported by crypto.news.
On January 30th, whale transactions reached a yearly high of 1,827, as large investors added to the selling pressure.
Furthermore, reports of a hacking incident affecting Ripple’s co-founder and executive chairman, Chris Larsen, further exacerbated the bearish trend.
Larsen confirmed the hack, resulting in a loss of $112.5 million worth of XRP, causing XRP to collapse by an additional 5%.
XRP has been struggling to regain momentum at the crucial $0.51 level. However, it has shown resilience by defending this level and aiming to leverage it for a potential upsurge once the market fully recovers. In February, XRP has recorded three consecutive days of gains, helping it recover above $0.51.
PYTH looks to reclaim ATH
Despite facing struggles this week, XRP experienced occasional price spikes that contributed to its bullish end to the week. The token started the week with a price slump below the $0.39 threshold, trading at $0.3799 on Jan. 29.
PYTH Network’s native token, on the other hand, witnessed a bullish trend that led to breaking multiple resistance levels and reaching a yearly peak of $0.4457 on Jan. 30. The last time it traded above $0.44 was in early December.
However, the uptrend faced resistance at $0.4457, resulting in a significant correction. This correction pushed the cryptocurrency below the psychological thresholds it had recently breached, reaching a low of $0.3890 on Feb. 1.
During the retracement, PYTH found support and set the stage for a recovery campaign. The asset received a boost when it was listed on Binance on Feb. 2, further aiding the recovery.
Following the Binance listing, PYTH rallied 38% from its low of $0.3890 to a high of $0.5392, just below the all-time high of $0.5487 reached in November.
An attempt to retest the all-time high faced strong resistance from bears, leading to a minor correction. Despite this correction, PYTH managed to defend the $0.50 level and was trading at $0.5011 at the reporting time. Overall, the asset gained 32% throughout the week.
Sui clinches 8-month high
Despite experiencing more red days than green ones, Sui had an impressive performance last week. The token started off with a significant rally of 17.19% on January 29th, surpassing the crucial $1.5 price threshold.
This upward trend continued into the next day, reaching a high of $1.65, which was the highest price Sui had seen since May 2023.
However, an attempt to break through this price territory led to a retracement. Despite this, Sui closed on January 30th with a minor drop of 1.12%.
On January 31st, Sui experienced another intraday decline, dropping by 1.69% and closing the day at $1.5187. Although the asset aimed to recover these losses at the beginning of February, it faced strong resistance from bears at the $1.5679 level. Nevertheless, Sui managed to end February 1st with a 0.47% increase.
Despite facing further declines and losing the psychological support levels of $1.5 and $1.4, Sui has recently made a recovery and reclaimed the $1.4 level.
It is currently pushing to break above $1.5. Despite having four losing days this week, Sui has still managed to increase by 11.8%.
