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Grayscale recently announced new trusts for SUI and XRP, which caused the price of XRP to skyrocket. As investors reacted favorably to the development, the news served as a major catalyst for the asset's growth.
But the bears quickly increased their selling pressure in response to this bullish momentum, leading to a sharp pullback that threatened to derail the rally. XRP is still in a fairly favorable position despite the seller’s quick reaction. The asset seems to have strong upside potential, and the price is still rising, holding on to some of the gains from Grayscale’s announcement.
Current XRP price levels suggest that there may still be room for a rally, even though selling pressure has dampened the initial bullish enthusiasm. Recent price action can be seen as part of a larger volatility pattern when considering the overall market context. Grayscale’s confidence run has given XRP the boost it needs for a potential uptrend, which has investors eagerly awaiting any breakout moments.
But the bears' quick retreat highlights how fragile the market is and how important it is to break through resistance levels to see long-term price gains. To see additional upside, XRP The current selling pressure needs to be overcome and significant resistance levels need to be broken. The asset could rally if the bulls can regain control, especially if the overall market sentiment remains positive.
Toncoin aims high
The 200 EMA represents a significant technical barrier for Tonkoyin right now. This level is important when determining the short-term trajectory of the asset. One possible sign of the start of a recovery similar to what was seen when Toncoin broke through the 100 EMA in August would be a successful break above the 200 EMA.
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While the 200 EMA is currently a strong barrier for TON, a breakout could lead to additional price gains. Confirmation of bullish momentum will be closely watched by traders and investors through sustained price action above this level. A significant move above this barrier could force TON return to higher price levels, possibly retesting the highs of the beginning of the year.
However, consistency of inflows is essential to support any potential breakout. Consistent inflows and buying pressure are needed to keep TON on an upward trajectory. In the event that there is not sufficient stable capital support, the breakout could turn out to be a false signal. This would likely lead to more consolidation or even a pullback back to support levels.
Ethereum faces challenges
With the market showing a clear lack of momentum, Ethereum is going through tough times right now. The second-largest cryptocurrency by market cap is struggling to gain traction despite a strong online presence and the efforts of its co-founder Vitalik Buterin.
The main reason for this decline is believed to be a more serious problem with the Ethereum network itself. Recent statistics show that the Ethereum network has never seen such a low level of activity since the platform’s launch. There is a clear decline in user engagement and transaction volumes, indicating a larger crisis in the ecosystem.
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This is especially worrying at a time when many other well-known cryptocurrencies are either recovering or at least operating steadily. On the other hand, there are signs of expansion and higher usage in alternative networks such as Solana and the Telegram Open Network (TON). These newer networks are an attractive replacement for decentralized applications (dApps) and other blockchain-based solutions, as they offer lower costs and faster transaction speeds.
Ethereum risks losing ground to these stronger competitors unless it improves its poor performance and high gas prices. Given Ethereum’s current circumstances, a significant loss of market share could follow as the larger cryptocurrency market tries to recover.