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Among the top cryptocurrencies to watch this week are $XRP ($XRP), the native token of the Ripple network, as well as Pyth Network ($PYTH) and Sui ($SUI).
Each asset made noticeable contributions to the global crypto market cap, which remained above the $1.6 trillion mark over the past week despite the sustained market uncertainties, rising 1.86% to $1.64 trillion.
$XRP, $PYTH, $SUI - 1"> $XRP struggles at $0.51
$XRP has not given investors much reason to be optimistic recently, and this week added to these growing concerns.
The crypto asset began the week touting a 2.11% rise on Jan. 29. However, $XRP gave up all these gains, with a 4.57% collapse on Jan. 30. This decline coincided with developments around the Ripple vs. U.S. Securities and Exchange Commission (SEC) case. The agency recently made a demand for financial documents from Ripple.
The decline spilled into the last day of January, leading to a breach below the $0.51, $0.50 and $0.49 support levels. $XRP eventually dropped to a three-month low of $0.4855 on Jan. 31. Despite recovering the $0.49 and $0.50 territories, $XRP ended the day bearish, closing January with an 18% crash.
The bearish pressure persisted amid a massive 198% surge in whale transactions involving $XRP, as reported by crypto.news. Whale transactions spiked considerably to a yearly high of 1,827 on Jan. 30, with large investors compounding the existing selling pressure.
The bearish trend was further exacerbated by reports of a hacking incident affecting Ripple’s co-founder and executive chairman Chris Larsen. The Ripple chairman confirmed the hack, which led to losing $112.5 million worth of $XRP.
$XRP collapsed 5% on the heels of the event.
The asset has continued to struggle at the crucial $0.51 territory. $XRP has defended this level zealously, looking to leverage it for an upsurge once the market recovers fully. $XRP has recorded three consecutive green days in February, helping it to recover above $0.51.
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$PYTH looks to reclaim ATH
While $XRP faced struggles this week, $PYTH Network’s native token recorded occasional price spikes that contributed to its bullish end to the week. The token began the week amid a price slump below the $0.39 price threshold, changing hands at $0.3799 on Jan. 29.
$PYTH witnessed a bullish structure that saw it breach multiple resistance levels, culminating in a surge to a yearly peak of $0.4457 on Jan. 30. The last time the asset traded above the $0.44 territory was in early December.
However, Pyth Network’s uptrend faced resistance at $0.4457, resulting in a steep correction. This correction eventually pushed the cryptocurrency below the recently breached psychological thresholds, as it collapsed to a low of $0.3890 on Feb. 1.
$PYTH found its floor amid the retracement, setting the stage for a recovery campaign. Binance listed the asset on Feb. 2, compounding the recovery.
Upon the Binance listing, $PYTH rallied 38% from the $0.3890 low to a high of $0.5392, slightly below the all-time high of $0.5487 attained last November.
An attempt to retest the all-time high was met with fierce resistance from the bears, triggering a mild correction. Despite this correction, $PYTH fiercely defended the $0.50 level, trading for $0.5011 at the reporting time. The asset gained 32% this week.
Sui clinches 8-month high
Sui saw an impressive run last week despite recording more red days than green ones. The token kicked off the week with a massive rally of 17.19% on Jan. 29, closing the day above the pivotal $1.5 price threshold.
This uptrend spilled into the next day, with Sui surging to an eight-month high of $1.65. The last time Sui saw this price was in May 2023.
An attempt to breach the price territory resulted in a retracement. Amid this retracement, the asset eventually closed on Jan. 30 with a mild 1.12% drop.
Sui recorded another intraday decline on Jan. 31, dropping by 1.69% to close the day at $1.5187. The asset aimed to recover these losses at the start of February, but the bears mounted formidable resistance at the $1.5679 level. Despite the setback, Sui closed Feb. 1 with a 0.47% rise.
Sui continued to record declines, relinquishing the $1.5 and $1.4 psychological support. However, a recent recovery has seen it reclaim $1.4, currently pushing to breach above $1.5. Despite recording four losing days this week, Sui increased by 11.8%.
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