XRP has recently struggled to break through key resistance at $2.56, a level that the crypto token’s price has failed to surpass twice this month. This barrier remains the final hurdle on its path to $3.00.
However, despite showing some positive movement, the altcoin’s failure to break this resistance could signal a continued consolidation phase, especially given the current market conditions.
XRP Investors Are Uncertain
The Network Value to Transaction (NVT) Ratio for XRP has reached a five-year high, a level not seen since January 2020. This metric compares a cryptocurrency’s market capitalization to the volume of transactions conducted on its network.
A high NVT ratio indicates that while investors are bullish, their optimism is not translating into actual growth or usage of the network. This disparity typically signals an overheated market, which often corrects as the excitement cools off.
The current NVT ratio suggests that XRP’s value is outpacing its transaction activity, which is a bearish signal. As the market cools, this imbalance could lead to a price correction, further hindering XRP’s attempts to break through key resistance levels.
XRP’s macro momentum is also showing signs of strain. The network’s growth is currently at a four-month low, reflecting a decline in the rate at which new addresses are created.
This is a critical metric for assessing a cryptocurrency’s traction in the market, as a growing number of active addresses usually indicates increased adoption.
In XRP’s case, the lack of new address creation suggests that the altcoin is struggling to attract new investors. The lack of incentive for new investors to join the network further dampens XRP’s outlook.
XRP is currently trading at $2.40, just below the resistance of $2.56. This level has proven to be a strong barrier, with XRP failing to breach it twice this month.
As a result, the altcoin is likely to continue consolidating between the $2.27 and $2.56 range. This period of consolidation may persist if the market conditions remain unchanged.
Should bearish conditions worsen, XRP could slide below its support at $2.27. In this case, the price may fall to $2.14 or lower, erasing much of the recent recovery from the $2.00 level.
The continuation of this downward movement would reinforce the bearish outlook.
However, if XRP can breach the $2.56 resistance and flip it into support, the bearish thesis would be invalidated. A successful breakout could push XRP toward $2.95 and, ultimately, the $3.00 mark.
This would require strong support from investors and a more favorable market environment to sustain the upward momentum.
Asset Manager Canary Capital has filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tied to Axelar (AXL).
This marks the first-ever filing for AXL, the native cryptocurrency that powers the Axelar Network, setting the stage for the token’s institutional adoption.
Canary Capital Files for AXL ETF
The filing, which was submitted on March 5, outlines that the fund’s net asset value (NAV) will be calculated based on the price of AXL. However, specifics regarding the exchange where the ETF will be listed, its ticker symbol, and the custodian remain unspecified.
The proposed ETF builds on Canary Capital’s earlier efforts to bring Axelar to institutional investors. On February 19, the firm launched the Canary AXL Trust. The trust was Canary Capital’s first step into structured AXL offerings, and the ETF filing represents an extension of this effort.
“With Axelar driving some of the most advanced interoperability solutions in Web3, we see in AXL a significant opportunity for institutional investors to gain exposure to the technology underpinning next-generation blockchain connectivity,” Canary Capital’s CEO Steven McClurg said.
The news of the filing had an immediate impact on the market. AXL’s price jumped 14.3%, reaching $0.44.
Trading volume also spiked to $35.7 million. This marked a 131.8% increase from the previous day. With a market capitalization of $405.5 million, Axelar currently ranks 174 on CoinGecko.
Crypto ETFs Under Donald Trump: Opportunity or Bubble?
Canary Capital’s filing comes amid a broader surge in cryptocurrency ETF applications in the US, a trend that has accelerated since Donald Trump took office. According to Kaiko Research, more than 45 crypto ETF filings are currently pending SEC approval.
Nonetheless, according to Kaiko Research, market depth, concentration, and trading structure present significant obstacles for non-BTC/ETH ETFs. Many altcoins associated with ETF applications suffer from shallow liquidity, making them more susceptible to price manipulation and volatility.
Additionally, most trading activity for these assets occurs on offshore platforms, creating transparency and regulatory oversight issues. The lack of sufficient USD trading pairs for certain assets further complicates their inclusion in ETFs, as these pairs are essential for accurate ETF valuations. Furthermore, the absence of regulated futures markets for many cryptocurrencies limits available trading strategies.
“All of these factors could limit the demand for more crypto-related ETFs going forward. While approval processes might change, market dynamics still have to catch up,” Kaiko noted.
For now, AXL has been added to a growing list of crypto ETF filings. However, its success—and that of similar ETFs—remains to be seen.
Bitcoin (BTC) enters the second week of May trading in a fragile but critical zone, with conflicting technical signals and growing macro uncertainty shaping short-term expectations. While the ADX from the Directional Movement Index is rising, bearish pressure still dominates, and momentum remains weak across multiple indicators.
Although the price continues to hold above the $92,900 support level, weakening EMAs and the looming FOMC meeting leave Bitcoin’s $100,000 recovery path uncertain, but not out of reach.
BTC Trend Strength Rises, but Bears Still in Control
Bitcoin’s Directional Movement Index (DMI) is showing a notable shift.
The ADX, which measures the strength of a trend regardless of direction, has climbed sharply to 25.93, up from 15.97 just two days ago—crossing the key 25 threshold that signals a trend is starting to gain traction.
This rising ADX suggests that volatility is returning and a new directional move may be forming, even if the direction itself is still unclear.
Looking at the components of the DMI, +DI (bullish strength) has bounced to 12.2, up slightly from yesterday’s low of 8.67 but still down significantly from 21.31 three days ago.
Meanwhile, -DI (bearish strength) is at 19.17, slightly off its peak of 25.44 but still higher than three days ago. This indicates that although the recent bearish momentum has cooled somewhat, sellers still have the upper hand.
With ADX rising and -DI leading, Bitcoin could remain under pressure unless +DI recovers sharply in the coming days.
Bitcoin Trapped Below the Cloud as Momentum Stalls
The current Ichimoku Cloud chart for Bitcoin reflects a market in consolidation, with a slight bearish undertone. Price action is sitting very close to the blue Kijun-sen (baseline), which typically represents medium-term trend momentum.
Trading beneath this line suggests that BTC lacks the strength to reclaim bullish momentum in the short term. The white candlesticks hovering near the cloud’s lower boundary indicate indecision among traders, with no clear breakout in sight.
The green Kumo (cloud) itself is relatively thin at this stage, hinting at a fragile support zone that could easily be broken if bearish pressure returns.
Looking ahead, the red Senkou Span B—the top of the projected cloud—is acting as dynamic resistance, capping any upward attempts. For a stronger bullish signal, BTC would need to close decisively above both the Kijun-sen and the entire cloud.
Complicating matters further, the Tenkan-sen (conversion line) is flat and overlapping with the Kijun-sen, signaling weak momentum and a lack of direction. Flat Tenkan and Kijun lines often precede sideways movement or delayed trend development.
Until Bitcoin breaks convincingly above the cloud with rising volume, the current setup leans neutral to bearish, with price trapped in a zone of low conviction and limited momentum.
Bitcoin Holds Key Support as $100,000 Reclaim Hangs in the Balance
Bitcoin price has remained resilient above the $90,000 level since April 22, repeatedly holding support near $92,945 despite broader market uncertainty. The exponential moving averages (EMAs) still reflect a bullish structure, with short-term averages positioned above long-term ones.
However, there are early signs of weakening momentum, as the short-term EMAs have begun to slope downward—an indication that buyers may be losing strength soon.
If BTC fails to hold its key support, a drop toward $88,839 could follow, breaking the structure that has held for over two weeks.
Still, some analysts remain confident. Nick Purin, founder of The Coin Bureau, believes Bitcoin is well-positioned to reclaim the $100,000 mark, even as markets brace for volatility surrounding the upcoming FOMC meeting:
“It will be a volatile week. Firstly, we have the FOMC meeting tomorrow. While it’s pretty clear there will be no rate cuts, it’s what Chair Powell says that could move the markets. On top of that, trading volume is low and the long/short ratio is sitting at 50/50, which means that, yet again, BTC can swing in either direction from here. The good news is that there’s a great deal of buying interest around the $90,000-$93,000 range, so a dip to those levels is nothing to be concerned about – it will likely bounce back. And overall, the BTC/USD chart is looking strong as it continues to print higher lows.” – Purin told BeInCrypto.
Nick states how Fed next decisions could influence the market in the next months:
“If the Fed surprises with some dovish tones as well as guidance for rate cuts in June, there’s room for Bitcoin to rally all the way back up to that $100,000 level, which remains a liquidity magnet. But even if Powell strikes a hawkish tone, the impact on BTC will likely be minimal. There’s simply too much positive momentum – spot BTC ETFs are hoovering up assets, corporates are building up BTC treasuries and the correlation between Bitcoin and stocks is breaking down. On top of this, historic data shows that BTC has posted gains during nine out of the last 12 Mays. So, despite the likelihood of heightened volatility, the near future is looking promising. As such, following the old adage of ‘sell in May’ would be madness at this point.” – Purin told BeInCrypto.
A recovery in momentum could first drive BTC to retest resistance at $95,657, with a breakout potentially leading to $98,002 and eventually a challenge of the psychological $100,000 level.
With macro headwinds and technical crossroads converging this week, the next move will likely hinge on how BTC responds to its support zone and how broader market sentiment reacts to Fed commentary.
Three projects are launching enticing crypto airdrops this week, offering investors a chance to get in on the ground floor without any initial financial investment.
Airdrop farmers can capitalize on the following participation opportunities with renowned investors backing these three projects.
Chaos Labs
Chaos Labs is a blockchain risk management and optimization platform. It is one of the key players in DeFi protocol security and has raised $79 million across two funding rounds. Key backers include Galaxy, Coinbase Ventures, and HashKey Capital.
According to data on Cryptorank.io, Chaos Labs confirmed its airdrop. It offers participants a chance to join its whitelist while the project is still on the ground floor. While the reward date is pending, Chaos Labs announced a new AI model built for the crypto community. Users can already sign up on the waitlist and get early access to the product.
“Built on years of proprietary data from securing trillions in trading volume, Chaos AI transforms fragmented market data into institutional-grade financial intelligence,” Chaos Labs shared.
Airdrop farmers should focus on interacting with Chaos Labs’ tools, such as its risk dashboards or simulation platforms, if accessible via testnets or partnerships. Joining their Discord or Twitter communities is critical to staying updated on whitelist opportunities or tasks, considering social engagement is often a prerequisite.
Given its $20 million seed round in 2023 led by Galaxy Digital, Chaos Labs might retroactively reward users of supported protocols like Aave or Uniswap. Farmers should diversify activity across these ecosystems, track announcements, and be cautious of scams—only official channels should be trusted for task details.
Monad
Monad, an EVM-compatible Layer-1 (L1) blockchain, launched its testnet on February 19, 2025. It is a hot prospect for crypto airdrop farmers. With $244 million raised from Paradigm and others, Monad’s anticipated mainnet (potentially Q1 2025) could include a token drop for early adopters.
Farmers must join the Monad Discord, as securing the “Full Access” role earns 5 MON test tokens. Meanwhile, holding 0.01 ETH on the Ethereum mainnet nets two tokens. Testnet participation, like minting NFTs on monadverse.land (200,000 supply) or completing tasks on layer3.xyz is key.
Users should also regularly check Magic Eden’s Monad testnet for new mints and use Talentum.id (code NS12G) for ecosystem tasks. Activity level determines rewards, so consistent engagement is essential. Farmers should monitor official updates for mainnet and token launch timelines, as early participation often correlates with bigger airdrops. Wallet setups such as Metamask and testnet activity tracking are imperative.
“Also pay attention to these projects from the Monad ecosystem, which we added in a separate guide: Kintsu, Magma, and FastLane,” Cryptorank.io highlighted.
For farmers, the focus is on earning points via the Voltix browser extension before the Token Generation Event (TGE) date. Install the extension, contribute computing resources, and complete social tasks to rack up points, which are convertible to VOLT at TGE.
More CPU uptime and better hardware boost rewards mean running Voltix on multiple devices can help maximize gains. Farmers should log into the Voltix dashboard regularly for new tasks and join community channels for bonus opportunities.
The airdrop favors early adopters, so starting early is critical. No exact distribution timeline exists yet, meaning vigilance on official Voltix announcements is necessary.
Airdrop farmers should act swiftly, diversify efforts, and stay informed via official sources to capitalize on these opportunities. Nevertheless, they must also conduct their research.
