US President Donald Trump is reportedly launching a new crypto wallet in partnership with Magic Eden. Apparently, users will also be eligible to partake in a $1 million airdrop of TRUMP tokens.
There aren’t many specific details about this project available, but Magic Eden confirmed its involvement. Trump has a long-running interest in the NFT market, launching new ones last month, which could explain this choice.
Trump recently included NFT rewards in his Gala Dinner package, potentially explaining Magic Eden’s help making the wallet.
Unfortunately, we don’t have even the most basic information about the TRUMP wallet yet, including topics like KYC information, security, custody structure, etc. For now, interested users can join the waitlist in the hope of future developments.
The waitlist doesn’t have a clear end date, but it encourages users to buy TRUMP tokens. The meme coin has seen increased sell-offs since the dinner concluded a few weeks ago. Yet, today’s wallet announcement brought a brief spike.
The latest crypto wallet will likely bring more political scrutiny, specifically from the Democrats. Yet, the US president seems committed to furthering his meme coin venture.
The price of SUI has seen a significant uptick recently, outshining XRP in terms of growth and demand. However, it’s not just the price action that’s noteworthy. In May, SUI has drawn the attention of institutional investors, marking a shift in demand that could have long-term implications for the crypto market.
As institutional inflows flow more freely into SUI, the focus shifts from its price performance to its potential as a Web3-focused ecosystem.
SUI Sees A Surge In Demand
Institutions are increasingly flocking to SUI, as evidenced by $21 million in inflows month-to-date, making it one of the top-performing altcoins, second only to Ethereum. In comparison, XRP, historically an institutional favorite, has seen inflows of just $8.6 million in the same period.
This shift is concerning for XRP as institutions begin to focus more on SUI’s potential rather than its established presence in the market. SUI’s appeal to institutional investors is based on its scalability and focus on the Web3 space, which aligns well with current trends in decentralized finance (DeFi) and blockchain-based applications.
SUI vs XRP Institutional Flows. Source; CoinShares
SUI’s increasing institutional inflows highlight a growing preference for projects that offer more than just financial transactions. XRP, while still maintaining institutional backing with $263 million in 2025, has not been able to capture as much attention in recent weeks. SUI’s ability to scale decentralized applications (dApps) more effectively than XRP positions it as a better choice for institutions looking to align with long-term trends in blockchain technology.
XRP Makes It To CME
One key factor driving institutions to SUI is its lack of listing on major platforms like CME, unlike XRP Futures, which further solidifies its untapped potential. XRP Futures recently launched on CME, making the token more accessible to a wider range of investors.
However, this development also diminishes XRP’s image as an overlooked asset, giving SUI a unique advantage by remaining relatively underexposed. As more investors seek high-growth opportunities, SUI offers them the chance to get in early before the token is fully accessible on major platforms.
SUI’s decentralized, Web3-focused design also plays a large role in its growing appeal. Unlike XRP, which is predominantly centered around payment and remittance solutions, SUI focuses on scaling dApp ecosystems, a feature highly sought after by institutions entering the Web3 space. This increased focus on scalability and decentralized applications positions SUI as an ideal choice for institutions looking to diversify their blockchain investments.
SUI vs XRP – Which Has A Better ETF Prospect?
XRP has its own advantages, especially regarding the potential for exchange-traded funds (ETFs). XRP’s status as an established digital asset gives it an edge when it comes to ETF approvals. The ongoing Ripple lawsuit also seems close to a resolution, pending court proceedings, likely boosting XRP’s clean image.
The SEC’s settlement with Ripple would increase investor confidence in XRP, giving it a stable footing in the long term. However, for the time being, SUI’s scalability and Web3 ambitions have won the attention of institutional investors, pushing it ahead of XRP in terms of demand. Nevertheless, XRP ETF will likely see the light of day first.
Furthermore, Juan Pellicer, Head of Research at Sentora, discussed with BeInCrypto the major factors that could push XRP for an early ETF.
“XRP’s decade-long trading record and early ETF filings put it first in the regulatory queue, while Sui still needs deeper liquidity and a longer track-record before the SEC is likely comfortable green-lighting a SUI ETF.”
XRP Price Needs A Boost
XRP has risen by 14% over the last 30 days, but it is still fighting against a macro downtrend. The broader market conditions make a breakout rally unlikely, with XRP struggling under resistance levels.
The current price range for XRP is facing challenges, as a lack of bullish momentum continues to hold it back. However, if XRP follows Bitcoin’s rise and leverages its CME debut hype, it could see an increase in price, potentially reaching $2.56 and beyond. A breakout above this level would end the downtrend and allow XRP to surge higher.
But if XRP fails to breach this resistance level, it risks further consolidation. This would likely send it toward a drop to $2.12, falling through $2.27, invalidating any bullish predictions for the short term.
SUI Price Wins This Round
SUI has shown an impressive 82% rise over the past month, trading at $3.85 at the time of writing. Despite encountering resistance at $4.05, SUI has yet to see a significant correction, suggesting continued bullish momentum.
Given the ongoing demand for SUI, its price is expected to stay above $3.59, allowing it to break through the $4.05 resistance. A breach of this level could propel SUI towards $4.35 or higher.
On the other hand, a drop below the support level of $3.59 would suggest that investors are beginning to book profits. In that case, the price could fall to $3.18, invalidating the current bullish outlook for SUI. However, based on institutional demand and SUI’s infrastructure, it appears likely that its price will continue to rise in the short to medium term.
Gate Group, a world-leading player in crypto space, has officially announced that Gate Technology FZE (“Gate Dubai”), a part of Gate Group, has obtained a VASP License under the regulation and supervision of VARA in Dubai to provide exchange services and is permitted to serve institutional investors, qualified investors, and retail investors. This milestone marks another significant step forward in Gate Group’s global compliance strategy.
Dr. Han, Gate Group’s Founder and CEO, commented: “We have always adhered to a compliance-first strategy, and Dubai is undoubtedly one of the most forward-looking jurisdictions in the global crypto industry. Obtaining VARA’s full operational licence is a critical step in Gate Group‘s expansion across the Middle East and the world, and it underscores our long-term commitment to security, transparency and user protection. We look forward to growing alongside Dubai’s ecosystem and driving further prosperity in the local digital economy.”
Alongside securing the licence, Gate Dubai is accelerating the expansion of its local team and preparing for its official launch. The platform will allow users to initiate crypto-to-crypto and fiat-to-crypto and vice versa trades with other users as the counterparties to these transactions.
“We are committed to creating a compliant platform that blends global expertise with local characteristics,” said Gate’s Dubai Head. “In full respect of VARA’s regulatory framework, we will continue to deliver secure, efficient and professional services, injecting new vitality into Dubai’s digital-asset ecosystem.”
As a city where technological innovation and financial freedom converge, Dubai is rapidly emerging as a key hub for the crypto industry. Gate Group’s choice of Dubai as its Middle East launchpad reflects deep recognition of the region’s regulatory transparency, innovative drive and growth potential.
Gate Group’s compliance efforts and investments rank among industry leaders, with compliant presences in the Americas, Middle East, Europe and Asia. Various Gate entities have obtained or completed regulatory registrations, licences, authorizations, or approvals across various jurisdictions, such as Lithuania, Argentina, Malta, Italy, Gibraltar, Bahamas, and Hong Kong. Last year, Gate Group also completed the acquisition of Japan-licensed exchange Coin Master, further broadening its international compliance network.
Disclaimer: This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making investment decisions. Gate Group may restrict or prohibit certain services in specific jurisdictions. For more details, please read the applicable user agreement.
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.
(@MagicEden) June 3, 2025
