Ripple (XRP) price stalled below the $2.40 mark on Wednesday, May 21, despite Bitcoin surging to new all-time highs above $109,500. Derivatives market data shows $145 million in bearish leverage overhead, as XRP lagged behind the broader crypto rally. Regulatory uncertainty continues to weigh heavily after a U.S. District Judge upheld the $125 million penalty against Ripple, deterring bullish momentum. XRP Faces $320M Derivatives Wall as Bears Eye $2.50 Rejection Ripple (XRP) emerged as one of the weakest performers on Wednesday, even as Bitcoin’s record-breaking rally lifted top altcoins. Cardano (ADA), Solana (SOL), and Binance Coin (BNB) each posted over 3% gains, breaking past resistance at $0.73, $165, and $645, respectively. In contrast, XRP managed only a 1.5% uptick, failing to pierce the $2.40 resistance. XRP Price Action | Coingecko Daily trading volume for XRP stood at $2.7 billion—down nearly 80% from its May 13 peak of $11 billion. This… Read More at Coingape.com
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After soaring nearly 70% in recent weeks, SUI has faced a swift correction, shedding 10% of its value over the past three days. Despite strong bullish momentum pushing the altcoin into the spotlight, the sudden pullback hasn’t rattled investors.
The broader outlook for SUI remains intact, with on-chain metrics and market indicators signaling that this drop may be nothing more than a cooldown.
SUI Investors Can Rejoice
The 50-day exponential moving average is on the verge of overtaking the 200-day EMA. This near-crossover suggests SUI could soon witness a golden cross — a strong technical signal indicating a shift in long-term momentum.
Should the crossover complete, it would mark the end of SUI’s death cross that began seven weeks ago.
Such a shift would likely encourage renewed buying pressure. A golden cross often precedes significant rallies, and with SUI’s price having gained nearly 70% prior to the recent drop, bullish sentiment appears far from fading.’
SUI’s relative strength index (RSI) recently breached the overbought threshold, triggering a cooldown as traders took profits. This RSI dip corresponded with the 10% price drop, signaling that the asset was temporarily overheated and needed to stabilize.
Despite the retreat, the RSI remains within bullish territory, hovering just below the overbought zone. This means that while the rally has paused, the overall trend remains intact, and further gains may be on the horizon if buying volume increases again.
At press time, SUI is trading at $3.16, having slipped below a key support level during the last 24 hours. The 10.77% decline stems from the altcoin’s failure to breach the $3.59 resistance level, compounded by a general market cooldown. Still, the correction is viewed by many traders as temporary.
The broader indicators continue to reflect bullish conditions. The nearing golden cross, resilient RSI, and strong upward momentum all hint that SUI could soon reclaim $3.16 as support. If momentum returns, the asset might retest $3.59 and potentially break past it, resuming its prior recovery path.
However, delays in recovery could change the script. Should SUI fail to reclaim $3.16 soon, the altcoin risks slipping further. A failure to breach $3.39 or secure support at $3.18 could send the price tumbling toward $2.77, potentially invalidating the bullish thesis and signaling a trend reversal.
The meme coin market is full of surprises, as new trends emerge with every passing day, and the past few days have not disappointed. As the demand for trading bots grows, Solana, being a hotspot for meme coins, has noted the emergence of Axiom as the next big thing.
BeInCrypto has analyzed two other meme coins for investors to watch as they attempt to recover their recent losses.
Animecoin (ANIME)
Launch Date – January 2025
Total Circulating Supply – 5.53 Billion ANIME
Maximum Supply – 10 Billion ANIME
Fully Diluted Valuation (FDV) – $195.39 Million
ANIME’s price surged by 31% in the last 24 hours, trading at $0.019. The meme coin is now approaching the $0.020 resistance, which it failed to secure in the previous month. This resistance level is crucial for continuing its recent momentum and sustaining upward movement.
If ANIME maintains its current bullish momentum and flips $0.020 into support, it could target the next resistance level at $0.023. A successful breach of this level would indicate a strong uptrend and potentially lead to further price increases, attracting additional investor interest.
However, if broader market conditions fail to support this bullish outlook, ANIME could face a decline. A drop below the $0.017 support would suggest a reversal, with the possibility of the price falling to $0.015, invalidating the bullish thesis and signaling a potential further downturn.
Brett (BRETT)
Launch Date – May 2023
Total Circulating Supply – 9.91 Billion BRETT
Maximum Supply – 10 Billion BRETT
Fully Diluted Valuation (FDV) – $375.52 Million
Another one of the meme coins to watch, BRETT, has shown significant growth, posting a 46% increase in the last seven days. This strong performance has brought the meme coin to $0.036 despite the dominance of other meme coins in the market. BRETT’s price action shows potential for further growth if key resistance levels are breached.
However, BRETT is now facing resistance at $0.038, a level it failed to breach in March. If the meme coin can successfully break through this barrier, it may rise to $0.042, reaching a new monthly high and signaling continued upward momentum, attracting investor interest.
On the other hand, if BRETT fails to breach $0.038 again, the price could retreat towards $0.030. This would invalidate the current bullish outlook, erasing much of the recent gains and suggesting the meme coin may struggle to maintain its upward momentum in the short term.
Small Cap Corner – Axiom
Axiom, although not a meme coin, has caught the attention of meme coin enthusiasts. This Solana-based trading bot recently saw a surge in demand, making it the largest bot on the platform, surpassing established bots like Photon, BullX, and GMGN.
Axiom’s success is impressive, recently surpassing $100 million in daily trading volume and commanding 41% of Solana’s entire trading bot volume. The rise of bots for speculative trading offers a convenient solution, and Axiom adds to this trend with its one-tap functionality for executing complex trades.
The growing reliance on bots for speculative trading, especially when it comes to meme coins, provides an easier path for investors. As meme coin investments are often driven by volatility, Axiom offers a middle ground for users seeking to trade these assets effectively. Given the increasing interest, Q2 could see a surge in trading bots, making it essential for meme coin enthusiasts to explore these tools.
However, speculative trading, particularly with meme coins, carries inherent risks. BeInCrypto strongly advises to DYOR before diving into such investments.
