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Cryptocurrency markets saw a pullback last week as Bitcoin (BTC) struggled to break past the resistance level at $106,000, prompting traders to take profits. By Sunday, Bitcoin was trading at $103,000, while Ethereum (ETH) faced resistance after its recent surge. Looking ahead, key cryptocurrencies to monitor this week include Ripple (XRP), Trump Coin, and Zetachain (ZETA).

XRP Prepares for CME Futures Launch

This week, all eyes will be on XRP as the CME Group prepares to launch its first cash-settled futures contracts on Monday. These futures allow traders to speculate on or hedge against the future price of XRP without physically holding the asset. The introduction of XRP futures is significant, as it opens the door for financial institutions to develop exchange-traded funds (ETFs) that track XRP’s performance, similar to the ProShares Bitcoin ETF, which tracks CME Bitcoin futures.

Despite the excitement surrounding the launch, XRP’s price has faced downward pressure, dropping from a high of $2.65 earlier this month to $2.40 as of today. Market participants will be closely monitoring whether the futures launch can bolster XRP’s price or if it will continue to face selling pressure in the short term.

Trump Coin Under Scrutiny Ahead of Presidential Dinner

Trump Coin is also in the spotlight this week as its top holders prepare to attend a controversial dinner with the U.S. president on May 22. This event has drawn significant attention, with reports indicating that high-profile individuals, including Tron founder Justin Sun, will be in attendance. However, the coin’s price may face increased volatility before and after the event.

Technical analysis suggests that Trump Coin has formed a double-top pattern, a bearish reversal indicator. Additionally, some major holders have already sold their coins at substantial profits, raising concerns about further sell-offs leading up to and following the dinner. Investors should exercise caution as the event unfolds.

Zetachain Faces Market Pressure Amid Token Unlock

Zetachain (ZETA), a rising layer-1 blockchain network, is set to gain attention this week as it undergoes a significant token unlock. On Monday, the network will release tokens worth $11.34 million, accounting for 5.31% of its circulating supply. These token unlocks are part of a long-term schedule, with Zetachain boasting a total supply of 2.1 billion coins against a current circulating supply of 828 million.

The token unlock comes at a challenging time for Zetachain. The price of ZETA has dropped by 18% from its monthly high, and the total value locked (TVL) in the network has fallen from $26 million in January to $18 million. Investors will be watching closely to see how the market absorbs the newly unlocked tokens and whether the network can regain momentum.

Other Notable Token Unlocks This Week

In addition to Zetachain, several other cryptocurrencies are scheduled for token unlocks this week. These include:

  • Pendle
  • Melania Meme Coin
  • Pyth Network – Unlocking $333 million worth of tokens, representing 58% of its circulating supply
  • Solana

The token unlocks could introduce significant volatility in the respective markets, providing opportunities for traders and investors to reassess their strategies.

Stay updated on the latest cryptocurrency trends and market movements with comprehensive insights and analysis.

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