Top cryptocurrencies to watch this week: Trump Coin, XRP
Cryptocurrency prices retreated last week after Bitcoin failed to move above the resistance level at $106,000 and as traders took profits.
Bitcoin (BTC) price was trading at $103,000 on Sunday, while the recent Ethereum (ETH) surge hit a barrier.
Looking ahead, some of the top cryptocurrencies to watch this week will be Ripple (XRP), Trump Coin (TRUMP), and Zetachain (ZETA).
XRP in focus ahead of CME futures launch
XRP price will be spotlighted this week as CME Group launches the first cash-settled futures on Monday. Futures contracts let traders bet or hedge against the future price of an asset without holding it physically.
The launch of XRP futures will be important as it will allow financial services companies to launch exchange-traded funds that track it. A good example is the ProShares Bitcoin ETF, which tracks the CME Bitcoin futures.
The launch comes as the XRP price remains under pressure as it dropped from this month’s high of $2.65 to $2.4 today.
Trump Coin in focus ahead of dinner
The Official Trump Coin price will be in the spotlight as its top holders meet with the U.S. president for a highly controversial dinner on May 22. Analysis shows that some of the attendees to the dinner will be foreigners, including Tron founder Justin Sun.
There is a risk that the Trump Coin price will drop before and after the dinner. As the chart below shows, it has already formed a double-top pattern, a popular bearish reversal sign.
An FT analysis also established that some guests have sold their coins at a big profit. More selling could intensify as some who expected to make the cut sell. Also, some of the attendees may sell their coins after the dinner ends.
Zetachain price in focus ahead of a big unlock
Zetachain, an emerging layer-1 network, will be in the spotlight this week as it continues its token unlocks. On Monday, the network will unlock tokens worth $11.34 million, or 5.31% of the float.
These monthly unlocks will continue in the next few years since it has a circulating supply of 828 million against a total supply of 2.1 billion coins.
The unlock comes at a time when the Zetachain network is not doing well. The ZETA token price has crashed by 18% from its highest point this month, while the total value locked in its network has dropped to $26 million in January to $18 million.
Pendle, Melania Meme Coin, Pyth Network, and Solana are other top crypto projects with scheduled unlocks this week. Pyth Network’s unlock of $333 million tokens will be notable as it will represent a 58% of the float.
