Pi Network (PI) has hit a new all-time low amid token unlocks, while XRP and ETH have also faced downward pressure. Broader market corrections and specific factors like ETF outflows have contributed to the price declines.
What to Know:
- Pi Network (PI) has hit a new all-time low amid token unlocks, while XRP and ETH have also faced downward pressure.
- Broader market corrections and specific factors like ETF outflows have contributed to the price declines.
- Despite the bearish trends, analysts suggest potential for resurgence in XRP and ETH based on historical patterns and technical indicators.
The cryptocurrency market has experienced a significant correction, with various assets feeling the impact. Pi Network’s native token (PI) has plummeted to a new all-time low, raising concerns among investors. Meanwhile, Ripple’s XRP and Ethereum (ETH) have also faced downward pressure, although some analysts foresee potential for recovery based on market structure and historical data.
PI Network Plummets Amid Token Unlocks
Pi Network’s token (PI) has recently fallen to a new low, trading around $0.165, a significant drop from its all-time high. This decline coincides with a scheduled increase in token unlocks, with over 180 million coins set to be released in the coming month. The increased supply and exchange inflows have added to the selling pressure on PI.
XRP Faces Headwinds but Shows Potential
XRP has also been affected by the overall market downturn, dropping to a multi-month low. Data indicates substantial outflows from spot XRP ETFs, suggesting waning institutional interest. Despite this, some market observers remain optimistic about XRP’s future. One analyst noted that XRP is in “one of its largest consolidation phases in history,” anticipating a significant breakout. Support around $1.80 is critical for a potential rally.
Ethereum’s RSI Suggests Possible Rebound
Ethereum has also experienced a notable correction, falling below $2,800 and reducing its market capitalization. However, some analysts suggest that ETH may be poised for a rebound based on its historical performance. The Relative Strength Index (RSI) for ETH is currently around 31, indicating that it may be oversold and due for a recovery.
Broader Market Context and Implications
The recent market correction underscores the volatility inherent in the cryptocurrency market. Factors such as token unlocks, ETF outflows, and technical indicators all play a role in influencing price movements. For XRP, maintaining key support levels is crucial for a potential recovery. For ETH, the RSI suggests a possible upcoming rebound.
Conclusion
While the cryptocurrency market has faced recent challenges, potential opportunities may lie ahead. PI’s token unlocks have created selling pressure, while XRP’s consolidation phase suggests a possible breakout. Ethereum’s RSI indicates it may be oversold and due for a rebound. Monitoring these factors will be essential for navigating the market in the coming weeks.
Related: XRP Signals Support Break: What’s Next?
Source: Original article
Quick Summary
Pi Network (PI) has hit a new all-time low amid token unlocks, while XRP and ETH have also faced downward pressure. Broader market corrections and specific factors like ETF outflows have contributed to the price declines.
Source
Information sourced from official Ripple publications, institutional research, regulatory documentation and reputable crypto news outlets.
Author
Ripple Van Winkle is a cryptocurrency analyst and founder of XRP Right Now. He has been active in the crypto space for over 8 years and has generated more than 25 million views across YouTube covering XRP daily.
Editorial Note
Opinions are the author's alone and for informational purposes only. This publication does not provide investment advice.
