- SUI shows bullish trends with strong support levels, eyeing potential breakout.
- XRP faces continued bearish sentiment, struggling to sustain recovery momentum.
- Bitcoin adoption as a reserve asset may boost Layer-1 blockchains like SUI and XRP.
The potential adoption of Bitcoin (BTC) as a national reserve by various nations has sparked debates, particularly with the European Central Bank (ECB) navigating this controversial move. Central banks worldwide, especially the US Federal Reserve, are increasingly exploring ways to bolster their balance sheets to counter the growing national debt.
Bitcoin has already proven its strategic benefits through El Salvador’s success, with other nations now considering it as a reserve asset. As this trend continues, attention is shifting toward how US-based Layer-1 blockchains like SUI and XRP might stand to benefit from such adoption.
SUI’s Growing Momentum: Bullish Trends Amid Tight Ranges
SUI has been showing bullish movement, with its current price sitting at $4.16, reflecting a 2.33% gain in the past 24 hours. The price has remained within a relatively tight range, with higher lows suggesting building momentum. Its circulating supply stands at 3 billion SUI, offering decent liquidity for market participants.
Key support levels are seen at $4.05, $4.00, and $3.95, while resistance zones lie at $4.20, $4.25, and $4.30. A potential breakout above $4.20 could push the price higher, targeting $4.25 or beyond. However, the market remains cautious, with moderate volatility and healthy trading activity supporting continued consolidation within this range.
XRP’s Struggle: Bearish Sentiment and Consolidation
XRP, on the other hand, is facing a downtrend, with the price currently at $3.08, down 0.92% in the past day. This marks a continuation of the downward trajectory, where past recovery attempts have failed to maintain momentum.
Despite significant market activity, with a 24-hour trading volume of $4.71 billion, the market participation has dropped by over 30%. XRP’s price is consolidating in a narrow range between $3.06 and $3.10, with key support levels at $3.06, $3.03, and $3.00.
Resistance levels lie at $3.10, $3.14, and $3.20, where selling pressure has been particularly strong. A break above $3.20 might signal a potential reversal, but the overall sentiment remains bearish, marked by lower highs and consistent selling pressure.
