XRP news today: XRP Leads Altcoin Inflows Despite 1.17% Price Drop, Solana Rebounds

XRP has solidified its position as the leading altcoin with $10.5 million in inflows last week, although this was down from $31.6 million the prior week. This inflow highlights XRP's continued appeal among investors, despite a slight decline in the amount of capital entering the market. The price of XRP experienced a 1.17% decline over 24 hours, accompanied by a 30% rise in daily trading volume to $2 billion. This increase in trading volume suggests that traders may be taking profits or adjusting their positions in response to market conditions.

Meanwhile, Solana (SOL) has shown signs of recovery, rebounding from recent price declines. This rebound indicates that investors may be regaining confidence in SOL, potentially driven by its scalability and the increasing demands of decentralized applications. However, the cryptocurrency market continues to trend broadly sideways as investors await a potential deal between the United States and China, which could see tensions between the two economic giants ease. The current broad sideways price action suggests that investors are cautious about risk assets like Bitcoin (BTC) and crypto amid the uncertain macroeconomic climate in the US.

On the other hand, Sui (SUI) has seen a significant drop in demand, with its price decreasing by 6.12% in the past 24 hours and falling by 11.52% over the past week. This decline in demand for SUI could be attributed to various factors, including market sentiment, investor expectations, or specific developments within the Sui ecosystem. The price of SUI has increased by 0.09% in the last hour, which may indicate a temporary stabilization or a minor correction in its downward trend.

The cryptocurrency market is also facing significant token unlocks, which could impact the price dynamics of various altcoins. Ethena (ENA) and Movement (MOVE) are among the altcoins facing large token unlocks this week, pointing at potential incoming volatility. Large token cliff unlocks are often characterized by increased volatility and even price drops. Hence, such events are worth monitoring to gauge the overall health of the crypto assets and prepare for different outcomes. Ethena is set to unlock 171.88 million tokens, approximately 3.10% of its circulating supply, while Movement’s 50 million token cliff unlock could ignite volatility, adding pressure to its price. Large token unlocks often increase liquidity, leading to heightened volatility and potential price drops.

The upcoming token unlocks for Ethena and Movement could spell doom for these tokens, as the increased supply could lead to a decline in their prices. Ethena’s price hovers at $0.29, up nearly 3% on the day, but its recovery from the tariff shocks in April was rejected by the 50-day Exponential Moving Average (EMA) around $0.36, which slashed gains before starting a fresh rebound from $0.28 support. The token’s position below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMA) underscores the growing downside risks. This weak technical structure and the upcoming cliff token unlock could trigger extended losses toward September lows at $0.20. Movement exchanges hands at $0.17, down roughly 2% on the day. Any recovery has been elusive for the token amid heightened volatility, especially after Coinbase announced last week that it will delist it on May 15. Movement Labs, the company behind MOVE, has come under scrutiny regarding allegations of market manipulation and insider trading. Following the delisting announcement, MOVE dropped 20%, while its market capitalization plummeted below the $500 million mark. The Relative Strength Index (RSI) indicator is now flat at an oversold 30, reflecting intense bearish momentum. With a 2% supply increase looming, any recovery seems unlikely in the coming sessions.

In conclusion, the cryptocurrency market is experiencing a mix of inflows and outflows, with XRP leading altcoin inflows and SOL rebounding while SUI sees a significant demand drop. The upcoming token unlocks for Ethena and Movement could add to the volatility in the market, and investors should monitor these developments closely. The overall market sentiment remains cautious, with investors awaiting potential macroeconomic developments that could impact the broader cryptocurrency landscape.