The cryptocurrency market is abuzz with mixed movements as XRP outperforms, Ethereum dips, and Bitcoin stalls in a tight trading range. Here’s a quick overview of the key developments shaping the market.

XRP Hits Highest Levels Since 2021

XRP surged past $1.64 on Friday morning, marking its highest level since 2021. Despite this impressive rally, the coin failed to close the week above $1.60, with its historical monthly high remaining just under $2 from December 2017. Market optimism is tied to potential SEC developments, with some analysts suggesting a possibility of testing historic highs near $3.30 later this year.

Bitcoin Stalls Amid Holiday Liquidity Crunch

Bitcoin continues to trade within the $92,000-$100,000 range, showing little movement due to reduced liquidity from the US holiday period. As BTC hovered near $97,000, market analysts anticipate a breakout from this range to determine the medium-term trend. Despite this lull, bullish indicators from CryptoQuant suggest a potential long-term target of $146,000 for BTC.

Ethereum Faces Selling Pressure

Ethereum dropped 3% from Thursday’s peak, trading around $3,700. Developer and co-founder Jeffrey Wilke added to the bearish sentiment, transferring 20,000 ETH (~$72.5 million) to Kraken in his fourth major sale this year. However, capital is reportedly flowing into altcoins, with ETH/BTC growing 9.7% this week, hinting at shifting market sentiment.

The total capitalisation of stablecoins hit a record $191.5 billion, signaling renewed investor confidence after the Terra UST collapse in 2022. Meanwhile, MARA Holdings purchased 6,474 BTC for approximately $618 million, bringing its reserves to 34,794 BTC, worth around $3.3 billion. The mayor of Vancouver also unveiled plans to use Bitcoin to diversify the city’s finances, further bolstering institutional interest.

Market Outlook

While XRP enjoys a notable rally and Bitcoin holds steady, Ethereum’s selling pressure highlights the shifting dynamics within the crypto space. Stablecoins and institutional moves continue to reinforce the market’s maturity, offering a promising outlook for the months ahead.