Cryptocurrencies Price Prediction: Ripple, Meme coins & Solana – American Wrap 05 June
Ripple Price Forecast: Plunge in XRP futures open interest and volume accelerates downside risks
Ripple’s (XRP) bulls are struggling to limit downside risks while the broader cryptocurrency market consolidates. The cross-border money transfer token is hovering at around $2.18 after extending losses by 4% from its recent lower high at $2.25. Fundamentals from the derivatives market suggest that overhead pressure could continue to overshadow demand, especially with the Open Interest (OI) and trading volume falling sharply.
Meme coins to watch: TRUMP, Fartcoin hover near key support as sell pressure mounts
Overhead pressure continues to weigh on the cryptocurrency market, particularly on highly volatile assets like meme coins. The Official Trump (TRUMP) token is struggling to stay above the $10.00 support level, reflecting a lethargic sentiment. Meanwhile, Fartcoin (FARTCOIN) offers subtle reversal signs despite multiple technical sell signals cautioning that the downtrend could last longer than expected.
Why Solana down today?
Solana (SOL) dropped 3% to $152.40, driven by a combination of bearish technical indicators and unease over a possible $1 billion token launch by meme coin platform Pump.fun.
Author
FXStreet Team
FXStreet
