Bitcoin Uptrend Faces Weakness as XRP Maintains Key Support Level

Bitcoin (BTC) shows signs of weakness, trading near $108,900 and approaching a critical trendline that could indicate a potential reversal. Despite positive news, such as Circle's IPO plans and Trump Media's Bitcoin purchase intentions, significant price gains have not materialized this week.

Large investors are distributing coins, with the >10K BTC cohort pivoting to net distribution, indicating a shift among major holders.
The market remains in accumulation mode overall, according to Glassnode.

Upcoming Events

The Federal Reserve's May meeting minutes will be released, providing insights into monetary policy and interest rate decisions. The Fed recently maintained the benchmark interest rate, citing inflation concerns linked to tariffs. Nvidia's earnings announcement is also anticipated to impact markets due to historical correlations with BTC.

XRP Performance

XRP maintains support at the 200-day simple moving average amid discussions about decentralized finance on the XRP Ledger. Strobe Finance highlights a dormant user base, with over 4 million inactive wallets holding approximately $2.15 billion in XRP, indicating potential for growth through DeFi initiatives.