Market Overview
The broader cryptocurrency market showed signs of recovery as total market capitalization climbed by 1%, reaching approximately $3.24 trillion. Ethereum and XRP remained resilient, with Ethereum trading just below $3,300 and XRP maintaining a position slightly above $2.07.
Ethereum recorded around 7% growth over the past week. The price stayed near $3,300 after touching a high of $3,370. This momentum followed the successful implementation of the Fusaka network upgrade, which reinforced Ethereum’s network stability and user confidence. If Ethereum closes above $3,400, analysts suggest the next potential range lies between $3,800 and $4,000. However, any drop below $3,200 could see the asset revisit the $3,000 support level.
XRP Supported by ETF Inflows and Market Optimism
XRP held its short-term uptrend by staying just above its $2.07 support level, with only a modest 1% increase over the last 24 hours. Inflows into spot XRP ETFs amounted to $1.11 million on January 16, signaling growing institutional interest. The continued inflow is helping stabilize price movements amid wider market uncertainty. If buying momentum picks up, the token could approach the $3.00 mark, though support around $2.04 remains crucial if downward pressure resumes.
The White House has indicated a possible withdrawal of support for the controversial CLARITY Act, a bill designed to regulate the crypto sector. Tensions escalated after crypto exchange Coinbase pulled its political backing, criticizing the bill’s formulation. The dispute has created ambiguity around future policy directions, further complicating market sentiment.
Broader Market Performance
Bitcoin led the recovery, trading above $95,000, while other major altcoins like Solana, Dogecoin, and Cardano also posted gains. Despite ongoing regulatory pressures, market participants continued to show cautious optimism.