Cryptocurrency prices staged a strong comeback last week, with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) soaring to multi-month highs. Total crypto market capitalization jumped by more than $400 billion to over $2.6 trillion.
This article looks at the top altcoins to watch this week, including Venice Token (CRYPTO: VVV), Pi Network (CRYPTO: PI), and Ripple (CRYPTO: XRP).
Venice Token in Focus Ahead of Nvidia Earnings
The biggest market stories this month will be the latest Nvidia (NASDAQ:NVDA) earnings report on Wednesday. These results will provide more information about the AI industry and have an impact on most AI assets.
The results come at a time when Venice is doing well after soaring to $17.76, its highest level since June 8. It has jumped by over 72% from its lowest level in June this year.
Venice has done well because of the ongoing AI boom that has led to more usage. SimilarWeb (NYSE:SMWB) data shows that traffic to its website jumped by 15% to over 15 million.
At the same time, the numbers shows that its token burn has continued rising, a sign that its revenue is growing. It has burned tokens worth over $566k this month, higher than the $445k it incinerated in July.
Technicals suggest that VVV token has moved above the key resistance level of $14.7, its highest point on July 26. It has remained above the 50-day and 100-day moving averages, a sign that bulls remain in control for now.
VVV token chart | Source: TradingView
XRP Price in Focus as ETF Inflows Jump
XRP price has been in a strong surge in the past few days. After dipping below $1 earlier this month, the token soared to a high of $1.6963 on Saturday. This rally happened after the token formed a giant falling wedge pattern.
There are two main fundamentals moving the token other than the ongoing crypto market rebound. First, XRP ETF inflows have continued rising in the past few months. They have added over $43 million in assets this month after adding $27 million in the previous month. These funds now hold $1.3 billion in assets.
Second, XRPL’s role in the stablecoin market has continued to improve. The amount of RLUSD stablecoins in circulation has soared past $2 billion, with those on XRPL about to cross the $1 billion mark. A key risk, however, is that XRP has become highly overbought.
Pi Network Price in the Spotlight Ahead of Key Upgrade
Pi Network token has remained inside a narrow range in the past few days, underperforming top tokens like Bitcoin and Ethereum. The token wavered even after the network completed the Protocol 26 Upgrade on the mainnet.
This upgrade will now be followed by Protocol 27, which introduces more capability, including an introduction of more flexible and secure smart contract authentication capabilities. It will also introduce more ways for accounts and applications to authorize transactions.
A key risk for the Pi token is that it has formed a bearish flag pattern, a popular bearish continuation sign. Also, the network continues to unlock substantial tokens each day.
Image: Shutterstock
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