In May, the cryptocurrency market experienced a relatively dull month, with Bitcoin dropping 7.37% and Ethereum losing 0.22%. Despite the overall downward trend, some altcoins managed to post impressive gains, defying market expectations. Among these outliers were KAVA, XRP, TRX, RPL, and RNDR, which outperformed the rest of the crypto market.
For KAVA, its price surge was mainly due to a mainnet upgrade on May 17 that enhanced the blockchain’s throughput and security. Additionally, token holder suggestions to terminate the project’s grants and rewards programs by the end of 2023 also contributed to KAVA’s price boost.
XRP posted a 7.29% gain over the month, with most of its price surge coming in the last few days. A spike in the token’s daily transfer activity, which often precedes a positive rally, led traders to pile in with buy orders. The popular opinion holds that Ripple, the fintech company behind the XRP token, is close to winning its securities case against the Securities and Exchange Commission (SEC). A verdict could come as soon as June.
Tron, a Layer-1 blockchain platform, gained popularity in the last few weeks as reports about its usage in market-making on centralized exchanges and the network’s revenue made headlines. Tron’s dominance could be attributed to low fees, making transactions more affordable for market makers on centralized exchanges.
Rocket Pool, a decentralized Liquid Staking Derivative (LSD) platform, grew its Ethereum staking pool two-fold in the last six months. Consequently, the RPL/USD pair appears bullish, and if buyers conquer the resistance level at $52, RPL could see a 60% upside based on the ascending triangle pattern.
Render Token, an ERC-20 utility token that powers Render Network, a decentralized marketplace for graphics processing unit (GPU) power, experienced strong bullish momentum in the latter half of May. The RNDR/USD pair exhibited significant volatility around the resistance and support level of $2.13. If buyers manage to build support above this level, the token could enter a pivotal parallel range between $3.19 and $2.13, with minimal resistance above $3.19 and the potential to reach 2022 highs of $5.29.
While market conditions remain uncertain, it’s essential for investors to stay informed and carefully consider their decisions. As with any investment, researching and understanding the implications of market trends is crucial to success.