The cryptocurrency market has shown signs of a revival over the past few days, yet Ripple’s XRP and Ethereum (ETH) still don’t seem to be out of the woods.

Pi Network unveiled three new features during the highly anticipated Pi2Day, but the project’s native token has failed to stage a decisive recovery and has even plummeted to a new all-time low.

What’s Next for XRP?

Ripple’s cross-border token is down 11% for the past month and is currently trading at around $1.10 (per CoinGecko). Meanwhile, several factors suggest that the bears still haven’t had the final say.

As CryptoPotato reported, the spot XRP ETFs experienced two consecutive red days for the first time since March. This reflects waning institutional interest that could put further downward pressure on the price.

Additionally, XRP’s 30-day MVRV has dropped to -45%, while its 365-day MVRV stands at -47%, indicating that investors are seeing some of the weakest average returns in the asset’s history.

This development hints at extreme fear and frustration among holders, which, ironically, has historically marked the arrival of the cycle bottom. The popular analyst Ali Martinez has reignited bullish hopes, pointing out that XRP’s SuperTrend indicator has flashed a buy signal.

ETH’s Issues

The second-largest cryptocurrency recently plummeted to as low as $1,500, yet in the last few days the bulls reclaimed some of the losses, and it currently trades at around $1,720.

The concerning thing around ETH is that it closed Q2 in the red, which marked the third consecutive quarter with losses: something unseen until now.

Analysts see the asset at a pivotal moment, with its short-term direction tied to a potential break above key thresholds. X user Ted claimed that ETH needs to reclaim the $1,700-$1,750 range for “any strong upside”; otherwise, it will drop towards yearly lows again. For his part, Sjuul | AltCryptoGems thinks the asset is in “deep trouble,” where the best long opportunities are presented.

Pi Network’s Latest Updates

PI’s community celebrated Pi2Day on June 28 and had been expecting major ecosystem developments to be delivered on that day. The Core Team did not stay silent, unveiling SoloHost, Pi Sign-in, and PiVerify – tools designed to expand the ecosystem beyond native apps and into AI, digital identity, and third-party services.

Instead of a price rebound for PI, though, the announcement triggered a classic “sell the news” effect, and the token’s price tumbled to a new all-time low of around $0.11.

As of press time, the coin trades just south of $0.12, representing a minor 1.5% increase for the day, reflecting the overall resurgence of the crypto market. Meanwhile, certain bullish elements, such as PI’s RSI drop to oversold territory and the less aggressive token unlocks, suggest that a more substantial pump might come next.

Source: CryptoPotato