Crypto Price Analysis May-23: ETH, XRP, ADA, SOL, and HYPE

This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.

Ethereum (ETH)

Ethereum continued to consolidate this week and booked a 2% gain. While this appears modest, the longer ETH sits above the key support at $2,400, the higher the chance of a continued rally that can challenge the current resistance at $2,870.

The price action remains bullish and a breakout attempt above $2,870 is likely, which could bring this cryptocurrency closer to $3,000, a key psychological level.

Looking ahead, ETH is looking promising and may follow Bitcoin, which has been making new price records. This ongoing market optimism could spill over across altcoins, including ETH.

Ripple (XRP)

XRP’s consolidation under the $2.6 resistance continues. This is why the price is almost identical to last week. Since sellers appear absent, this could give way for buyers to return and attempt a breakout above $2.6.

The momentum is bullish despite the low volatility. This flat trend could be just a brief pause before bulls gather enough strength to resume the rally towards $3, which is acting as a magnet for the price.

Looking ahead, XRP suffers from low volatility and volume right now, but this can change at any time. It’s quite likely that as soon as the $2.6 resistance falls, the price will rush to $3 in quick succession.

Cardano (ADA)

ADA is making good progress towards the $0.9 resistance and has increased by 5% this week. If this trend continues, a breakout attempt is likely before the end of May.

This bullish sentiment can also be seen on the weekly MACD, which is curving upwards with an imminent cross to the upside. If confirmed by next week, then ADA has a good shot at sustaining this rally to reclaim $1.

Looking ahead, ADA has good support at $0.75 should sellers return. This level was already tested recently, which puts buyers at an advantage right now. This makes a test of $0.9 more likely before any future pullback.

Solana (SOL)

Solana had a good week and booked an 8% gain. This allowed the price to expand and reach the resistance at $186, which is being challenged at the time of this post. If SOL is successful in breaking above it and turning it into a key support, then the next target will be found at $200 and beyond.

The weekly MACD already did a bullish cross two weeks ago. This puts SOL ahead of ADA in terms of its rally. While the price increased, the buy volume remains somewhat low compared to past rallies. This is a sign of weakness, but can quickly change if the asset goes beyond $200 later.

Solana is up by almost 100% since its recent bottom at $95. This is an impressive rally for a coin with such a large market capitalization. Considering the price is making higher highs, there are no signs of this trend changing anytime soon.

Hype (HYPE)

HYPE broke everyone’s expectations this week with an eye-popping 39% price increase. This pushed it to $37 at the time of this post, a new record. This rapid move has created euphoria across the Hyperliquid ecosystem.

The current target for this rally is $40, which is the next major psychological level on the chart. Considering the strength of this rally, HYPE may test that level within 24h. Once the buying pressure subsides, a pullback is likely and may be quite significant considering this rally.

Looking ahead, HYPE is one of the few altcoins that managed to make a new all-time high in 2025, breaking its record of $35 from December 2024. This gives hope that the overall altcoin market may soon recover the losses from earlier this year.

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