XRP Buyers Fail, Ethereum Price Spikes 10% as Gas Fees Slashed
The Ethereum price jumped 10% higher today as gas fees get slashed, while other cryptos such as Bitcoin and XRP reversed lower at resistance.
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | FCA, CySEC, ASIC, MAS, FSA, EFSA, DFSA, CFTC | USD 100 | Visit Broker |
| 🥈 |  | Read Review | FSCA, FSC, ASIC, CySEC, DFSA | USD 5 | Visit Broker |
| 🥉 |  | Read Review | CySEC, MISA, FSCA | USD 25 | Visit Broker |
| 4 |  | Read Review | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | USD 200 | Visit Broker |
| 5 |  | Read Review | ASIC, FCA, CySEC, SCB | USD 100 | Visit Broker |
| 6 |  | Read Review | FCA, FSCA, FSC, CMA | USD 200 | Visit Broker |
| 7 |  | Read Review | BVI FSC | USD 1 | Visit Broker |
| 8 |  | Read Review | CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA | USD 10 | Visit Broker |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker |
| 10 |  | Read Review | IFSC, FSCA, ASIC, CySEC | USD 1 | Visit Broker |
Ethereum’s latest rally is fueled by a substantial reduction in transaction fees, which plunged by more than 2/3rds, or nearly 70% last week, dropping from $23 million to $7.5 million per day. This sharp decline comes as a result of a higher gas cap, which enables more transactions per block, increasing network efficiency and reducing congestion. Lower fees make Ethereum more attractive to users and developers, further boosting demand.
Ethereum Chart Daily – MAs Still Remain As Resistance
The timing of this fee reduction aligns perfectly with Ethereum’s upcoming upgrade, Pectra, that should be the most significant update to the network so far. Market participants are already responding to these changes—exchange-held ETH reserves have fallen by one million ETH in just 10 days, from 19.7 million to 18.8 million ETH. This decline signals that investors are increasingly holding their assets instead of selling, a bullish indicator suggesting growing confidence in Ethereum’s long-term potential.
Vitalik Buterin Calls for Increasing Gas Limit
Ethereum co-founder Vitalik Buterin has taken this momentum further by advocating for an additional increase in Ethereum’s gas limit. He argues that raising the gas cap will:
- Less censorship, ensuring transactions remain decentralized.
- Reduce cross-layer transaction costs, making it cheaper to move assets between Ethereum’s Layer-2 solutions.
- Provide a safety buffer in case of network congestion or unexpected stress events.
If implemented, these changes could make Ethereum significantly more scalable and efficient, reinforcing its position as the leading smart contract platform.
XRP Buyers Fail at the 50 SMA
Last week, XRP saw strong bullish momentum, with buyers pushing the price beyond its established range of $2.25 to $2.55. The rally briefly peaked at $2.83, surpassing the 50-day SMA for the first time in weeks. Optimism surrounding a potential XRP ETF approval further fueled this surge, with market sentiment turning increasingly positive.
However, XRP struggled to hold above the 50-day SMA, encountering strong resistance that led to a price reversal back down to $2.60. Now, the market is watching closely to see whether this decline will deepen or if buyers can regain control. If XRP manages to stabilize at this level, a retest of the 50-day SMA could be imminent, potentially leading to a breakout toward the psychological $3 mark.
With increasing speculation surrounding crypto ETFs and institutional interest rising, XRP’s next move will be crucial. If buyers regain momentum, a sustained push above the 50-day SMA could trigger another rally, setting up a run toward new yearly highs.
Ethereum Live Chart
ABOUT THE AUTHOR
See More
Add 3442
Related Posts
Add 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
Top Broker