Pyth Network Skyrockets 80% After Teaming Up With Commerce Department, XRP May Decline Further Before Breakout

The PYTH token has rocketed over 80 percent today to trade over 0.25 following the news of the U.S Department of Commerce intending to disseminate official economic information on the Pyth Network.

As PYTH has been soaring, XRP has been declining, falling to the $2.85 support after multiple failed attempts to break the $3.1 resistance. According to the analyst, Ali_Charts, the XRP price may decline even further before it could attempt a retest at the $3.1 resistance level.

PYTH Skyrockets 80% After U.S. Department of Commerce Team Up

The Pyth Network token, PYTH, has skyrocketed by more than 80% today to cross $0.250 for the first time since February 2025. PYTH briefly traded as high as $0.250 before quickly retracing to trade around the $0.200 range. 

The meteoric price jump for PYTH comes after the United States Department of Commerce announced that it will publish official economic data through the Pyth Network and Chainlink.

Although the Bureau of Economic Analysis (BEA) will distribute macroeconomic indicators on nine blockchains, Mike Cahill, the CEO of Pyth parent firm Douro Labs, was the only executive quoted in the official White House press release. Cahil explained how the Pyth Network is positioning the United States as a world leader in finance.

While the price pump has eased off, Vuori Trading explained that PYTH might have broken out of a range that could lead to more gains. PYTH is now trading above a descending trendline, and if it holds above this trendline, it could rally towards $0.74 as the first target.

XRP Could Continue To Retrace Before Next Pump

This week, the XRP price saw a strong rally, rising from the $2.80 range to approach the $3.10 resistance. However, for the fifth time in the last two weeks, XRP failed to clear the resistance level at $3.10, forcing a rejection. 

As a result of the decline, XRP has dropped back to the $2.85 range. And according to Ali_Charts, the XRP price could continue falling until it drops to the support level at $2.80. Clearing the resistance level at $3.10 will be critical for XRP to continue its price rally.

The same sentiment is shared by the crypto analyst, Daisy. The analyst shared an XRP price chart that showed that the altcoin has been trading in a descending triangle pattern. However, the analyst adds that if XRP can cleanly break above $3.12, it could open up the opportunity for a rally to $4+.

On the downside, the analyst indicated that she would sell XRP were the price to fall below $2.85. The future price of XRP will be determined by its capacity to either break the resistance of $3.1 or fall below the $2.85 level.

However, a major event that could push the XRP price above this resistance is the potential approval of a spot XRP ETF. According to Bloomberg, there are currently 15 pending ETF applications with the SEC for XRP, including submissions from Grayscale, 21Shares, CoinShares, Canary, and others. The approval of one can provide the much-needed momentum to cross $3.1 and rise higher.