The native token of the Terra ecosystem, LUNA, has grown significantly due to increased demand in the market. The market value of LUNA continued to increase after this demand and it is fighting fiercely with Ripple (XRP) in terms of market value.
The Terra community finds the recent performance of the local token LUNA to be outstanding. The market cap of LUNA managed to surpass the market cap of XRP on March 10, 2022. A significant part of this rise took place last month.
Despite the crypto market losing value overall Terra (Luna) and XRP continue to struggle fiercely in their capital. On Thursday morning, LUNA briefly surpassed XRP as the sixth-largest cryptocurrency by market cap.
The Terra ecosystem has exploded, so to speak, and has seen a significant increase in the adoption of USD-pegged stablecoins. TerraUSD (UST) The significant capital inflow on the LUNA side significantly affected the LUNA price increase.
The SEC’s lawsuit against payments giant Ripple has had a negative impact on the altcoin price as it is the largest public owner of XRP. However Ripple (XRP)has rebounded heavily, posting 5% gains over the past two weeks. The recovery further boosted the altcoin’s market value. Similarly, LUNA has witnessed a growth and has come pretty close to Ripple’s market cap.
Analysts evaluated the Ripple price trend and predicted that the altcoin’s rise was capped at $0.80. Investors await Judge Sarah Netburn’s decision regarding the SEC and Ripple case; A positive outcome of the case could trigger the altcoin’s price surge. FXStreet analysts believe that Ripple price could decline as the altcoin confirmed the weekend Ichimoku drop on March 6, 2022.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.