The cryptocurrency market has fluctuated between support and resistance levels over the past few months. It seems that Bitcoin can now stay above $20,000 permanently. However, the biggest asset of the market had difficulty surpassing $30,000. That said, altcoin projects have shown consistent growth over the past few weeks. So, which altcoins should you watch this week? Here is the list of analyst Rahul Nambiampurath…
First altcoin to watch: XRP (XRP)
cryptocoin.com As we have also reported, XRP is a major cryptocurrency known for the lawsuit filed by the US Securities and Exchange Commission (SEC) against them. However, within a few months, the crypto community has become optimistic that Ripple will win the legal battle. Therefore, the token rose. Last week, this increase was over 11 percent. This development is attributed to a 2018 speech by former SEC director William Hinman.
In that speech, he stated that Ethereum is not a security. These related documents, called “Hinman documents”, are expected to be released on 13 June. The release of the documents has the potential to turn the case in Ripple’s favour. It may support the idea that cryptocurrencies can transition from “securities” status to commodities once they are decentralized enough. XRP, which was traded at 48 cents last week, is changing hands around 53 cents.
Need to follow Metaverse coin The Sandbox
The token of Metaverse project The Sandbox (SAND) has risen more than 12 percent in the last week. Behind this are probably collaborations with many leading brands and personalities. More recently, the project has partnered with Paris Hilton and BBC Studios’ Top Gear and Doctor Who. On top of that, the excitement surrounding Apple’s XR set has also been positive for The Sandbox. The augmented reality device offers experiences related to the metaverse. This could at least help the metaverse industry.
Why did XDC Network (XDC) rise?
XDC Network’s (XDC) token rose more than 10 percent, likely due to collaboration with Japanese banking giant SBI’s crypto exchange. This initiative will help XDC expand into this country market and allow users to leverage XDC Network’s enterprise-focused solutions. The project is also celebrating its fourth anniversary. This has had an impact on the price of XDC, which has been steadily increasing for the past few months. XDC is trading around 3.4 cents after starting last week at 3.17 cents.
Lido DAO (LDO) affected by the upgrade of the leading altcoin ETH
Ethereum liquid staking solution project Lido DAO (LDO) is up more than 8 percent, perhaps due to the project’s successful implementation of the Lido V2 upgrade in mid-May. The upgrade allows ETH stakers to withdraw funds directly, making the transaction more convenient and user-friendly. Interest in staking ETH has also been high, especially after the recent Ethereum network upgrade, which allowed stakers to “unstake” and withdraw their ETH.
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