Top 3 cryptocurrencies that outperformed Bitcoin, Ethereum this week: Terra LUNC, XRP and Lido DAO
Aa
Share
- Terra Luna Classic, XRP and Lido DAO tokens have outperformed Bitcoin and Ethereum with gains for holders over the past week.
- BTC, ETH prices declined nearly 3% in response to SEC’s clampdown on key crypto exchanges while LUNC, XRP and LDO prices rallied.
- The three tokens were not labeled as “securities” by the Securities and Exchange Commission.
The US Securities and Exchange Commission’s (SEC) crackdown on cryptocurrencies triggered a correction in the prices of Bitcoin, Ethereum and several altcoins with large market capitalization.
Despite the broader sell-off among crypto assets, some tokens such as Terra Luna Classic (LUNC), XRPLedger’s native token (XRP) and Lido DAO (LDO) were spared from it.
Also read: XRP braves SEC’s crackdown on cryptocurrencies sustains above $0.52
Bitcoin, Ethereum prices lag behind
The US financial regulator stepped up its crackdown on cryptocurrencies, filing lawsuits against crypto exchanges Binance and Coinbase.
Earlier this week, BTC and ETH experienced a V-shaped trend reversal. Bitcoin and Ethereum prices wiped out their gains, losing between 2.5% to 3% since June 2. Other cryptocurrencies such as Cardano (ADA), Solana (SOL) or BNB (BNB) have faced even larger losses in the last seven days, with price declines that span from 10% to 15%.
However, three tokens – Terra Luna Classic (LUNC), XRPLedger’s native token (XRP) and Lido DAO (LDO) – outperformed Bitcoin and Ethereum this week.
LUNC, XRP and LDO yielded gains for holders over the past week, holding above key levels and heading towards a profitable weekly close.
Several technical and social catalysts can explain the price rallies seen in XRP, LUNC and LDO. A key factor is that these assets weren’t labeled as securities by the SEC in its recent charges against Binance and Coinbase, but there are other variables that could be driving up prices.
Terra Luna Classic network upgrade’s implementation draws closer
The LUNC community is awaiting the implementation of the v2.1.0 network upgrade after the proposal was passed by a majority of votes from community members. June 14 is the official date for the implementation of the upgrade.
The upgrade will reward validators with a 5% commission – likely attracting more validators to the network –, will simplify the development of smart contracts and will implement several protocol security updates.
Countdown to v2.1.0 upgrade
In anticipation of the upgrade, LUNC price increased from $0.000085 on June 2 to $0.000099 at the time of writing, nearly a 17% gain over the past seven days.
SEC vs. Ripple lawsuit stakes get raised, XRP holders turn bullish
XRP price dynamics are closely linked with Ripple’s own lawsuit with the SEC, a case that is yet to determine whether XRP is considered a security. With the US financial regulator broadening its clampdown to Binance and Coinbase, the result of the Ripple case is likely to set a precedent about what’s to come for Coinbase and Binance.
James Murphy (@Metalawman on Twitter), founder of Ludlow Street Advisors LLC, said the stakes in the SEC vs. Ripple lawsuit are higher than ever. Judges presiding over SEC’s lawsuits against Binance and Coinbase will be closely watching the case and its outcome.
The lawsuit and its outcome is critical to the SEC’s litigation against Binance and Coinbase since the regulator alleges that the entities engaged in the unlawful sale of securities.
XRP price rose from $0.5084 to $0.5255 between June 2 and Friday. XRP yielded 3.36% gains over the past seven days and the altcoin held above $0.52, a key resistance level.
Lido’s LDO token sees accumulation by whales
LDO is exchanging hands at $2.19 on Binance at the time of writing. LDO has been accumulated by large wallet investors since June 7, according to data from crypto intelligence tracker Spotonchain.
Accumulation of the asset by large wallet investors acts as a bullish catalyst by reducing the selling pressure across exchanges. Whale accumulation is therefore typically considered bullish.
A whale wallet address accumulated 306,879 LDO worth $709,000 between June 7 and 9.
The large wallet investor acquired LDO tokens from Binance, swapped Ether for LDO at an average buying price of $2.31. LDO price climbed from $2.050 to $2.231, or an 8.8% increase,between June 2 and 9.
