In the crypto bear market, Ripple (XRP) has been a largely overlooked altcoin. Recently, the XRP price has made a big rise despite the general market falling. Meanwhile, LUNC also drew attention with its adoption gains, although it fell after the recent price surge. So what’s next for these 2 notorious altcoins?
Ripple exited the 528-day downtrend
XRP continues its recent bullish move. Right now the price seems to be reaching some new highs. The altcoin’s recent success also caught the attention of an anonymous crypto analyst in the early hours of Friday. The analyst shared an XRP chart with daily candles from March 2021 to the present. Emphasizing the asset’s downtrend, the trendline spans 528 1-day bars. As seen below, Ripple has been falling from April of last year to today.
XRP peaked at $1.8 on April 14, 2021, after 3 years of extensive underperformance. However, XRP’s April peak preceded an impending downtrend. When Ripple fell from $1.8, the community witnessed a free fall to $0.52 three months later. The altcoin has since held some charity rallies. Therefore, it has remained in a downtrend ever since. However, it is now showing some signs that it is out of this trend.
Will XRP continue to rise in price?
The recent price rally helped XRP’s dramatic rise. The fact that this achievement comes at a time when the bearish atmosphere is quite intense is another reason to praise the asset. At the time of writing, XRP has outperformed the top altcoins, up 52.24% in the past week. This outlet followed soon after the hint that the legal battle between Ripple and the SEC had concluded.
Both parties had previously applied to the court for the Summary Decision on separate days. The crypto community awaits a decision in favor of Ripple as the SEC has failed to prove that XRP is a security. XRP is currently trading at $0.49, up 15% in the last 24 hours. Meanwhile, Santiment highlighted that XRP/BTC has recently reached a 1-year high of 0.000025. cryptocoin.comAs we have reported, whale accumulations are also increasing.
Will LUNC reach $1?
The Terra Classic community implemented a 1.2% tax burn just a few days ago. Now the community is dreaming more and more of reaching the $1 price point. In the three days since the tax burning was implemented, only about 540 million LUNCs have been burned. That’s an average of 193 million per day and doesn’t cause anything to change. Burns at these rates mean 70.45 billion tokens per year.
The data is very low according to the estimates of LUNC Burn, an unofficial Twitter account that tracks LUNC burn activity. The figures of the Twitter page showed that 720 billion LUNCs could be burned annually. As such, a $1 price point in the near future makes predictions unattainable, as the analysis in The Coin Perspective shows. This requires a market capitalization of $6.8 trillion, which is clearly not possible. However, it is highly possible for LUNC price to rise to $0.01 instead of $1.
A 3600 percent rally in LUNC price is possible
According to data from The Coin Perspective, the project will need a market cap of around $68.3 billion to reach the $0.01 price point. That’s about 70 times the current market value. However, it is not impossible to achieve this, especially in the crypto market bull run. Recall that Dogecoin once had a market cap of around $88 billion in May 2021. To put it in perspective, that’s $20 billion above Tether’s current market cap.
Notably, Santiment Feed recently reported that LUNC showed similar characteristics to assets like DOGE and Shiba Inu before it became parabolic in terms of volume and price action. When we add this to LUNC’s active development team and community, ascension is possible. So LUNC has the power to launch a new meme token rally. If this happens, it is possible for LUNC to reach $0.01, an increase of 3,600% from the current price.
