A week ago, LUNA, which includes XRP and Cardano, was in trouble thanks to the market’s downward trend. However, that changed on February 21, when the altcoin started to climb the charts. Shortly afterwards, it even managed to make a profitable move for its investors, surpassing Cardano’s market cap in the process.
Terra on a sandwich
In the past eight days, LUNA is up 85.25%. After a 104.59% depreciation since the beginning of this year, the altcoin has now wiped out all its losses.
LUNA is trading at USD 91 and is trading again at a level last seen on January 1. That’s not all, though, as a price rise also corresponded to a rise in market capitalization. In fact, the same rose from $19.4 billion to $34.38 billion.
On the other hand, Cardano is losing market share in terms of market capitalization. Even yesterday’s rally yielded just $3.6 billion. Rather, LUNA’s market cap over 24 hours increased by $7 billion.
Consequently, LUNA supplanted Cardano in the top 10 of cryptocurrencies. It’s now getting closer to doing the same with XRP.
Like Cardano, XRP hasn’t made any significant progress either. Yesterday’s 8% rally propelled market cap up only $3 billion. At the time of writing, LUNA was just $2 billion away from XRP’s position on the charts.
The downside of XRP…
Might be the lack of DeFi.
Terra is dominant not only in the cryptocurrency market, but also in the DeFi market. For example, while Terra hosts only 21 apps, the combined value in them is over $23 billion.
This is what is missing in XRP. This is why Terra threatens XRP’s reputation despite its massive global adoption.
As it is, XRP investors have been struggling for weeks, looking for an opportunity to turn their losses back into profits. Yesterday’s rally was their saving grace and many LTHs benefited from this.
Within 24 hours, more than 340.43 billion days were destroyed by the sale of LTH.
However, it was also motivated by the fact that this was the most profit the network had made in 2 months.
At this point, there is no clear sign of whether yesterday was just another rally or the start of a sustainable recovery. So the only option is to watch the market for the next 48 hours and confirm what is the case.
This post The case for LUNA that puts Cardano AND XRP on the map
was published first on https://ambcrypto.com/the-case-for-luna-flipping-cardano-and-xrp-on-the-charts/