XRP and Terra’s LUNA neck and neck in market cap as cryptos rebound swiftly

Terra’s native token LUNA and the altcoin XRP are engrossed in the battle for ranking sixth by market capitalization.
There has been a significant spike in capital inflow in the Terra network.
Analysts predict that Ripple’s upside is capped at $0.80 after a bearish Ichimoku breakout.

Ekta Mourya FXStreet

Terra foundation’s native token has grown significantly through market demand and supply. LUNA’s market capitalization witnessed a growth spurt, pushing it closer to XRP.

LUNA could outperform XRP in market capitalization

In the Terra community, native token LUNA’s performance is considered outstanding. LUNA’s market capitalization exceeded that of XRP briefly on March 10, 2022. Over the past month, there has been a significant inflow into the Terra ecosystem.

Despite the crypto market bloodshed, LUNA and XRP made a comeback, neck and neck, in their capitalization. On Thursday morning, LUNA briefly replaced XRP as the sixth-largest cryptocurrency by market capitalization.

The Terra ecosystem has exploded, and there is a significant spike in the adoption of stablecoins pegged to the USD. The substantial capital inflow in Terra’s UST significantly impacted the LUNA price rally.

The SEC’s case against payment giant Ripple had a negative impact on the altcoin’s price, as the firm is the largest public holder of XRP. However, XRP made a massive recovery, posting 5% gains over the past two weeks. The recovery pushed the altcoin's market capitalization higher. Similarly, Terra's LUNA witnessed growth, driving it higher, close to Ripple's market capitalization.

Analysts have evaluated the Ripple price trend and predicted that the altcoin’s upside is capped at $0.80. Investors are awaiting Judge Sarah Netburn’s ruling on the SEC vs. Ripple case; a positive outcome of the lawsuit could fuel the altcoin’s price rally.

FXStreet analysts believe Ripple price could plunge as the altcoin confirmed a bearish Ichimoku breakout over the weekend, on March 6, 2022. Analysts are therefore bearish on the

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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