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What crypto news is affecting the blockchain sector today? In particular, how are The Graph (GRT), Terra Classic (LUNC) and Ripple (XRP) performing? Below are all the details.
Analysis of The Graph, LUNC and Ripple (XRP) crypto assets
It is worth mentioning that The Graph is a decentralized protocol that aims to index data on blockchain. Its operation can be compared to that of a search engine, except that The Graph operates on decentralized networks.
The LUNC token, on the other hand, is the evolution of a coin and related blockchain that caused a stir both in its rising phase and when it “exploded.” The coin referred to is Luna and its related blockchain, Terra.
Finally, Ripple (XRP) is a real-time funds transfer system, a network for currency exchanges and remittance sending, created in 2012 by Ripple Labs.
Price action for The Graph: will there be a rise for the crypto? Comparison with LUNC and Ripple (XRP)
Based on the latest data that has emerged, it appears that the recent price action for The Graph (GRT) is positive and could lead to a substantial increase in the coming weeks. The Graph is an indexing protocol used to query data, whose native token is GRT.
The price of GRT has fallen below a long-term descending resistance line since it reached an all-time high of $0.92 in February 2021. The downward movement led to a low of $0.05 in November 2022.
Since then the price has risen, reaching a new annual high of $0.23 just last month. However, despite the increase, the price was once again rejected by the resistance line.
Despite the rejection, the weekly RSI is still above 50, a factor considered a bullish signal. Hence, if the price of the GRT token breaks out, it could rise to the next resistance at $0.52.
This would be equivalent to a 244% increase from the current price. However, if the rejection continues, the price of The Graph could revisit its yearly lows near $0.06. These predictions are based on the fact that the crypto GRT suffered a major decline earlier this month.
Specifically, The Graph’s analysis showed that it was trading in a negative environment, with bears having a strong grip on the market. In fact, GRT was at its lowest with a loss of more than 7.10% not even three weeks ago.
LUNC’s week: about 33 million Terra Classic burned
The Terra Classic (LUNC) community has not neglected the ongoing initiative, despite a reduction in its social commitments, as several projects and validators have collectively burned nearly 33 million LUNC so far this week.
Total burns for the week currently total 32,929,066, with four entities accounting for 99.6% of these burns. These include projects such as Cremation Coin and Terra Casino and validators such as LUNC DAO and Luna Station.
Specifically, the Cremation Coin burn was the largest and most recent of this week’s transactions. In fact, the project burned 18.3 million Terra Classic tokens yesterday alone.
Its burn represents 55.6% of the total burns for this week at the time of reporting. Despite the magnitude of Cremation Coin’s latest burn, it is still the lowest single burn in the project for March, as the last three burns involved 77 million tokens on 21 March, 106 million LUNC on 14 March and 51 million tokens on 7 March.
This brings its total burns for this month to 252.3 million LUNC. In addition, Terra Casino, the LUNC-based online bookmaker launched last November, has also been quietly burning hundreds of thousands of LUNC tokens every day for the past seven days, as revealed by on-chain data.
This week alone, the project has burned 1.99 million LUNC tokens in two transactions. At its launch, the betting platform promised to burn LUNC with a portion of its betting volume, and it has since kept that pledge.
In the past 7 days, Terra Casino has made 7 burning transactions, each equal to at least 990 LUNC tokens. As a result, its cumulative consumption in the last week is 6.9 million Terra Classic.
Ripple case: XRP will go up if there is a positive ruling in court
Ripple’s defense attorney John E Deaton, who represents XRP investors in the ongoing court dispute between Ripple and the US Securities and Exchange Commission, suggested that the token for cross-border payments could experience a significant price increase if the San Francisco-based company prevails in court.
Thus, the upcoming ruling is expected to decide the fate of XRP. Moreover, in a Twitter post dated 27 March, Deaton said the judge’s decision will come in the next few weeks or even as early as this week.
This comes after Ripple submitted a letter of supplemental notice of authority to further strengthen their defense with fair notice.
The said notice was based on the “legal scuffle” between Voyager and the SEC, in which the judge overseeing the case, Michael Wiles, denied the regulator’s objections to hinder the sale of the bankrupt cryptocurrency lender to Binance.US.
According to Deaton, XRP has the most attractive risk/reward ratio and its price could skyrocket if the judge rules in favor of Ripple. This would mean that the SEC’s claims that Ripple sold XRP as an unregistered security to inexperienced investors were unfounded.
Meanwhile, should the SEC win the case, the US attorney believes Ripple will appeal the decision, thus maintaining the status quo.
XRP is trading at $0.52 at the time of publication, according to CoinGecko data.
The token has exploded 19.2% in the past seven days, while Bitcoin has posted losses of 4.5% in the same time frame. What’s more, despite the obstacles currently affecting cryptocurrency markets, the XRP Ledger continues to grow significantly.
Total accounts created on XRP are almost reaching 5 million, a sign of its growing adoption and use cases. Either way, as Ripple continues to add new users to the XRP ledger, any positive or negative developments in the SEC case are bound to have a significant impact on the price of XRP.