Cryptocurrencies To Watch: Week of June 5
Keep an Eye on These Coins
The cryptocurrency market has oscillated between support and resistance levels in the past few months. While it appears that Bitcoin now can consistently remain above $20,000, the market’s biggest asset has had trouble breaking past the $30,000 mark. However, other crypto assets are showing consistent growth over the past few weeks.
This week, we examine XRP (XRP), The Sandbox (SAND), XDC Network (XDC), and Lido (LDO). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price. Terra Classic (LUNC) was the largest gainer by percentage last week but was removed because it is worth much less than 1 cent.
Key Takeaways
- XRP (XRP) is up by more than 11% as investors expect a positive outcome in the network’s legal battle against the U.S. Securities and Exchange Commission (SEC).
- The Sandbox (SAND) gained 12%, possibly because of a collaboration with several well-known brands and the general bullishness for the metaverse as a result of Apple’s MR headset reveal.
- XDC Network (XDC) added more than 10% at it expands in Japan.
- Lido (LDO) rose by more than 7%, perhaps because of the project’s recent Lido V2 upgrade and increased interest in Ethereum staking.
XRP (XRP)
XRP is a major crypto coin that has been beleaguered by a late 2020 suit against the Ripple project by the U.S. Securities and Exchange Commission (SEC) that alleges that the sale of its XRP token represents an unregistered securities offering. However, in the last few months, the crypto community has become increasingly optimistic that Ripple will win the legal battle, and the token has risen. Last week, that rise was more than 11%.
The advance comes ahead of the expected June 13 unsealing of pertinent internal SEC messages, called the Hinman documents, that are related to a 2018 speech given by former SEC Corporation Finance Division Director William Hinman in which he reportedly stated that Ether, the native token of the Ethereum blockchain, isn’t a security. Release of the documents may swing the case in Ripple’s favor and support the idea that cryptocurrencies can transition from securities to commodities once they become sufficiently decentralized.
Meanwhile, Ripple has managed to raise more than $2 billion in capital and there is talk in the market of an initial public offering (IPO). XRP is changing hands at around 53 cents, having traded at 48 cents last week (see chart below).
The Sandbox (SAND)
Metaverse project The Sandbox (SAND)’s token rose by more than 12% in the latest week, possibly due to collaborations with many prominent brands and personalities, including, recently, Paris Hilton and BBC Studios’ Top Gear and Doctor Who.
On top of this, the excitement surrounding Apple’s Mixed Reality headset has also been positive for The Sandbox. The augmented reality device could offer metaverse-related experiences, or at least help the metaverse industry, which in turn boost SAND’s price. SAND early Monday was priced at around 60 cents, having been valued at 54 cents last week (see chart below).
XDC Network (XDC)
XDC Network (XDC)’s token rose by more than 10%, possibly because of a collaboration with Japanese banking giant SBI’s crypto exchange. The initiative will help XDC expand into that country’s market and will allow users to tap into XDC Network’s enterprise-focused solutions.
The project is also celebrating its fourth anniversary. This may have had an impact on the XDC price, which has been steadily increasing over the past few months. XDC is trading at around 3.4 cents, having started last week at 3.17 cents (see chart below).
Lido DAO (LDO)
Ether liquid staking solution project Lido DAO (LDO) increased by greater than 8%, perhaps because of the successful deployment of the project’s Lido V2 upgrade in mid-May. The upgrade allows direct withdrawals for ETH stakers, making it more convenient and user-friendly.
Interest in ETH staking also has been high, especially after the recent Ethereum network upgrade, which allowed stakers to unstake and withdraw their ETH. LDO early Monday was trading at around $2.31, having been priced at $2.10 last week (see chart below).
